Advances in prefab and modular building technology have made homeownership of this kind more appealing. Prefab manufacturers are now producing energy efficient structures. They are built with more sustainable building materials and they undergo a more efficient and controlled process that reduces room for structural error, waste, labor issues or slow-downs due to weather.
After the last recession, the availability of skilled construction labor rapidly decreased as many left the industry and were not replaced. Even today, skilled construction labor is scarce, and even more so in areas affected by disasters. Prefabricated building methods affords developers the flexibility to build in a controlled factory environment, while at the same time allowing them to be more efficient with resources.
Urbanization continues to draw large numbers of people to cities at an unsustainable rate. We are seeing bidding wars for home ownership in many cities, while rising costs make ownership only practical for the wealthy. As well, some of the real estate available in these areas includes old infrastructure that is energy inefficient and not compliant with the latest code. Prefab homes, on the other hand, are typically leveraging the latest technologies and materials, and can be up to 50% less expensive to buy than traditional on-site building.An additional savings of up to 40% is expected in monthly utility bills.
People often expect employers to provide healthier working and living spaces. As these first-time buyers enter the housing market, we see an increase in demand for green, affordable, walkable and community-centered places. They are seeking to live more with less resources and have created an overall cultural change across generations.