2012 mobile home market facts - insurance quotes: home, auto insurance …€¦ · ·...

2012 Mobile Home Market Facts

1

Background and Methodology

Since 1952, Foremost Insurance Company has been the nation’s leading manufactured home insurance specialist, providing manufactured home insurance products to meet the needs of manufactured home owners and contributing to industry growth through innovative insurance and financing programs.

Foremost Insurance Company has sponsored corporate studies of the manufactured home market since 1979. We have continued to evolve the study to make sure the data collected is as useful and relevant as possible. We have collected data to help us not only understand the market and how it is changing, but also the motivations and attitudes of the diverse population of manufactured home owners and residents.

MethodBeginning October 2 through October 18, 2012, email invitations were sent to members of the Survey Sampling International (SSI) online survey panel. SSI provided both pre-screened mobile home owners/residents and general population panelists. For our study, 10,002 completed surveys were collected.

Sample Requirements• Must own or reside in a manufactured, mobile or

modular home within the United States

• Must be 18 years of age or older

29,641 interviews were started:

• Resultingin10,002completedsurveys.17,173failedtoqualify,2,459failedtocompleteentiresurvey,7surveyerrors

• 9,055completescamefromtargetedSSIsample(pre-screenedformobilehomeownership)

• 947completescamefromuntargetedSSIsample(notpre-screenedformobilehomeownership)

The Mobile Home Market Shifts Toward Older Homes and Lower Income Households

• 55% of mobile home owners reported an annual household income less than $30,000, representing a 16% increase from 2008

• Despite four years between the surveys, the median model year is older in the 2012 Market Facts report

• 52% of respondents estimated the market value of their mobile home was under $20,000, a 6% increase from 2008

• 41% of mobile home units were purchased for under $20,000, representing a 6% increase from 2008

Market Trends• 27% of all mobile home households (owner-occupied) own one or more specialty product, which includes Boat,

Motorcycle, Motor Home, Travel Trailer, Sailboat, Personal Watercraft, ATV and Snowmobile

• 25% of owners expect to move or sell their mobile home within the next five years

• Of those planning to move or sell, 34% expect a mobile home to be their next residence (up 3% from 2008 Market Facts)

• Median model year and estimated value have decreased from Market Facts 2008

• Single-section homes represented 59% of all units

• Multi-section homes are down 8% since our 2008 study

Mobile Home Residents Profile• 68% own or are buying their mobile home; 24% rent

• 9% have a four-year college or advanced degree

• 40% of mobile home owners don’t anticipate ever selling or moving from their current home

• 26% of owner-occupied manufactured homes are currently uninsured

2

3399

36

294

52

38

113

115

31

40

86

192

756

76

81

234

217

270185 306

355

242

163

133382

190268

380

660

178157

312

28611

437

53

10622

241

196

576

78

442

1092

20

8

4947

60

Demographics

Respondents by State

3

Respondent Demographics - Mobile Home Residents

White Hispanic African American American Indian /Alaska Native

Asian Other

81%

9%5% 2% 1% 1%

Ethnicity

Less than HighSchool

High School / GED Some College Two-Year CollegeDegree

Four-Year CollegeDegree

Advanced Degree

7%

39%34%

11%7% 2%

Education

Base: Manufactured/Mobile/Modular Home resident (9,420)

9% of respondents

have a four-year or advanced

degree

Employed Full-Time

Homemaker Unable toWork /

Disabled

Retired Out of Work -Looking

EmployedPart-Time

Self-Employed Student Out of Work -Not Looking

22%

16% 15%13% 13%

10%

5% 5%2%

Employment

Base: Manufactured/Mobile/Modular Home resident (9,420)

4

Base: 9,303

26%

74%

Gender

MaleFemale

18 - 29 30 - 39 40 - 49 50 - 59 60 - 69 70 - 79 80 - 85 Over 85

23%

18% 18%22%

13%

5%

1% 0%

Age Base: 10,002Base: 10,002

Facebook YouTube Google+ Twitter Myspace LinkedIn Flickr Foursquare Other I do not useany social

media sites

83%

39%30%

22%14%

8% 3% 2% 3%11%

Social Media Usage

10%

20%

25%

18%

11% 12%

3%1% <1%

5%

14%

20% 20%

16% 17%

7%

NA NA

$9,999 or Less $10, 000 -$19,999

$20,000 -$29,999

$30,000 -$39,999

$40,000 -$49,999

$50,000 -$74,999

$75,000 -$99,999

$100,000 -$124,999

$125,000 ormore

Annual Household Income 2012 Market Facts 2008 Market Facts

Respondent Demographics - Continued

79% of users visit social media sites at least

once per day

89% of respondents

use some form of social media

Respondent Demographics – Owner Occupied

55% of Mobile Home Owners

claimed an annual household income

< $30,000

5

Base: 10,002

Base: Mobile Home owner responded to question (5,827)

Just estimating, what is your total net worth? Include stocks, bonds, savings, value of your home, retirement funds, 401ks, personal belongings, assets, other real estate investments, etc., minus any liabilities. This question is asking about your total net worth and NOT your annual income.

In 2012, we saw a higher concentration

of respondents reporting net worth below $25,000

Base: Total Sample, not including “prefer not to answer” (5,351)

2008 Base: Total Sample, not including “prefer not to answer” (8,129)

Two Generations(i.e. parents and adult children over

the age of 25)

Three Generations(i.e. parents, adult children,

grandchildren)

Skipped Generation(i.e. grandparents, and

grandchildren, without parents)

More than Three Generations(i.e. grandparents, parents, adult

children, and great grandchildren)

No, none of these are representative of my household

17%

10%

2%

2%

71%

MH Owner /Resident

NON MH Owner / Resident

20%

8%

1%

1%

70%

Household CompositionDo any of the following describe your current household composition?

Base: 10,002 Base: 17,173

Estimated Net Worth – Owner Occupied

6

Mobile Home NON Mobile Home Owner/Resident Owner/Resident

Less than $25,000

$25,000 - $49,999

$50,000 - $99,999

$100,000 - $249,999

$250,000 - $499,999

$500,000 and over

36%

21%

21%

16%

5%

2%

32%

22%

21%

18%

5%

2%

2012 Market Facts 2008 Market Facts

Two Generations(i.e. parents and adult children

over the age of 25)

Three Generations(i.e. parents, adult children,

and grandchildren)

Skipped Generation(i.e. grandparents, and

grandchildren without parents)

More than Three Generations(i.e. grandparents, parents, adult

children, and great grandchildren)

No, none of these are representative of my household

68%

24%

6%

1%

Own / BuyingRentLive with RelativesOther

Market Overview

Housing SituationDo you own or rent this Mobile/Manufactured Home?

Age – Renters

18 – 29 33%

30 – 39 21%

40 – 49 19%

50 – 59 18%

60 – 69 8%

Over 70 1%

Base: Total Sample (10,002)

7

Age - Renters

Market Overview

68%

24%

6%

1%

Own / BuyingRentLive with RelativesOther

Prior to 1960

1960 ― 1965

1966 ― 1970

1971 ― 1976

1977 ― 1980

1981 ― 1985

1986 ― 1990

1991 ― 1995

1996 ― 2000

2001 ― 2005

2006 to present

<1%

<1%

<1%

1%

1%

3%

5%

9%

17%

23%

39%

0%

<1%

<1%

1%

2%

3%

6%

12%

26%

32%

17%


Manufactured Home LocationWhich of the following best describes the location of your Mobile/Manufactured Home?

Year of PurchaseIn what year did you purchase or acquire your Mobile/Manufactured Home?

1999 2002 2005 2008 2012

A mobile home park –do not own the lot 39% 35% 36% 37% 39%

On (owners) private property** 47% 51% 51% 49% 46%

On someone else’s property** 8% 8% 6% 6% 7%

Mobile home subdivision or park – own the lot 6% 6% 6% 7% 7%

Condo / Co-op mobilehome park 1% 1% 1% 1% 1%

Base: 17,926 17,432 16,094 10,600 10,002

Respondents who reside within a Mobile Home park continue

to grow slightly

Base: Owners, answered question (7,213)

**Numbers based on mobile home owners (7,406)

8

Nearly 40% of the Mobile Home units in this survey were purchased/acquired

within the last seven years

Less than $4,999

$5,000 ― $9,999

$10,000 ― $19,999

$20,000 ― $29,999

$30,000 ― $39,999

$40,000 ― $49,999

$50,000 ― $74,999

$75,000 ― $99,999

$100,000 ― $124,999

$125,000 or more

12%

11%

18%

14%

13%

9%

13%

6%

2%

2%

9%

9%

17%

16%

13%

9%

15%

7%

2%

3%


Older than 1960

1960 ― 1965

1966 ― 1970

1971 ― 1976

1977 ― 1980

1981 ― 1985

1986 ― 1990

1991 ― 1995

1996 ― 2000

2001 ― 2005

2006 or newer

1%

2%

4%

12%

9%

11%

11%

13%

18%

11%

7%

<1%

1%

4%

12%

9%

10%

12%

14%

23%

11%

4%


Model YearWhat is the model year of your Mobile/Manufactured Home?

Median model year was between

1986 – 1990

*This is an approximation; median distribution fell in the 1986 - 1990 range


Purchase PriceWhat was the purchase price for your Mobile/Manufactured Home?

Median purchase price was between

$20,000 – $30,000


9

Model Year Analysis 2012 2008

% of respondents whose MH was less than 12 years old at time they were surveyed

18% 38%

Median Model Year 1988* 1992

57%

43%38%

34%29%

23%17%

7%3% 1% 1%

9%

24%

22%

21%24%

24%

23%

21%

12%

5%2%

9%13%

13%18%

17%

18%

21%

23%

23%

14%

6%

6%

6%

8% 9%9%

10%11%

15%

16%

13%

11%

2%

6%

4% 5%5%

5% 8%

9%

11%

13%

16%

3%

3%5% 4%

4%5% 5%

6%

9%

14%

13%

6%

1% 5% 5%7% 7% 8%

8%

11%

17%

18%

3%1% 2% 2% 4% 4% 3%

6%7%

11%

17%

2% 2% 2% 2% 1% 2% 2%2% 3%

6%

8%

2% 2% 1% 1% 2% 1% 1% 3% 4% 6%10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Older than1960

1960 - 1965 1966 - 1970 1971 - 1976 1977 - 1980 1981 - 1985 1986 - 1990 1991 - 1995 1996 - 2000 2001 - 2005 2006 ornewer

Less than $4,999 $5,000 - $9,999 $10,000 - $19,999 $20,000 - $29,999 $30,000 - $39,999$40,000 - $49,999 $50,000 - $74,999 $75,000 - $99,999 $100,000 - $124,999 $125,000 or more

The average estimated replacement

value of personal property within home was $30,188*, up more than $5,000 from 2008

Less than $4,999

$5,000 ― $9,999

$10,000 ― $19,999

$20,000 ― $29,999

$30,000 ― $39,999

$40,000 ― $49,999

$50,000 ― $74,999

$75,000 ― $99,999

$100,000 ― $124,999

$125,000 or more

17%

17%

18%

12%

8%

7%

9%

6%

3%

3%

17%

12%

17%

12%

8%

6%

12%

7%

3%

5%


Estimated Market ValueIn your estimation, if you were to sell this Mobile/Manufactured Home today, what price do you think you could get?

Median market value estimate was $10,000 -

$20,000

Estimated Market Value by Model YearIn your estimation, if you were to sell this Mobile/Manufactured Home today, what price do you think you could get?

10

*Only estimates between $100 - $125,000 were used for calculation (base: 8,124)

13% of respondents didn’t know the estimated market value of their Mobile Home

1999 2002 2005 2008 2012

Mobile Home 65% 63% 57% 61% 52%

Trailer 16% 14% 15% 14% 18%

Double Wide* 1% 1% 2% 1% 18%

Manufactured Home 11% 13% 17% 16% 8%

House 4% 5% 6% 5% 3%

Modular Home 3% 3% 3% 2% 1%

Travel Trailer 0% 0% 0% 0% 1%

Base: 17,536 17,107 16,047 10,595 10,002

Mobile Home DescriptionFor consistency, how do you describe or characterize your Mobile/Manufactured or Modular Home when someone asks what type of residence it is?

*Prior to 2012, this was captured as an “Other” please specify, open-text category

Single Wide / Single Section

Double Wide / Double Section

Triple Wide / Triple Section

Other

Don’t know / Not sure

59%

36%

2%

1%

2%

Floor PlanWhich of these floor plans best describes your Mobile/Manufactured or Modular Home?

Base: Total Sample (10,002)

11

46%of manufactured

homes were described as multi-section

in 2008

Less than one year

One to five years

Six to ten years

Eleven to fifteen years

Sixteen to twenty years

More than twenty years

I don’t anticipate ever selling this home

I anticipate this will always be my home

Base:

5%

25%

15%

6%

3%

6%

40%

NA

22%

49%

9%

2%

1%

1%

15%

Future Housing PlanHow many years do you anticipate owning, living in or renting this Mobile/Manufactured Home?

Base: (7,670) (2,332)

12

Owner Occupied Non-Owner

NA

Standard built house

Double Wide[Mobile/Manufactured Home]

Single Wide[Mobile/Manufactured Home]

Apartment

Senior Citizen Community /Assisted Living Center

Condominium or Town House

Triple Wide[Mobile/Manufactured Home]

Duplex / Triplex / Quadriplex

Other

40%

21%

10%

7%

7%

4%

3%

1%

7%

52%

21%

8%

6%

6%

2%

2%

0%

2%


Base: Currently own and reside in a Mobile Home, anticipate moving in the future (3,798)

Next Residence - Owner OccupiedAt this time, what do you anticipate your next residence will be?

Manufactured home as next anticipated

residence up 3% from 2008

Features / EquipmentWhich of the following items do you have in your Mobile/Manufactured Home?

13

1999 2002 2005 2008 2012

Fire extinguisher 66% 68% 71% 68% 62%

Dead-bolt locks on every exterior door 52% 56% 67% 66% 60%

Carbon monoxide detector 17% 22% 27% 31% 35%

Fire alarm with central monitoring service 3% 4% 5% 12% 27%

Wood burning stove or fireplace 18% 20% 24% 23% 18%

Burglar alarm with central monitoring service 5% 6% 8% 7% 10%

Base: 17,926 17,432 16,094 10,600 10,002

“Foremost” and the “F” logo are registered trademarks of FCOA, LLC, 5600 Beech Tree Lane, Caledonia, MI 49316. Insurance provided by a member of the Farmers Insurance Group®, that includes the Foremost Insurance Group. 9008833 05/13

Foremost Means More.™

2012 mobile home market facts - insurance quotes: home, auto insurance …€¦ · ·...

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