Home equity is the most important source of wealth for most American families. Yet, in many parts of the country, the cost of homeownership is increasingly out of reach.

Manufactured housing has opened the door to homeownership for millions of families, a door that otherwise would have remained shut. More than 17 million Americans live in manufactured homes — what are still sometimes called "trailers" or "mobile homes."

Like any kind of home, manufactured homes can be built well or built poorly. They can be repaired and maintained well, or not. They can be in attractive locations, or not. Like any kind of home, manufactured homes done poorly can be a bad investment and a blight on the community. But also like any kind of home, manufactured homes done well can be attractive and grow in value. And because they are built in factories at a lower cost, manufactured homes done well can also open the door to homeownership for even more families.

CFED, a national not-for-profit organization, is unlocking this potential through an initiative called I’M HOME, or Innovations in Manufactured Homes. I’M HOME supports programs across the country that are helping families who choose manufactured homes. To be good investments for these families, manufactured homes must be well-built and installed on a proper foundation once they reach their destination. Their financing must be fair and affordable. Homeowners should own, or have longterm control over, the land underneath the homes. And, finally, when it’s time to move, the homeowners must be able to sell the homes at a fair value.

Most people who buy other kinds of homes get to take these conditions for granted. But, as simple as they sound, these conditions don’t always apply to manufactured homes. Families who buy manufactured homes today are all too frequently playing by a different set of rules than those who buy other kinds of homes.