About Us
Founded in 2016, The Foundry Companies is a vertically integrated real estate investment and development company located in Bethesda, MD. The Foundry Companies is focused on acquiring and operating Manufactured Housing Communities in partnership with strategic joint venture partners through its wholly owned subsidiary, Foundry Communities.
At Foundry Communities, we take pride in owning and operating mobile home parks that provide affordable, safe, and welcoming places to live. As owners and operators, we are hands-on in ensuring that each community we manage is well-maintained, offering residents a peaceful environment where they can build their lives with confidence and comfort.
With a dedication to quality and service, we are committed to creating communities that feel like home. Our team is devoted to enhancing our resident experience by maintaining clean and attractive grounds and being responsive to our residents. We understand that for our residents, these communities are where they call home and everybody deserves to feel pride in their home.
Our Mission
To offer well-managed, affordable housing that meets the needs of diverse residents while fostering a strong sense of community and belonging.
Our Values
Resident-First Approach: We prioritize the well-being of our residents, creating communities that are safe, accessible, and family-friendly.
Excellence in Management: As owner-operators, we take a hands-on approach, ensuring each property is maintained to the highest standard.
Affordability: We’re committed to offering quality housing options that remain within reach for individuals and families.
Integrity and Accountability: We manage our communities with transparency and care, building trust with each resident.
Affordable Housing Crisis
The affordable housing crisis in America has reached a critical level, affecting millions of people across the country and impacting both urban and rural areas. Rising costs, limited housing supply, and stagnant wages have all contributed to a situation where safe, affordable housing is increasingly out of reach for many. Here are some key aspects of the crisis and the factors driving it:
Shortage of Affordable Housing Units
The U.S. currently has a shortage of around 7 million affordable rental homes. This shortage impacts not only urban areas but also smaller towns and rural communities where the housing supply is limited.
The affordable housing crisis is exacerbated by high construction costs, zoning restrictions, and community opposition to the new development of mobile home parks, reducing the supply of housing.
Rising Cost of Housing
Over the past decade, housing costs have increased significantly across the country. Many families are now priced out of areas where they work, forcing them to commute long distances or live in inadequate housing.
Since the pandemic, housing markets have tightened even more, with rental rates growing faster than incomes in many regions. Rising rental prices have made it increasingly difficult for renters to save for down payments on homes, further trapping them in a cycle of rental dependence.
Here's a comparison of the average cost of a single-family home versus a mobile (manufactured) home in the U.S.:
| Type of Home | Average Cost (as of June 2023) |
|---|---|
| Single Family | $416,100 |
| New Manufactured Home | $128,300 |
| Used Manufactured Home | $30,000 to $70,000 |
Manufactured Home Prices: The average cost for a new manufactured home is significantly lower, around $128,300 for a double-wide (larger) model. Prices for single-wide manufactured homes are typically even lower. Pre-owned manufactured homes often cost between $30,000 and $70,000, depending on condition, age, and location.
Here’s a comparison of average apartment rent versus rent for a mobile home lot:
| Type of Housing | Average Monthly Rent |
|---|---|
| 3 Br Apartment | $2,000 |
| Mobile Home Lot Rent + Home Rent | $1,000 |
Manufactured homes represent a highly affordable alternative, particularly for individuals and families seeking homeownership but unable to afford the higher prices of traditional single-family homes.
Widening Gap Between Wages and Housing Costs
For decades, housing prices have outpaced wage growth, meaning that people are spending a larger portion of their income on housing costs. Today, roughly 30% of U.S. households are considered "cost-burdened," meaning they spend more than 30% of their income on housing.
This gap is particularly pronounced for low- and middle-income families, who struggle to afford rising rents and home prices, especially in high-demand areas.