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Mobile Home Values Neck-and-Neck with Single-Family Homes

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As the market begins to cool, home prices are starting to come down in some parts of the U.S., but buying a single-family house remains difficult for many. Because of this, some would-be homebuyers may consider cheaper alternatives to traditional single-family homes [2], like less expensive condos or townhouses, while others may lean toward mobile homes.

LendingTree analyzed data from the U.S. Census Bureau’s 2021 American Community Survey to compare the median value of mobile homes and single-family homes in all states excluding Hawaii. The recent study found that mobile homes are generally far less expensive than their single-family counterparts. Data also found that mobile home values nationwide appreciated in value almost as quickly as single-family homes over the five years from 2016 to 2021.

Key Findings:

States where mobile homes are the least expensive

No. 1: Kansas

No. 2: Ohio

No. 3: Iowa

States where mobile homes are the most expensive

No. 1: Washington

No. 2: Nevada

No. 3: Oregon

What are the drawbacks of buying a mobile home?

Though the relatively low cost of a mobile home can make one appealing, buying and owning such a property isn’t without drawbacks. While the value of mobile homes appreciates over time, some owners may find that reselling can be difficult. Further, securing a loan for a mobile home can be challenging since many lenders view it as a riskier investment than a loan for another type of house. It can also be tricky and costly for borrowers with poor credit scores or those trying to buy a mobile home on land they don’t own.

These drawbacks — in addition to other downsides like needing to pay trailer park or land access fees — may be enough to discourage some buyers from considering a mobile home, even if they find the price appealing. However, a mobile home could be a good investment depending on who’s buying the property and their needs. As long as a buyer understands what they’re doing, a mobile home could provide a good blend of affordability, convenience, safety, and shelter.

To read the full report, including more charts and methodology, click here [2].