Mobile Homes: Making the American Dream Affordable
In our previous blog, we explained why housing has gotten so expensive in the U.S. Many families feel disheartened right now because they don’t know if they will ever be able to afford their dream home.
Though the real estate market is highly saturated at the moment, raising housing prices, that doesn’t mean you can’t own your dream home. A simple, affordable solution that many overlook is investing in a mobile home. Many families are turning towards this option in order to make their dreams a reality.
Mobile Homes vs. Stick-Built Houses: What’s the Difference?
There are certain misconceptions about mobile homes that may discourage homebuyers from considering manufactured housing. However, the mobile home of today is very different than the stereotypical trailer home of years past. Nowadays, you can build a durable, luxury mobile home for a small fraction of the cost of a stick-built house.
So what’s the difference between a mobile home and a stick-built home? Well, manufactured homes are built in a factory, and then transported to its intended site. Manufactured homes are often customized to the buyers’ specifications because they are built in a factory specifically for that family. Additionally, they are built in climate-control facilities all at once, so it is a much quicker process.
In contrast, traditional homes are built directly on the land on which they’re placed. They tend to be more spacious than mobile homes, but customizing them is more challenging unless you can afford to build your home completely from the ground up. Additionally, building a stick-built house is subject to weather conditions, which means that it takes significantly longer to build.
The Cost and Value of a Mobile Home
When comparing numbers, it’s clear that manufactured homes are more affordable than stick-built houses on average.
According to the Census Bureau, the average sale price of a new manufactured home was $111,900 in November 2021 (the most recent data available). In contrast, the the median sale price of a new stick-built house sold in February 2022 was $400,600.
This means it is possible to custom build your mobile home for a quarter of the price of what you would pay for a traditionally built home.
Not only are mobile homes less expensive than traditionally built houses, they are rapidly increasing in value. According to Lending Tree, the median value of mobile homes increased more quickly in 27 states than the median value of single-family homes over the same five-year period.
Mobile Homes: An Affordable Option
Despite a difficult housing market, you and your family can still own a comfortable home that perfectly meets your needs. If you’re interested in learning more about mobile homes and the homebuying process, we would love to help!