Mobile home values are rising, which is exciting news for GoFresh Homes!
A study from LendingTree shows that mobile home rates rose faster in 27 states than the median value of single-family homes over the same five-year period. The latest census data show the value increased by an average of close to 40% from 2014 to 2019, and the median value of single-family homes only increased by 33%.
As a result, the nationwide median value of mobile homes or moveable dwellings in 2019 was $53,300. According to Lending Tree, while it is nearly 190,000% less than a single-family home, mobile home values are climbing quickly.
In a recent article by USA Today, Glen Esterson, a broker for mobile park communities and a former mobile park owner, says the upward trend is not surprising as skyrocketing interest from investors further accelerated during the pandemic.
“In 2020, my team sold 40 mobile park communities, and in 2021, we sold 77,” Esterson says. “We’re the most affordable solution for low-income housing.”
Manufactured homes between 1,000-2,200 square feet cost around $138,000; approximately 40% of the median sales price of an existing home at $362,600. This number is one-third the cost of a new single-family house at 416,900, she says.
Mobile Home Values are Based on Many Pieces
It takes many pieces to solve the affordable housing crisis. These pieces include increasing housing supply through new home construction. In addition to addressing zoning regulations that constrain the provision of higher-density and affordable housing. However, Gay Corporation, senior economist and director of housing and commercial research for the National Association of Realtors, says manufactured housing is essential.
GoFresh Homes offers hard-working families the ability to lease or lease-to-purchase manufactured homes that are high quality and affordable. Consequently, we purchase homes and invest in the proper maintenance and upkeep to serve residents looking to provide a home, not just a house, for their families. We are keeping the American dream alive. For more information, visit our website today!