Q&A on Manufactured and Mobile Home Ownership
MHVillager has done a lot of deep dives into specific mobile and manufactured home questions. For this post, we’ve decided to take a step back and look at a few of the oft-asked questions we hear.
1. How much does it cost to buy a manufactured home?
In recent years, the average price of a manufactured home hovered around $73,000. According to the U.S. Census Bureau’s latest manufactured home numbers, the average sales price in September 2018 was $83,600. The average price that month of a new single-wide home was $54,400; a new double-wide home, $105,400. Pre-existing homes can be purchased at a great range of prices. In some markets, homes are available for as little as $2,000. Existing homes can be purchased for about $10,000 in most markets.
2. How many people live in mobile homes?
About 20 million Americans live in mobile and manufactured housing. Manufactured housing nears 10 percent of all new U.S. homes, up from 7 percent in recent years. It also is the country’s greatest source of unsubsidized affordable housing.
3. How can I get a loan for a mobile home?
Buyers looking for the right kind of loan for a mobile home have several options to consider. And the list seems to be growing. There are specific loan types for buyers who have interest in just the home without land, as well as home-on-land purchases, construction-to-permanent loans and other varieties of financing. Also, mobile and manufactured home financing increasingly is being backed by secondary markets, through Fannie Mae, Freddie Mac, the VA and USDA.
4. Where can I buy a mobile home?
5. How can I extend the life of my mobile home?
Home maintenance for many is a troubling thought. Not all of us are handy with power tools and building materials. However, there are actions that can be taken to extend the life of your mobile home without going beyond your comfort level or breaking your budget.
6. Can I rent a mobile home?
MHVillage has some great search tools on our site, where you can sort and filter to only show homes or communities that have rental options available.
One last thought, this one about insurance. Whether you rent or own, risk management, in the form of insurance, is a key component to the financial well-being of all manufactured home residents. For a quick estimate of the cost of insurance in your area, use MHVillage’s MH Quote tool.