With home prices continuing to surge, potential buyers may be looking toward more affordable solutions, among them mobile homes. But how do they compare to single-family properties in terms of value and appreciation?
A new study from LendingTree used data from the U.S. Census Bureau to determine where mobile homes are the least and most expensive. The overall consensus? Mobile homes are more affordable, and in several states, appreciation is faster.
Nationally, the median value of a mobile home is $53,300—almost $190,000 less than the median value of a single-family property. However, the median value of mobile homes increased by 39% from 2014 to 2019—6 percentage points higher than the 33% increase in the median value of single-family homes in that same time period.
Those looking to save the most should head to Nebraska, Ohio and Iowa, which report the lowest cost for mobile homes. In these states, the median value is less than $25,000—much lower than the $150,000 for single-family homes in the same areas.
On the higher end are mobile homes in Washington, Oregon and California. In fact, Washington is the only state where the median value of a mobile home is higher than $100,000 ($125,400).
The largest difference in price between a mobile and single-family home occurs in California, Massachusetts and Colorado, where median-priced mobile homes cost $477,100, $343,300 and $337,800 less than median-priced single-family homes, respectively.
Over a five-year period, the biggest appreciation for mobile homes occurred in Nevada, Oregon and California. In these states, median mobile home values increased by an average of 96% from 2014 to 2019—almost twice as much as the average appreciation of 50% for single-family homes in those states.
To read the full report, click here.