The current record-breaking high costs of single-family homes in the U.S. has many would-be homebuyers turning to mobile homes as an alternative housing option. However, while they are much cheaper, a new report from LendingTree found that mobile home values nationwide appreciated in value almost as quickly as single-family homes over the five years from 2016 to 2021.
LendingTree’s new report 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 each of the nation’s states (except for Hawaii).
The report found that the median value of a mobile home nationally is $61,400, $220,000 less than the median value of a single-family home. Despite the lower price, the report also found that median mobile home values across the nation increased by an average of 34.58% from 2016 to 2021—nearly the same as the average increase of 35.44% for single-family homes.
Key highlights:
- Mobile homes cost the least in Kansas, Ohio and Iowa: in these states the median value of a mobile home is $29,000 or less, meanwhile the median value of a single-family home in each of these states is at least $174,000.
- The most expensive mobile homes are in Washington, Nevada, Oregon and California, at a median value of $146,500, $114,000, $113,500 and $110,200, respectively.
- California, Colorado and Massachusetts have the largest price difference between mobile and single-family homes, at median prices of $537,900, $404,000 and $390,300 less, respectively, than median-priced single-family homes.
- On the other end of the spectrum, the differences in median prices in West Virginia, Oklahoma and Mississippi are all less than $105,000.
- The median value of mobile homes have more than doubled in Rhode Island, Nebraska and Idaho, increasing by an average of 110.82%, compared to the 57.95% increase of median single-family homes.
- Median mobile home values increased the least in Vermont, Alaska, North Dakota and New Jersey, at respective increases of 2.28%, 4.13%, 7.33% and 9.11%.
Major takeaway:
“Despite the stigma against them, mobile homes can be safe and affordable places to live. With that said, not all mobile homes are the same and anyone thinking about buying one should carefully research their options before they do. For example, would-be buyers should be sure that they know the answer to questions including, but not limited to, whether or not they’re buying a mobile home on the land it’s on or just the home itself, and whether or not the home they’re considering is properly hooked up and wired for plumbing and electricity,” said LendingTree’s Senior Economist and report author, Jacob Channel. “Remember that even if a mobile home seems like a good deal on the surface, rushing into a purchase without properly researching it can cause both financial and emotional distress.”
For the full report, click here.
