These affordable options may no longer be quite the bargain they once were, according to a new study by LendingTree.
As traditional real estate prices remain sky-high across the country, mobile homes , or trailers, are often seen as a more accessible path to homeownership.A recent analysis of US Department of Housing and Urban Development and Census Bureau data, obtained and analyzed byDespite a decline in home prices in some areas, real estate across the US remains expensive, prompting many prospective buyers to explore mobile homes as a more affordable alternative.
A partially built oceanfront mansion on one of the Hamptons' most prestigious streets finally finds a buyer “After all, as prices rise, mobile homes become more and more unaffordable for the people most likely to seek them out. That said, mobile homes typically remain considerably cheaper than their single-family, site-built counterparts.”In 2023, the average cost of a new mobile home was $124,300, which although a significant decrease from single-family homes, which averaged $409,872, is still very pricey.
Even as mobile homes become a more prominent housing option, ownership comes with its own set of complications. Many mobile homebuyers struggle with securing financing, particularly if they don’t own the land beneath their property.
Affordable Housing Analysis Markets Mobile Homes Residential Real Estate Study Says Trailers
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