Mobile homes, often considered an affordable way to own a home, are no longer the budget-friendly option they used to be.
Since 2018, the prices of new mobile homes have jumped by nearly 60%.
While they’re still cheaper than traditional houses, this big price increase is making it harder for many people to afford them.
In 2023, the average cost of a new mobile home reached $124,300, edging closer to six figures.
This price hike outpaced traditional homes, which saw a smaller increase of about 38% over the same time.
“As prices rise, mobile homes are becoming less affordable for the people who need them the most,” says Jacob Channel, a senior economist at LendingTree.
Where Are Mobile Homes Most Expensive?
The cost of a mobile home can vary depending on where you live. In states like Washington ($164,100), California ($154,500), and Arizona ($148,800), mobile homes are among the most expensive.
But if you’re in states like Indiana ($103,000), Wyoming ($106,600), or Ohio ($106,900), they’re still relatively affordable compared to the rest of the country.
Hidden Costs You Should Know
Even though mobile homes are cheaper than regular homes, there are extra costs to think about.
If your mobile home is in a trailer park or on rented land, you’ll have to pay land access fees.
There’s also maintenance to consider, which can add up over time and eat into the savings you might have had.
Financing a mobile home can also be tricky, especially if you don’t own the land.
This makes it harder for some buyers to get approved for a loan, adding another hurdle to the process.
Price Changes: Is Relief in Sight?
While prices skyrocketed over the last five years, there’s some good news—mobile home prices dropped slightly by about 2.36% between 2022 and 2023.
It’s unclear if this is just a blip or a sign that prices might stabilize or even go down in the future.
The Takeaway
Mobile homes are still more affordable than traditional houses, but rising costs and hidden expenses make them less of a bargain than they used to be.
If you’re considering a mobile home, make sure to factor in all the costs and challenges before making a decision.
Would you still consider a mobile home with these rising prices?