Manufactured homes (formerly known as mobile homes) have become an increasingly popular option for Americans itching to own property.
The median manufactured home listing price in the U.S. in February was $141,450—down 5.7% year over year, according to the Realtor.com® Perks of the Park: Mobile Homes as an Affordable Alternative Report. That’s substantially lower than the median single-family-home listing price ($410,000) and the median condo listing price ($365,000).
It breaks down to a significant monthly savings for homeowners. The estimated principal and interest payment for a median manufactured home was $678, compared with $1,918 for a standard home. That’s less than half the national median rent—$1,918.
Making the move to mobile
“Mobile homes” refers to anything built before June 15, 1976 (pre-HUD code), while “manufactured homes” are those built after.
Manufactured homes offer some obvious advantages over standard ones, including the opportunity to live in wildly desirable locales for a fraction of the cost. Take the Los Angeles metro area, for example, where the median home price is north of $1.13 million. You can find manufactured homes at the low end for a tenth of the price—though there’s also a luxury manufactured home market where homes top out at nearly $2 million.
Owners of manufactured homes with land are seeing greater returns on their investments compared with single-family homes. Over the last seven years, manufactured homes sold with land appreciated in value by 70.1%, compared with typical single-family homes, which saw a 58.6% increase.
The advantages only increase if you’re considering a new build. New build manufactured homes can often be ready in weeks, and offer owners the opportunity to customize finishes and floor plans. Going manufactured doesn’t mean you have to skimp on size; the median manufactured home was 1,248 square feet.
Of course, there are some drawbacks. Manufactured homes without land appreciated at 51.6%—around 7% less than conventional single-family homes.
“Mobile-home buying and selling is really on the margin of homeownership, so it’s quite volatile in terms of price, with the makeup of buyers and sellers constantly changing and surging in and out,” Realtor.com senior economist Joel Berner says.
Read on to see the markets where you’ll find the highest concentrations of manufactured homes.
Tampa-St. Petersburg-Clearwater, FL
Percent of U.S. manufactured home listings: 5.9%
Median listing price: $399,900
Phoenix-Mesa-Chandler, AZ
Percent of U.S. manufactured home listings: 4.1%
Median listing price: $494,998
Riverside-San Bernardino-Ontario, CA
Percent of U.S. manufactured home listings: 3.5%
Median listing price: $588,389
Lakeland-Winter Haven, FL
Percent of U.S. manufactured home listings: 3.4%
Median listing price: $335,000
North Port-Sarasota-Bradenton, FL
Percent of U.S. manufactured home listings: 3%
Median listing price: $492,500
Orlando-Kissimmee-Sanford, FL
Percent of U.S. manufactured home listings: 2.8%
Median listing price: $415,000
Cape Coral-Fort Myers, FL
Percent of U.S. manufactured home listings 2%
Median listing price: $399,900
Los Angeles-Long Beach-Anaheim, CA
Percent of U.S. manufactured home listings: 1.7%
Median listing price: $1,054,400
Deltona-Daytona Beach-Ormond Beach, FL
Percent of U.S. manufactured home listings: 1.5%
Median listing price: $385,000