Zita Stankova – stock.adobe.com
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.
But these affordable options may no longer be quite the bargain they once were.
A recent analysis of US Department of Housing and Urban Development (HUD) and Census Bureau data, obtained and analyzed by Lending Tree, reveals that mobile homes have seen a significant price surge over the last five years.
While still cheaper than traditional single-family homes, mobile homes are steadily climbing into six-figure territory, with an average sales price now at $124,300 in 2023, the most recent time frame available.
The price of new mobile homes rose by a staggering 58.34% between 2018 and 2023, outpacing the 37.66% growth seen in site-built, single-family homes during the same period.
Despite this increase, traditional homes remain vastly more expensive, averaging $409,872 in 2023.
Jacob Channel, LendingTree’s senior economist and the report’s author, warns of the implications: “In many ways, rising mobile home prices across the United States are a cause for concern,” he told The Post in a statement.
“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.”
Geographically, the cost of a new mobile home varies widely.
States like Washington ($164,100), California ($154,500) and Arizona ($148,800) topped the list for the most expensive mobile homes in 2023. Meanwhile, states like Indiana ($103,000), Wyoming ($106,600) and Ohio ($106,900) offered the most affordable options.
However, price growth hasn’t been uniform. States such as Kansas, Connecticut and Georgia have seen the steepest price hikes, with increases of 84.93%, 83.03% and 79.05%, respectively, since 2018.
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.
Additionally, the resale market for mobile homes can be tough, especially for units in trailer parks or on rented land.
Land access fees and maintenance costs also weigh on potential buyers, often offsetting the savings from the lower purchase price. While these hurdles may deter some, the affordability gap between mobile homes and site-built homes keeps them in the mix for many prospective buyers.
Despite the rapid price increases, mobile home prices dipped slightly between 2022 and 2023, falling by 2.36%.
This decline, while modest, raises questions about whether the recent surge will stabilize or reverse in the coming years.