You probably have some preconceived notions about mobile home parks, but here are a few facts we bet you didn’t know about mobile (manufactured) homes:
- 5.6% of the U.S. population, about 17.7 million people, live in mobile homes
- New Mexico has the highest concentration with 16.6% of its residents living in mobile homes
- The average monthly cost to rent a mobile home is $564 vs. $1,057 for a stick-built home or apartment
- While mobile homes provide a good, affordable housing alternative for millions of people, the number of mobile home parks is decreasing every year
Living in a mobile home is much more common than we tend to see and offers one of the best and most affordable housing options for many lower-income, working-class families. Unfortunately, city planners and real estate developers fail to embrace mobile home parks as a way to address the shortage of affordable housing options. And cities actively discourage mobile home park development for several reasons, including lower property taxes compared to single family homes and apartments, and a lingering stigma surrounding mobile home parks.
The good news is that together we can help address the shortage of affordable housing in the U.S. and at the same time enjoy excellent passive income opportunities by using the strategy of acquiring existing mobile home parks with a high percentage of vacant lots and upgrading them by adding refurbished or new mobile homes, increasing the total number of homes available.