The global recession and threat of the COVID 19 outbreak resulted in the price increase of medians homes in the United States. Today, it would cost at least USD 300,000 to afford an average family home, a number that is 3.5% higher than in 2019.
Because of this, it is becoming hard for many people to find a house that they can afford, considering their financial situation during this pandemic. With the help of trailer homes and parks, we could be looking at a potential solution to this current housing issue in the country.
What Are Motor Homes?
When we say trailer, many picture large, luxury motor homes but generally speaking, trailers, RVs, residential caravans, house trailers, and static caravan are all classified as mobile homes. Unlike travel trailers often being used during holidays and vacations, motor homes are predominantly permanent housing. You can build them on strong concrete frames or with tow hitches, wheels, and axles.
How Much Is a Motor Home?
According to the National Association of Realtor (NAR), the number of available homes up for sale in 2020 has decreased by 18.2%. This shortage in the housing market resulted in price hikes because it is hard to keep up with the demand. Currently, Hawaii has the highest home value, which is at USD 650,000, while the lowest price of median homes can be found in West Virginia. Because of this, many Americans are looking into motor homes as an alternative to pricey traditional housing.
Many Americans who can not afford site-built homes or are not open to committing a huge amount of money in housing turn to factory-built homes as their primary option. These types of models are marketed as an affordable alternative to regular rental apartments.
The price to have an RV starts at USD 10,000 and USD 300,000, depending on the features you want. If you are looking at a modest camper trailer, then you’re looking at roughly USD 20,000. The cost of a fifth wheel starts at USD 40,000, while the price of a fully functional motor home starts at USD 100,000. To be more specific, the average cost of mobile homes nationwide are:
- Single wide – USD 52,000
- Double wide – USD 97,000
- Multi wide or Triple wide – USD 100,000 to USD 250,000
These prices are still comparably lower than buying an average home, considering that you need to shell out a down payment and pay a monthly mortgage fee.
Why are Motor Homes Affordable?
As discussed above, buying a motor home is still relatively cheaper than buying a new house, especially if you have a family with several members. One of the main reasons trailer homes are affordable is the number of materials used to build them. Most of these types of housing only use wood to make sure that they are easy to transport.
When it comes to the lot where you will put your mobile home, the cost depends on whether you will buy or rent it. Many people living in manufactured home parks rent out the lots, which normally costs around USD 100 to USD 800 per month, depending on the size of your trailer. If you plan on purchasing the lot, you’re looking at roughly USD 1,550 to USD 196,000 per acre.
Another good thing in these parks is that the rental usually includes the payment for garbage collection, sewage, and water. Most utilities like gas are also included except for electricity you need to pay for after 30 days of your stay.
Motor Home Parks Explained
Also known as manufactured housing communities, mobile home parks are the perfect place to live if you want to avoid high maintenance and hefty property taxes. Many Americans, not just the elderly community, are looking into living in these mobile home parks because many offer large outdoor spaces near ponds and lakes that are great for families with children.
Many Americans, not just the elderly community, are looking into living in these mobile home parks because many offer large outdoor spaces near ponds and lakes that are great for families with children. Motor home parks also include community events, pools, and fitness centers. Things that you need to pay extra for if you are living in a traditional home.
To have a decent place where you can rest is a right of every human being. No matter how much you earn or your background, you deserve a place that you can call home. Though we are still looking at a possible increase in the price of properties in the traditional housing market, you always have the option to consider mobile homes as an affordable alternative.
