Mobile Home Increased In value compared To Site-Build Single Family Homes
While traditionally recognized for their cost-effectiveness compared to site-built single-family residences, recent insights from LendingTree (NASDAQ:TREE) reveal a significant uptick in the pricing of mobile homes.
Between 2017 and 2022, there was a substantial 77.1% increase in the average sales price of recently sold mobile homes in the United States. In contrast, the average sales price of new site-built, single-family homes experienced a 46.7% rise during this same timeframe. According to LendingTree, the average price tag for new mobile homes now hovers around $127,300, while site-built single-family homes command a loftier average of $430,808.
When considering states with the highest average sales prices for new mobile homes, Idaho, Montana, and Arizona stand out with prices reaching $168,500, $160,600, and $160,500, respectively. Notably, the most substantial increases in mobile home prices were observed in Wyoming, Illinois, Kentucky, and Mississippi, with jumps of 127.6%, 110.1%, 107.3%, and 103.7%, respectively, between 2017 and 2022.
Intriguingly, the average selling price of new mobile homes decreased in only one state during the same period, experiencing a 5% decline in Massachusetts. Despite this decrease, the average sales price of new mobile homes in Massachusetts remains among the highest in the nation at $138,500.
āIn many ways, the rapidly rising costs of mobile homes in most states is a cause for concern,ā
said LendingTreeās Senior Economist Jacob Channel.
āAfter 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 counterparts.ā
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