Increase In Purchase Of Mobile Homes! Know What Stats Have To Say For It
Mobile home parks are becoming increasingly trendy, both with seniors and families alike. People are really taking to the mobile home park lifestyle and freedom of living. This has led to a marked increase in the purchase of mobile homes, which includes the senior mobile home parks, Los Angeles county and other regions of California.
Not only have we seen an increase in the sale of actual mobile homes themselves, mobile home parks are also on the rise to accommodate the trending popularity of living in a mobile home.
Some Stats To Consider
According to statistics from the California Department of Housing and Community Development, there are now more than 5000 active mobile home parks in the state of California alone. The HCD puts the figure at 5257, as of the 1st September, 2019.
Taking those stats a step further and expanding on them, the HCD says those 5000+ mobile home parks contain a total of over 450,000 lots for both mobile homes and RVs. These homes house around 700,000 residents.
It’s not just Californians who have fallen in love with mobile homes either, as states like South Carolina, New Mexico, West Virginia and many other parts of the country have their fair share of mobile homes and parks as well.
In 2018 it was estimated that there were about 8.5 million “manufactured” homes in the US, accounting for around 10% of the nation’s total housing. From 2014 to 2019, there has been an increase of 3.9% in the sale of manufactured homes.
In 2013 it was estimated that some 20 million or more Americans lived in mobile homes. That figure has climbed steadily in the past six years to be well above the 20 million mark.
Private equity firms have been showing a keen interest in mobile homes and mobile home parks as investment opportunities, with many large corporations buying up mobile home parks to earn rental income from tenants, either from the lots, or the lots and homes combined.
Investors have helped to drive up the popularity of mobile homes as alternative housing due to the fact they are marketing heavily to ensure the parks they invest in have close to full occupancy.
So Just Why Are Mobile Homes & Parks Becoming Increasingly Popular?
One of the key reasons for the increase in demand for mobile homes is the trend of people all across America looking to downsize. Rather than follow the tiny house movement and dwell in a home that’s super small, mobile homes are a good alternative, as they are definitely more spacious than a tiny home, but extremely affordable compared to more conventional housing.
Finances are one of the major reasons people decide to downsize where they live, so selling up the family home or moving out of that more expensive apartment and into a mobile home park is a very appealing option.
Whether they purchase their own mobile home or simply rent one and lease the lot, families and retirees alike are saving a stack of cash, reducing financial stress and freeing themselves up to actually start to enjoy life again, rather than being a slave to a big mortgage.
Another key reason why mobile home park living is so attractive is time saving.
There is a lot less maintenance to perform on a smaller home on a regular basis, and inside a mobile home park, management takes care of the grounds and even the lot (to some degree) that your mobile home sits on.
Combine extra time due to less cleaning and maintenance with the amount of money people save when they make the switch, and living in a mobile home becomes very appealing indeed.
Both investors and homeowners alike have seen the advantages mobile homes offer, and that’s been one of the driving factors for the increase in mobile home popularity.
Investors are eagerly buying into mobile home parks while homeowners are buying up the homes, so it really becomes a win-win for both.
While the country in general struggles with housing affordability, mobile homes present a cost effective solution, and as more people choose to downsize and save money, the need for mobile homes and new parks is only set to increase in coming years.