Prices of Mobile Homes Have Skyrocketed Across the Country
If you thought the cost of single-family homes surged across the U.S. during the pandemic, that’s nothing compared to the escalating prices in America’s trailer parks.
A new study by LendingTree has found that the prices of manufactured residences, also known as mobile homes, have increased faster than traditional single-family properties, The New York Times reported on Thursday. The report looked at data from the U.S. Census Bureau to pinpoint where the country’s numbers have risen the most and how prices have changed from 2017 to 2022.
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In 2017, the average sales price of a manufactured home in the U.S. was $71,900. By 2022, that number had spiked 77 percent to $127,300. At the same time, traditionally built single-family dwellings clocked in at $293,737 but only saw prices rise by 47 percent to $430,80 in that same period. In 2022, mobile homes were the most expensive in Idaho, at an average of $168,500. For context, that’s an 82 percent leap from what it would’ve cost in 2017. Elsewhere in the country, Wyoming, Illinois, Kentucky, and Mississippi saw the most dramatic increases in prices. In fact, prices for mobile homes in these states more than doubled during this period.
“In the face of such expensive real estate, many would-be buyers may consider more affordable options like manufactured or mobile homes. But just because mobile homes are typically less expensive than more traditional site-built, single-family housing, it doesn’t mean they’re cheap,” the report said.
Take Paradise Cove Mobile Home Park in Malibu, for example, where humble mobile homes with ocean views routinely sell for millions of dollars. Widely considered one of the priciest trailer park communities in the country, celebs such as Matthew McConaughey, Stevie Nicks, and Sarah Paulson have all flocked to the bluff-side enclave. Currently, there is a one-bedroom, one-bath “cottage” on the market for $5.3 million and another three-bedroom, two-bath place listed for $4.2 million.
Similarly, Montauk Shores, a seaside mobile home park on the tip of Long Island’s Hamptons, has become a playground for multi-millionaires, particularly those who like to surf. The average sale price of residences at the former campsite has more than doubled since 2022, The New York Post reported, and a two-bedroom, two-bath beachfront trailer recently smashed a real estate record when it traded in an off-market deal for a hefty $3.75 million.
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