Average Mobile Home Cost

Getting a grasp on mobile home prices can be quite the puzzle to solve but Spartans Properties can help. Dealing with homes that can be relocated adds a layer of complexity to the equation. If you find yourself bewildered, attempting to gather information from various sources, then you've landed in the right spot!

​

Whether you're contemplating purchasing or selling a mobile home, it's crucial to be well-informed about:

1. The precise valuation of the home.

2. How to assess the value of a mobile home.

3. Establishing a fair asking or bidding price.

Acquiring or parting with a home is a significant financial undertaking, one that significantly impacts your financial future and that of your family. Therefore, it is imperative to make informed decisions that align with your financial well-being.

​

In this article, we'll cater to readers interested in buying a mobile home, shedding light on immediate and short-to-mid-term costs. Additionally, we'll delve into financing options. Along the way, we'll provide valuable insights on classifying mobile homes and factors to consider when determining their value.

​

MOBILE HOME PRICES AND THE FACTORS THAT INFLUENCE COST

How Much Are Mobile Homes? The price range for new mobile homes spans from $40,000 to $250,000, whereas used mobile homes typically range from $10,000 to $50,000.

​

New Mobile Home Cost New mobile homes are priced between $40,000 and $250,000.

​

Used Mobile Home Cost For used mobile homes, the price spectrum falls between $10,000 and $50,000. Explore further details on used mobile home prices here.

​

How Much Are Trailer Homes? The cost of trailer homes varies widely, ranging from $10,000 to $100,000 or more. The price depends on factors such as size, age, location, and features. Used trailer homes may be more affordable, while new ones or those with additional features can command higher prices.

​

Now, let's dive into the core of mobile home pricing: the actual costs of both new and pre-owned mobile homes. Understanding these costs is pivotal, as financing options are often more constrained and less enticing for mobile homes compared to traditional stick-built houses. Despite improving in quality and homeliness over the years, mobile homes remain more affordable, making them accessible without extensive financing assistance.

​

It's important to note that mobile homes vary significantly in terms of size, materials, designs, layouts, and amenities. Some manufacturers even allow customization with add-ons before purchase. Mobile home owners, often DIY enthusiasts, may have made their own modifications. Other key factors influencing prices include the age, overall condition, location, and the number of times the home has been relocated.

​

Given this variability, pinning down a single price range for mobile homes is a challenging endeavor. Each home's value should be evaluated based on its unique characteristics. With that said, let's move beyond the initial warning and explore the three main types of mobile homes and their average costs.

​

HOW MUCH ARE MOBILE HOMES OF DIFFERENT KINDS?

​

Single-Wides

​

What's the Cost of a Single Wide Mobile Home? Single-wide mobile homes typically measure 10-16 feet in width and 42-90 feet in length, offering 600-1300 square feet of living space. They typically include 2 bedrooms, 1 bathroom, 1 living room, and an eat-in kitchen. New single-wides are priced around $40,000, while used ones range from $10,000 to $25,000.

​

These smaller single-wide mobile homes are aptly named because they can be transported as a single unit to their destination. With limited size, there's less room for variation in room arrangements compared to larger models. A standard single-wide includes:

• 2 Bedrooms

• 1 Bathroom

• 1 Living Room

• Eat-in Kitchen

Some high-end single-wides may feature a second toilet or other adjustments, such as sacrificing a bedroom for expanded living space, suitable for young, smaller families.

It's essential to keep in mind that financing single-wides can be quite challenging.

​

Cost Breakdown:

• New: Approximately $40,000

• Used single-wide mobile home prices typically range from $10,000 to $25,000.

For instance, a 16x70 mobile home might cost around $35,000 to $40,000, while a 14x70 mobile home could range from approximately $32,500 to $40,000.

​

Double-Wides

What's the Cost of a Double Wide Trailer? Double-wide mobile homes offer more living space than single-wides. A new double-wide can cost around $75,000, while used models can vary, with good ones costing between $20,000 and $50,000.

​

Double-wides, the most common type of mobile home, typically measure between 20-42 feet in width and 42-90 feet in length, providing up to 2000 square feet of living space. They are delivered to the site in two separate sections before assembly.

Double-wides offer greater flexibility in room layouts. Common room allocations include:

• 3 Bedrooms

• 2/3 Bathrooms (usually one ensuite and 1 or 2 for sharing)

• Two or three of the following: Kitchen, Dining room, Living room, Washing room

Double-wides significantly expand living space, comfortably accommodating an average-sized family.

​

Cost Breakdown:

• New double-wide mobile home prices are around $75,000.

• Used double-wide mobile homes can vary widely but should range between $20,000 and $50,000.

For instance, an average 24x48 mobile home typically costs about $75,000 to $100,000 when new.

​

Triple or Multi-Wides

While not as prevalent, triple or multi-wides are gradually gaining traction in the market. Due to the stereotypes surrounding mobile homes, some buyers opt for smaller site-built homes as prices increase. Triple-wides typically span around 50 feet in length, with varying widths, offering living spaces usually under 4500 square feet.

Typical room configurations in a triple-wide include:

• 3-5 Bedrooms

• 3/4 Bathrooms

• A multitude of combinations involving Living room, Kitchen, Dining room, Washing room, Foyer

Cost Breakdown:

• New: $100,000 to $250,000

• Used: Starting from $50,000

It's worth noting that multi-wides can become quite substantial in size but are relatively rare in the market.

Asking Price Comparison Reports
 

If you're in the market to purchase a mobile home and are unsure whether the asking price aligns with the value, consider obtaining an Asking Price Comparison Report. By providing some information about the home, you can receive a report that compares it to thousands of homes currently on the market, offering insights into the average price range, as well as highs and lows. This empowers you to make confident decisions, ensuring you don't overpay.

​

The report includes:

• Lifetime access

• Real-time updates as new homes hit the market

• Printable PDF version for flyers or open houses

• Shareable web link for online listings

• Visualized data with easy-to-understand bar graphs

A price comparison report is an invaluable tool to gauge if a home's asking price aligns with current market standards.

​

MOVING A MOBILE HOME

Moving a mobile home is a costly, time-consuming, and risky undertaking. It's generally not advisable unless there are no other options. This is not only due to the risk of damage to the home but also because it can adversely affect the home's value and hinder financing. Financing a home that has been moved two or more times is virtually impossible, as lenders question the stability of the foundation.

​

However, there may be situations where moving a mobile home is unavoidable, and understanding the associated costs is essential. When selling a mobile home but retaining the land, it's advisable to sell locally to minimize costs. On average, you can expect to budget between $1 and $5 per mile for moving expenses.

Cost Breakdown:

• Short-distance haul: $1,000-$5,000

• Long-distance haul: $10,000 and up to $25,000

• Disconnecting utilities and preparing the home: Up to $1,000

For more details, refer to the article "What is the Cost of Moving a Manufactured Home."

​

GET A FREE QUOTE FOR MANUFACTURED HOME INSURANCE

​

Save an average of $250 per year!

​

HOW TO FINANCE A MOBILE HOME

​

For some, securing financing is the only way to make acquiring a new mobile home financially viable. While obtaining financing for a traditional home is not without its challenges, securing it for a mobile home can be even more complex. Despite improvements in quality and standards, the process of buying and financing mobile homes remains akin to purchasing and financing a car.

​

Several factors can make financing a mobile home difficult, including:

• It being a single-wide.

• If the home has been moved, especially if moved multiple times.

• Lack of permanent attachment to a property.

• Non-compliance with HUD code standards.

• The home's age, especially if built before 1976 when the HUD code was established.

• Personal credit score.

• Not owning the land on which the home is situated.

• The likelihood of the home being moved again.

While obtaining financing may pose challenges, it is not insurmountable, and various options are available. Some types of financing automatically disqualify mobile homes if they meet certain criteria. Let's explore these financing options to help you determine what may apply to your situation.

​

Finance Options

​

Conventional Loan

Finding a conventional lender willing to extend loans for mobile homes can be challenging, as there are not many willing to assume the risk. When available, these lenders often require high down payments and impose high-interest rates, leading to mobile homes being dubbed "higher-priced mortgage loans." Additionally, you may need a good credit score and possibly collateral to qualify. Typically, down payments range from 5% to 20%, with loan terms spanning 20 to 30 years and interest rates hovering around 5%.

​

Chattel Loan

Chattel loans are among the most widely used methods for financing mobile homes, as they do not necessitate owning the land where the home is located. However, they come with high-interest rates and shorter terms. If your credit score is favorable, you could secure an interest rate below 10%, while less favorable scores may result in rates around 13%. Terms are typically limited to 20 years, with a minimum down payment of 5%.

​

FHA Loans

The FHA (Federal Housing Administration) includes mobile homes in its Title 1 program, alongside site-built homes. Essentially, the FHA assumes some of the risk when granting you a mortgage or loan. In the event of payment defaults, the FHA covers a portion of the remaining amount. Similar to chattel loans, whether or not you own the land is irrelevant. However, FHA loans feature fixed terms for the entire mortgage duration, and borrowers must have the option to lease the plot beneath the home for at least three years. Credit scores and the home's compliance with HUD standards are considered. Loan amounts are limited, such as:

​

• For a Mobile Home only: $69,678

• For the Lot only: $23,226

• For the Home + Lot: $92,904

Typically, FHA loan terms span 20 years, with interest rates often below 5%, and down payments that match the low end of the scale.

​

For a comprehensive comparison between FHA and Conventional loans, refer to this article.

​

VA Loans

VA loans are exclusively available to veterans. To qualify, you must provide proof of military service. VA loans are akin to FHA loans, with the Department of Veteran Affairs sharing some of the risk. Similar to FHA loans, VA loans do not require land ownership. A minimum upfront payment of 5% of the loan total is mandatory, with interest rates slightly above 3.5% and terms ranging from 15 to 30 years.

​

Cost Breakdown: For instance, for a double-wide with an average cost of $70,000, you would need a $3,500 down payment and a monthly payment of approximately $350.

​

OTHER COSTS WHEN BUYING OR SELLING A HOME

Building a Foundation Every home, including mobile homes, requires a foundation. Costs vary depending on the home type, plot, and foundation type but generally range from $10,000 to $15,000.

Utilities Disconnecting or connecting utilities can cost around $1,000.

​

Lot Rent If the mobile home is located in a park, lot rent varies by park and state. However, it typically falls well below apartment or house rental rates, ranging from $300 to $800.

​

IN CONCLUSION

We trust that this guide to mobile home prices has illuminated the path for you in the often complex realm of mobile home cost evaluation. We've consolidated all the essential information in one place to empower you to make well-informed decisions, whether you are in the process of buying or selling your mobile home.