With home prices continuing to reach new heights across the country, many potential homebuyers are seeing the mobile-home market in a brand new light as single-family home prices become less affordable for young and middle-class buyers.
According to LendingTree’s recent U.S. Census Bureau data analysis, mobile homes are generally far less expensive than single-family homes. In addition, the median value of mobile homes escalated faster in 27 states than that of single-family homes over the same five-year period.
Nationally, the median value of a mobile home is $53,000, nearly $190,000 less than the median value of a single-family home, according to the report.
The most affordable mobile homes are in Nebraska, Iowa and Ohio, where the average price is less than $25,000.
Washington, Oregon and California have the most expensive mobile homes. Washington is the only state where the median value of a mobile home is more than $100,000 ($125,400).
The difference in price between mobile and single-family homes is the largest in California, Massachusetts and Colorado. In these three states, median-priced mobile homes cost $477,100, $343,300 and $337,800 less, respectively, than median-priced single-family homes.