Mobile homes are often built for and bought by people who cannot afford to buy a house or a condominium. They cost a fraction of the price of a single-family home. For decades, they have been used by people who wanted to travel. More recently, they have become permanent structures.
While less expensive than houses, mobile homes are usually smaller. In most cases, they cost well under $100,000. The state with the cheapest mobile homes is Nebraska.
To find the 25 states with the cheapest mobile homes, 24/7 Wall St. reviewed online lending marketplace LendingTree’s “Mobile Home Values Are Rising Faster Than Single-Family Home Values — Here’s Where They’re the Most, Least Expensive” study. LendingTree used Census Bureau data to determine the price differences between mobile homes and single-family homes.
The national median value of a mobile home is $53,300, which compares to a median value of almost $245,000 for a single-family home. Still, you can buy a home for under $100,000 in these American cities.
Commenting on the difference of price, LendingTree’s senior economic analyst and report author, Jacob Channel, said, “Though there may be a stigma associated with them, mobile homes can be a beneficial housing alternative. Especially to lower income borrowers in today’s hot housing market.”
The study found that in 27 states, the value of mobile homes has outpaced single-family homes over the past five years. The period measured was 2014 to 2019. (On the other hand, this is the city where people are making the most money selling homes.)
The state with the lowest median home price was Nebraska at $21,800. That compared to a median value of $172,700 for a single-family home. Next on the list for least expensive mobile homes by state were Iowa and Ohio.
Only one state had a median mobile home price of over $100,000 — Washington. The median mobile home price In the state was $125,400, compared to the single-family home median of $387,600
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.