Manufactured Home Values are Rising Faster than Single Family Homes
Home values continue to rise throughout the country but there is one housing segment seeing more rapid price growth over the last few years, and that is manufactured homes. While mortgage rates have increased, slightly cooling the traditional single-family home market, housing is still in high demand, not only making manufactured homes more popular than ever, but their values are increasing at unprecedented rates.
Manufactured homes are an affordable housing option for many home buyers because they are a fraction of the cost of site-built homes. In addition, according to real estate industry news source Inman and a report was done in late 2021 by Lending Tree, the values of mobile homes have increased at rates not seen in traditional single-family homes over the last few years.
The median price of a mobile home in California, for example, is $91,400, while the values increased by an average of 96% from 2014 to 2019, according to U.S. Census Bureau data. This increase is nearly twice as much as the average appreciation of 50% seen in the median value of single-family homes in the Golden State. Viewed another way, median-priced mobile homes in California cost $477,100 less than median-priced single-family homes, which shows both affordability and an increase in appreciation over time.
“At HomeQuest, we have long known the potential of increased equity in manufactured housing, especially in California,” said General Manager and Partner Shane Joffe. “Today’s manufactured homes are built to HUD code, often to higher quality standards than site-built homes, and the affordability, coupled with new financing options and rising values, make these homes great investments.”
While mobile homes and manufactured homes – including new CrossMod™ homes that have foundations and attached garages – provide affordable and low maintenance housing options, the interiors are also loaded with features typically seen in site-built homes. Stone countertops, farmhouse kitchen sinks, designer lighting, and other touches have elevated today’s manufactured homes and added to the ever-increasing price values.
Contact HomeQuest to learn more about manufactured housing options throughout California, and how to order your ideal custom home.