We could be about to see a boom in mobile home sales. A new analysis from Point2Homes of Google Trends data shows that 23 U.S. states saw a 50% increase in searches for mobile homes from May to September, compared to the same period one year ago.
The popularity of what are also known as manufactured homes has grown as buyers are thought to be looking for more affordable options and their own space during the COVID-19 pandemic.
The states of Connecticut, New Mexico, Virginia and Texas saw mobile home searches online rise by more than 80%, Point2Homes said.
With prices of single-family homes rising rapidly, it’s no surprise that some buyers might be looking for cheaper options. The typical monthly housing payment for a manufactured home is just $505, and that includes everything from the mortgage payment, lot rental, utilities, insurance and property taxes. Compare that with the average monthly payment of $1,168 for a standard single-family home, and it’s easy to see why so many people might be interested in the former.
“Mobile home interest and demand is not a new trend or is it solely pandemic-fueled,” said Karen Condor, a real estate professional and home insurance expert with USInsuranceAgents.com. “It has been growing for at least a few years now, and will continue to do so, for several reasons tied to the population boom and the scarcity of resources.”
Condor said that one segment transforming the mobile home sector is aging baby boomers, who’re helping to transform some mobile parks into retirement communities. Mobile homes also take much less time to build and these days offer much better security, energy efficiency and superior designs that make them more appealing. And although mobile homes are built in a factory and moved to a chosen location, they aren't much different than a site-built single-family home — even when it comes to insurance. Whether you live there year-round or seasonally, it's important to help protect your home with a Mobile Home Insurance Plan. Lastly, before buying a manufactured home, it is important to get the property checked by a licensed inspector. These manufactured home inspections give you an opportunity to identify any major issues with a home before closing.