As mobile homes attract the attention of buyers facing tight inventory and rising prices, demand for them has been rising rapidly—and their prices have been following.
Over a five-year period, the median value of mobile homes rose more quickly in 27 states than the median value of single-family homes, a new study from LendingTree shows.
The nationwide median value of a mobile home is $53,300. While that is still nearly $190,000 less than the median value of a single-family home, LendingTree says, the value of mobile homes is climbing quickly.
The median value of mobile homes has increased by nearly 40% from 2014 to 2019. That is 6 percentage points more than the 33% increase in the median value of single-family homes over that same period, LendingTree reports.
Mobile homes are the most expensive in Washington, Oregon, and California. Researchers note that Washington is the only state where the median value of a mobile home is higher than $100,000. Oregon and California trail with median values at $93,500 and $91,400, respectively.
Meanwhile, mobile homes are the least expensive in Nebraska, Iowa, and Ohio. All three states have a median value of less than $25,000.