Yahoo Finance 3 Things To Know About Luxury Mobile Home Trends in 2024
Last year, real estate mogul Barbara Corcoran made headlines after sharing a video where she gave TikTok star Caleb Simpson a tour of her million-dollar mobile home in Los Angeles. Corcoran affectionately called her double-wide trailer “my Taj Mahal” and said it cost her $800,000 with an additional $150,000 put into it.
See: 10 Luxury Items Rich People Won’t Buy
Learn More: How To Get $340 a Year in Cash Back – for Things You Already Buy
Buyers struggling to purchase traditional homes may be considering luxury mobile homes, or manufactured homes, as an affordable entry point into homeownership. What are some key aspects to be aware of in the 2024 outlook for manufactured housing? Let’s explore.
Sponsored: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief.
Luxury Mobile Home Prices Will Continue Increasing
Mobile homes may not be an inexpensive housing alternative for too much longer. A December 2023 article from The New York Times cited a LendingTree study about the prices of mobile homes increasing faster than traditionally-built single-family homes.
According to the report, the average mobile home price in 2017 was $71,900. By 2022, the average price was $127,300 — a 77% increase. A chart included in the article detailed various U.S. states where mobile home prices were the most expensive in 2022, with the top five states being Idaho, Montana, Arizona, Washington and California.
Licensed Realtor Joy Aumann told GOBankingRates she works closely with luxury mobile home clients in Southern California. Based on data from the U.S. Census Bureau and industry reports, Aumann said she predicts prices for luxury mobile homes will continue increasing throughout the next year.
“Last year, average sales prices nationwide rose to over $128,000 for new models. In SoCal, prices were even higher at around $129,000,” said Aumann. “With inflation still impacting building materials and strong ongoing demand for smaller, resort-style luxury properties, I’d estimate prices growing another 5% to 10% minimum.”
How To Survive on $500 a Month: A Frugal Living Guide
All Ages Are Interested in Manufactured Home Communities
In 2023, Multifamily Housing News published an article about the emerging trend of owners of existing mobile home parks continuing to develop and infill their parks instead of closing new deals. One manufactured home community, Havenpark Communities, was cited as an example of a park that added 870 affordable homes to its portfolio in 2022 and installed 800 more in 2023.
When considering 2024 and beyond, Multifamily Housing News predicted even more manufactured home communities (MHC) will be built throughout the year.
The mobile home trend is also appealing to all ages, particularly those in younger households. The stigma of mobile homes being a housing option reserved for boomers or retirees only is becoming increasingly antiquated, as all age groups are now interested in this resilient affordable housing option.
Mobile Homes Will Emphasize Quality and Rich Amenities
One of the upsides of mobile homes may be quick construction, but the modern luxury mobile home is not built on cutting corners.
High-quality materials will continue to be used when building and designing these homes. Michael Nissley, vice chairman and national director of Colliers’ Manufactured Housing & RV Group, told Multifamily Housing News that aligning with evolving consumer needs means adding modern amenities and innovative designs to communities.
Aumann sees this as well in working alongside luxury buyers who favor smaller, more amenity-rich mobile homes. She said modern interior styles with varied materials, textures and colors influence appraisals positively and drive up values across the board.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 3 Things To Know About Luxury Mobile Home Trends in 2024
