Mobile homes often are built for and bought by people who cannot afford a regular house or condominium. They cost a fraction of the price of a standalone house. For decades, they were used by people who wanted to travel. More recently, they have become permanent structures.
While less expensive than regular houses, they are usually smaller. In most cases, their prices are well under $100,000.
For LendingTree’s “Mobile Home Values Are Rising Faster Than Single-Family Home Values — Here’s Where They’re the Most, Least Expensive” study, researchers 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 an almost $245,000 price for a single-family home.
Commenting on the difference of price, LendingTree’s senior economic analyst and report author, Jacob Channel, said, “[T]hough 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.”
Another finding was 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.
The state with the lowest median home price was Nebraska at $21,800. That compared to $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. This was Washington at $125,400, compared to the single-family number of $387,600
These 10 states have the cheapest mobile home prices:
| State | Median Mobile Home | Median Single-Family Home |
|---|---|---|
| Nebraska | $21,800 | $172,700 |
| Iowa | $23,300 | $158,900 |
| Ohio | $24,900 | $157,200 |
| Kansas | $25,400 | $163,200 |
| Indiana | $29,200 | $156,000 |
| Wisconsin | $29,600 | $197,200 |
| Illinois | $30,600 | $209,100 |
| South Dakota | $31,100 | $185,000 |
| Minnesota | $31,200 | $246,700 |
| Michigan | $32,400 | $169,600 |
Click here to read about the most expensive states in which to buy a home.
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