Four Financial Benefits of Living in a Mobile Home
August 05, 2021 - By: Matt Sterkenburg
Mobile home buyers can save some serious coin versus traditional homes, and this can come in handy for the financially conscious. Fixed housing payments, whether a mortgage or rent, are likely your largest fixed monthly expense. Housing is a necessity, and the less you have to pay for it, the easier life will be.
Mobile homes come in many sizes, designs, and materials, so you have plenty of options to suit your lifestyle and budget. Whether you’re a single homeowner or have a large family, there are plenty of comfortable, safe, and cost-effective options to choose from. The economic advantages of owning this type of home can be huge and make it well worth the effort.
Here are four cost-friendly benefits of living in a mobile home:
1. You can live more simply
Many people choose to move to a manufactured home to live more simply or modestly. This type of “less is more” attitude has been scientifically proven to improve the mental well-being and overall health of those who adhere to this lifestyle. According to U.S. News and World Report, favoring “the environment over material consumption and income has been linked…to improved environmental sustainability [and] boosted mental and physical health.” So, for those looking to embrace frugal, simple living, purchasing a manufactured home is a viable option for many.
2. Today’s mobile homes are safe, quality-controlled and built to last
While it might seem that mobile homes are more vulnerable to weather, this is simply untrue. Manufactured homes built after 1976 have significantly raised quality standards and requirements for these types of homes as a result of revised coding from the U.S. Department of Housing and Urban Development.
Now, all manufactured homes are required to be up to strict code requirements to ensure safety and quality of life. This includes the home’s heating and air conditioning systems, fire safety, plumbing, electrical systems, structural design, construction, energy efficiency and transportation.
The Manufactured Housing Institute notes that today’s manufactured homes are “engineered for wind safety and energy efficiency based on the geographic region in which they are sold.” If you’re purchasing a manufactured home in California, for instance, you can have peace of mind that it has been built to withstand occasional rain and earthquakes. Today’s “mobile” homes are actually held in place by steel anchors.
3. Purchasing a manufactured home is environmentally sound
If you’re hoping to save costs on utilities while benefiting the environment, then purchasing a manufactured home could be a very smart investment. Manufactured homes yield significantly less waste and environmental impact than site-built housing, making them much more eco-friendly than standard site-built homes.
And since manufactured homes are created in a factory and assembled on site, getting them to a mobile home community leaves a much smaller environmental footprint. When building a traditional home, raw materials must be moved to and from the construction site daily.
Also, since your manufactured home may be less spacious than your former traditional home, you’ll have lower maintenance and utility bills.
4. You won’t break the bank when purchasing a manufactured home
Possibly the most attractive feature of buying a manufactured home is its low cost. Compared to site-built homes, manufactured homes offer much more bang for your buck in terms of dollars per square foot.
Today, the Manufactured Housing Institute reports that the average price for a new, single-wide mobile home is $45,000, with the average price for mobile homes overall coming in at $81,900. Today’s average price of a new, site-built home? $408,000, according to Statista.
A monthly payment for a mobile home may be in the hundreds, which is next to nothing compared to monthly mortgage payment for a traditional home in the thousands based on the above numbers. Owning a manufactured home is even cheaper than most rental rates. Considering their affordability, manufactured homes are one of the best options for obtaining home ownership without breaking the bank. Plus, think how much less stress you’ll have with that significantly lower payment? That’s huge.
If you decide to pull the trigger on buying a manufactured home, you’ll experience the huge monetary benefits for yourself. It’s possible to save hundreds, if not thousands of dollars per month by purchasing a manufactured home. This means you won’t need to work as hard to pay the bills and you can spend more of your income on things you enjoy — travel, family, events, investing, another child, or whatever you choose! Give mobile home ownership a long, careful look. The benefits are numerous and obvious.