Manufactured homes — especially double-wide mobile homes — are gaining popularity. In fact, American youth are ditching the McMansion for a more sustainable and minimalistic living. According to a study published last year by the Manufacturing Housing Institute, around 22 million people in the U.S. lived in manufactured homes. In October 2021, the Census Bureau’s Manufactured Housing Survey (MHS) indicated that the average double wide mobile home prices nationwide were around $112,000.

Moreover, the latest data (January 2022) suggested that around 9,100 units were installed. As of now, Texas has the majority of plants (24), followed by Alabama and Pennsylvania at 16 and 11, respectively. In terms of the highest number of manufactured houses, Texas has 137,460 homes, followed by Florida, at 50,761 homes, and Louisiana, at 46,381 homes. In a lot of communities — especially those in the South and Midwest — a new manufactured home indicates a lucrative housing opportunity, being both affordable and easier to install compared to standard houses.

Difference Between Manufactured and Mobile Homes

You’ve probably heard both terms being thrown around casually. Is a manufactured home the same as a mobile home? If you’re looking for the right answer, you’re not alone. The majority of us use these terms interchangeably when we discuss housing units on wheels. The only difference between these two terms is in when they were built.

This means that if the unit is built after 1976 and follows all the federal guidelines for affordability, quality, safety, and durability, it is referred to as a manufactured home. In case it was built prior to 1976, it is referred to as a mobile home. At present, a lot of people still use the term ‘mobile home’ when they technically mean a manufactured home.

So, how much does it take to build a mobile home?

The average prices between the months of January and March are lower compared to other months. Brand new mobile homes for sale can be found at cheaper rates in January to March. As fewer families are purchasing a mobile home in winter, there are naturally fewer people selling homes during that time of the year. Hence, it is more affordable to purchase a mobile home in winter. However, it is extremely difficult to find your ideal house as there are fewer houses to select from.

Financing a Double Wide Mobile Home

You can get loans for your mobile home as easily as if you were building a standard, site-built home on a lot. Given below are some of the steps you need to undertake to prepare for the loan process:

Step 1: Interview sources for financing your mobile home.

Step 2: Ensure that the maximum loan a funding source is willing to make is the exact loan amount you need.

Step 3: Take note of the actions you can take to obtain the best financing.

Step 4: Do you have the required amount needed for the down payment?

Step 5: Determine the amount of money you can easily pay back.

Step 6: Apply for the loan and get the money deposited in your bank account.

Frequently Asked Questions (FAQs)

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