The population in America is rising and the market of jobs is sinking, the youth Americans are looking for ways to cut short their living and adapting to trailer parks or mobile homes. This has increased the popularity of such homes over the decades. Many find trailer parks a better option than rental apartments and so the question arises how much does it cost? There is never a straightforward answer to any question but there is one thing living in a trailer park is pretty cheap than living in a rental apartment. Let’s dive into the details of the Cost to live in a trailer park.
How Much Does Living in a Trailer Park Cost?
There are multiple factors to be considered while estimating the Cost to live in a trailer park. The two crucial factors are:
- The price of the mobile home.
- The rent of the lot for the trailer home.
The essential trailer park home will cost around $30,000 to $70,000. There is another kind that is said to be customized and a fully customized model of the home may cost up to $100,000. The price may seem a bit high but make no mistake they are still cheaper than a rental apartment. Trailer parks also have the advantage that they can be brought by taking loans and the person needs to pay a monthly mortgage.
The second kind of cost is related to lot rent. Sometimes a mobile home comes without the land and that is the time when a person needs to find a parking place or rent a parking lot. This is rarely the case and if the person is lucky he might get the trailer or RV with lots.
Factors that Impact the Cost of Trailer Home:
There are other factors that might have an impact on the cost of the mobile home. The factors include:
- Delivery: Within the specific radius, home manufacturers offer free delivery. Beyond the radius, additional expenses are incurred on the house.
- Utility Connections: A mobile home requires utility connections like cable, internet, water, electricity, etc. They influence the final cost. While the utility cost varies from location to location.
- Customization: If a person needs to customize his mobile house then there is an additional cost for decorating.
Monthly Rent of Trailer Park- Cost to live in trailer park
Now if we look at the monthly rent a person needs to pay for a mobile house or a lot it ranges from $200- $300 in the United States. This includes the expenditure of septic tanks and public utilities. The financial cost of the mortgage of a mobile house may go up to $700- $900 maximum and that is still affordable than a one-bedroom apartment. The monthly cost of a one-bedroom apartment would go be around $1250 or more. That is more as compared to the monthly cost of the mobile home. Also if you have a used mobile house the living cost gets down a $300-$500 monthly. This happens because the expenditure of mortgage or the financial cost is cut off. The annual utility bill is another factor in the cost of mobile homes. Though the use of electricity, water, and gas is less in the trailer park due to its small spacing and greenery the annual utility bill would be below $1000 making it a better option.
Finance Options for the Trailer Home
When the thought of funding the mobile house arises there are many options. Just like any conventional housing, a mobile house has various finance options like:
- Mortgage Loan: Buying your mobile home through a mortgage is the most significant option. The repayment terms are qualifying while their interest rates are also low and that could all in all result in tax deduction. So mortgage loans seem like the best options for financing your trailer home.
- Personal Loan: Just like financing your conventional home through taking a personal loan it is possible to do the same for mobile homes. Since mobile homes are cheaper makes it is easier to finance them through personal loans rather than a mortgage or any special loan. Personal loans tend to have higher interest rates and you don’t need to provide any collateral for this kind of loan.
- Chattel Loan: A chattel loan is a special kind of loan that caters to mobile house owners who lease parking lots. The down payment of this kind of loan is as low as 5% but the interest rate is quite higher.
Conclusion
Trailer parks are becoming an affordable living option for many young Americans. The reason is very clear. They are cheaper than a rental apartment and are suitable for low-income people. Also, there are many financing options. Although the raging pattern depends on structure and accessories also if you look for a customized mobile home that may higher the rating panel.
Frequently Asked Question
- Is it worth living in a trailer?
Answer: Yes, Trailer parks are cheaper than sticky-apartment houses. There is also an option to rent the land on which your mobile home would stand and so you can choose the size of the land. Also getting house ownership of a trailer house is easier than that of a rental apartment. The cost per square foot of mobile homes is lower.
- Why are trailer homes so cheap?
Answer: Mobile homes are manufactured in mass and are built on an assembly line so the cost of production is less. Therefore they are cheap. They traditionally do not include land like the rented houses. They are parked at places and the person needs to pay to rent for parking in specific places.
- How long does a modular house last?
Answer: This question is tricky to answer. The survival of the house depends on the way they are kept. Modular houses use the same structure as conventional houses. So if a modular house is maintained well it could last about 35 years.
- Do you have to pay high rent for mobile homes?
Answer: Not every trailer house has high rent. The payment of the rent is an agreement between the owner of the house and the owner of the property where the house is parked. Not every resident in the manufactured home community pays a lot of rent. Only those who rent the house will have to pay a lot of rent which depends on the monthly house rental agreement.
