With the American job market sinking viciously, an increasing number of people, especially young Americans, are looking for a cost-cutting alternative to living. So, it is of little wonder as to why living in a trailer park, also known as a mobile home has become so popular over the decades.
Since more and more people are finding trailer parks living a better alternative to rental apartments, they keep asking, “How much does it cost to live in a trailer park?”
Although it doesn’t have a short and straightforward answer, we can say that trailer park rental prices are pretty less costly compared to the cost of an apartment
Now, let’s break down the probable trailer park rent cost.
How Much Does it Cost to Live in a Trailer Park?
When it comes to answering the question of how much does it cost to live in a mobile home, there are multiple factors to consider. The two most crucial consideration is the price of the mobile home itself and secondly, the price or the rent of the lot for the trailer home.
As far as the trailer park rent or mobile home is concerned, an essential home will cost around $30,000 to $70,000. However, it is an essential home type only and so, often needs customization. A fully customized model may go up to $100,000.
Make no mistake That it is Cost
Yes, the initial trailer park cost may seem overwhelmingly high. Still, it is affordable compared to the median apartment rental reaching $1,216, as mentioned by Business Insider. What’s good about the trailer park fees is that you get to pay for the mobile homes with loans and have to pay the monthly mortgage.
The second part of a trailer park cost is associated with the lot rent. In the majority of cases, mobile homes come without land, and so, you need to rent a parking lot for them. And if you are fortunate, your trailer park rent or RV will cover your lot as well. If you don’t get that, then you can rent an RV as well. Before taking any decision you can check our cost to rent an RV guide.
The average mobile home lot fee per month in the US is $200-$300. It includes the expenditure of hookups or septic tanks as well as public utilities. Even if you had to pay the financial cost of the mortgage of the mobile home, the total wouldn’t exceed $700 to $900 at the maximum.
Trailer park prices are affordable compared to the monthly rent of a one-bed apartment, which nearly costs up to $1250 or more. Plus, you might own a small yard around the home and pet. And if you are lucky (which you should be), perhaps, there will be one or two good neighbors as well.
Average Mobile Home Lot Rent 2022
|Size (Inches)||Height (Ft2)||Price ($)|
But the Affordability Doesn’t End Here.
If you can somehow manage to grab an old or used mobile home, your expenses for the trailer park cost per month may get as low as $300 to $500. It happens because, for the used trailer park, you won’t have to bear the expenditure of the mortgage or financing cost.
Another costing of the trailer park is linked with the annual utility bill. Since trailer parks, a.k.a, mobile homes occupy small spaces they are greener too. It means the use of electricity, water and gas is comparatively much less than in apartments.
To be specific, the annual utility bill will be well below $1000 annually, which will comprise the cost of electricity, water, and gas bills, as described by Lisa Margonelli.
How do Trailer Parks Work?
Generally, the owner of a mobile home park simply rents out small pieces of land to interested people. Interested Investors can then purchase the whole mobile home park and begin renting each pad to residents who either rent out or own a mobile home.
Trailer parks provide affordable housing facilities for low-wage earners and with that, it also provides stability to owners in the case of a declining or depressing economy.
You might be excited seeing such affordability of the trailer park cost and wish to get one right off the bat. But before you make the final decision, keep one thing in mind.
If you want to move your mobile home, things can get really tricky. In fact, in many states, moving the mobile house is prohibited without prior permission from the authority. However, if you ardently want to move a trailer park home, you may need to spend as much as $25,000.
Since the cost of moving the trailer is so high, we suggest you look out for the resale market. If you can get one in the resale market, the sum of the monthly expenditure will be under $500.
When you live in a rented apartment, you pay the landlord monthly. You won’t get anything back. However, owning a trailer park has the possibility of getting you some money back. For instance, when you have to move from one place, you can sell the mobile home and draw some expenditure with ease.
Although the initial cost of setting up a trailer park is much higher compared to home rent, the overall cost is cheaper. In 2018, the average monthly living cost in the trailer park was $564, whereas the apartment costs $1057. It was stated by SF Gate.
You will also get a small yard where you can walk around when you wish. Also, as it is a large open spot, you can enjoy the clear sky and greenery as well. Furthermore, you can interact with your neighbor, which is a big bonus for you.
While living in a trailer park comes with some surprising benefits, note that everything is not free from the downside. For instance, living in an apartment provides you with a greater sense of privacy and comfort. It is not possible with a trailer park.
Also, in most apartments, you will get a swimming pool, probably a gym for regular workouts, and parking space. All these are not possible with a trailer park. So, even if you own a bike, you may need to find a parking lot to keep it securely.
So, bear all the drawbacks in your mind, too, while purchasing the trailer park.
What other advantages do trailer parks have and is it safe?
Yes, it is safe. Trailer Parks are not just in high demand, there’s also less competition, low risk, and turnover. Also, the cost of maintenance and repair is low.
How can I find a mobile home for rent?
You can make use of an agent and listing platform. One easy way to come about mobile home parks is through local realtors or agents. Some realtors in your vicinity may know of some mobile homes that are available for rent.
Can I find trailer park owners myself?
Yes, you can. You can do some research and reach out to trailer park owners yourself. You can send letters requesting owners to contact you if they are interested in selling or renting their trailer park.
How can I evaluate a mobile home?
The basic formula for evaluating a mobile home is a number of units multiplied by 60 multiplied by lot rent. I.e Number of units X 60 X lot rent to give you a basic value at a 10% CAP rate. You shouldn’t include the rent you paid for the trailer, only the rent for the lot.
Do I have to pay taxes on a trailer park?
Taxes for property for a mobile home should be paid by the owner of the home. If you own the home alone, excluding the land, you are likely to pay personal property tax to the motor vehicle department of the state. However, some states do not require tax.
The trailer park has become a popular option for young Americans to live in mainly because of its affordability. At this point, you have gotten the answer to the question how much is trailer park rents and you now know how much does a trailer park cost. The question has been answered properly and it is easier for you to make your decision on getting one as soon as possible.
The average cost is almost half the cost of living in a rental apartment. As our research found, it costs approximately $300-$500. Therefore, it is suitable for low-income earners as well as those who love adventure.
Nonetheless, living in a trailer park may not offer you as much comfort like that of an apartment. But is it a downside, really?
Hello, I’m Michael Rosales an expert in cars. As a little boy, I have always loved cars. Over the years I became lucky to have the opportunity to work as a car dealer. It was at this stage I became vast in the knowledge of cars, things you need to know when buying cars and how to minimize cost while still getting your dream car.