With the American job market sinking viciously, an increasing number of people, especially young Americans, are looking for a cost-cutting alternative of living. So, it is of little wonder as to why living in a trailer park, aka mobile home has become so popular over the decades.
Since more and more people are finding trailer park living a better alternative of 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 living in a trailer park is pretty less costly compared to an apartment living.
Now, let’s break down the probable costing of a trailer park living.
How Much Does It Cost To Live In A Trailer Park
When it comes to estimating the cost of living in a trailer park, 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 or 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 cheap.
Yes, the initial costing 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 is that you get the mobile homes in loans and have to pay the monthly mortgage.
The second cost of a trailer park is associated with the lot rent. In the majority of cases, the mobile homes come without land, and so, you need to rent a parking lot for it. And if you are fortunate, you may get a trailer or RV with your lot as well.
The average monthly rent of a mobile home lot 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 a financial cost of the mortgage of the mobile home, the total wouldn’t exceed over $700 to $900 at the maximum.
The trailer park costing is affordable compared to the monthly rent of a one-bed apartment, which nearly gross 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.
But the affordability doesn’t end here.
If you can somehow manage to grab an old or used mobile home, your living cost for the trailer park may get as low as $300 to $500 monthly. 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 park, aka, mobile home take small spacing, they are greener too. It means the use of electricity, water and gas are comparatively much less than in apartments.
To be specific, the annual utility bill will be well below $1000 annually, which will combine the cost of electricity, water, and gas bills, as described by Lisa Margonelli.
A downside of the costing:
You might be excited seeing such affordable costing of the trailer park living 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 of 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 trailer moving cost is so high, we suggest you look for the resale market. If you can get one in the resale market, you can sum up the monthly expenditure under $500 with ease.
Advantages of Living in a Trailer Park
When you live in a rented apartment, you pay the landlord monthly for the living. You won’t get anything back. However, owning a trailer park has the scope to get some money back. For instance, when you have to move on 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 costing is hugely lower. In 2018, the average monthly living cost in the trailer park was $564, whereas the apartment costing is $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 the neighbor, who is a big bonus for you.
Disadvantages of Living in a Trailer Park
While the trailer park living comes with some surprising benefits, likewise, everything, it is not free from the downside. For instance, living in an apartment provides you 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.
The trailer park has become a popular option for young Americans to live in mainly for its affordability. The average cost is almost half compared to living in a rental apartment. As our research found, it is approximately $300-$500. Therefore, it is suitable for low-income people as well as who loves a bit of adventure.
Nonetheless, living in a trailer park may not offer you as much comfort as much in the apartment. But is it a downside, really?