There is a concerning and growing trend by corporate owners to buy mobile home parks and dismantle them.
As home prices keep rising in 2022, a large percentage of the American public continue choosing different housing options. Mortgage rates are already high and expected to increase, which should raise demand and spur more people to move to rental homes, apartments and one of the most affordable housing choices — mobile homes.
The Washington Post reported inflation, as well as home and rental prices, are heavily impacting costs at mobile home parks, a housing sector already rife with high demand, low inventory and increasing interest by corporate investors.
With today’s market leaning too heavily in favor of sellers for prices to drop anytime soon, times are hard for people already compromised financially and living in mobile or manufactured houses because they have no other choice.
The New York Times reported that about 22 million Americans reside in manufactured homes, according to national trade organization Manufactured Housing Institute. Per Fannie Mae, manufactured housing accounts for 6.3% of the nation’s housing units.
Already overpriced out of house and apartment rentals, many mobile homeowners have seen their monthly lot fees increase by at least 10-25% in 2022, according to those asked by The Washington Post. Others say that their rents have doubled or even tripled.