Bob Carlson, America's leading retirement expert, reveals the big secret the IRS won't tell you.
Get Bob's report, FREE of charge along with a complimentary subscription to Retirement Watch Weekly, delivered to your email inbox each week along with other financial news and offers from our valued partners. We value your privacy.
Mobile and modular homes are prefabricated, meaning they're built off-site, in a factory, and then transported to a permanent location.
What Is a Mobile Home?
Mobile homes are sometimes referred to as “manufactured homes,” appropriately so, since they are constructed in factories. After construction, a mobile home is either loaded onto a trailer or equipped with removable wheels for transportation. It is then placed on land leased or owned by the consumer. Installation times may vary depending on the type of foundation alongside utility installment and HUD compliance requirements.
How Much Does a Mobile Home Cost?
Mobile homes are generally more affordable because of efficient manufacturing and quick turnaround. The average price of a new mobile home in July 2021, according to the U.S. Census Bureau, was $112,000. Mobile homes are usually considered personal property rather than real estate because of their ability to be moved. Borrowers will need a mobile home loan for financing.
What Is a Modular Home?
Modular homes are built in a factory and assembled on-site. The foundation for a modular home is permanent, like that of any traditional structure. Floor plan and design possibilities are endless. Modular home companies usually start off their buyer with a base model and price that can be customized. State and local building codes apply to the construction and installation of such homes.
How Much Does a Modular Home Cost?
The average base rate of a 1,800 square foot modular home is between $72,000 and $144,000. The range is wide because a company will usually have several base models to choose from. It is important to note that a base rate covers only materials of the prefabricated home - meaning, whatever base model is chosen, the price will go up from there when adding the cost of the foundation, transportation, installation, utilities, etc. Modular home financing is most commonly done through a mortgage lender.
Manufactured, Mobile & Modular Communities
Retirement or 55+ mobile parks and modular communities exist to present seniors with an affordable, community-based lifestyle option. These neighborhoods usually operate in the same manner as a traditional retirement community, where there may be homeowner association fees as well as localized ordinances, and amenities. Mobile and Modular communities are attractive to senior adults as a means of economically downsizing, while also staying safe and social.
Mobile Vs. Modular For Retirement Living
Average Home Cost
Single factory-made transported complete
Factory-made (sometimes multiple factories), transported and assembled on-site.
Limited options overall
HUD requirements for building
State & local codes are followed
How Do I Help My Aging Parents Choose The Right Senior Housing?... Read More >
Financing Prefabricated Homes: 5 Loan Types To Know For Buying Manufactured, Mobile, & Modular... Read More >
5 Tips For Downsizing & Decorating Mobile Homes For Retirement... Read More >
6 Facts For Seniors To Consider Before Buying a Manufactured Home... Read More >
Modular Home Communities
What's the difference between mobile and modular homes? Find out how much they cost, plus how to find mobile and modular communities for seniors. - please help by providing your feedback! If you know of any others that aren't listed, please suggest a listing.