
Bob Carlson, America's leading retirement expert, reveals the big secret the IRS won't tell you.
Mobile and modular homes are prefabricated, meaning they're built off-site, in a factory, and then transported to a permanent location.
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.
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.
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.
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.
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 | Modular | |
Average Home Cost | Lower | Higher |
Construction | Single factory-made transported complete | Factory-made (sometimes multiple factories), transported and assembled on-site. |
Financing |
| Standard/Mortgage |
Codes/Regulations | HUD requirements for building | State & local codes are followed |
Communities | Yes | Yes |
Mobility | Yes | No |
Customization | Limited | Endless |
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