How Much Does a Single Wide Mobile Home Cost?
Explore the comprehensive costs associated with single-wide mobile homes, from initial purchase and setup to ongoing expenses and financing.
A single-wide mobile home offers an accessible path to homeownership. These factory-built dwellings are transported to a site, constructed on a permanent chassis, and designed for long-term residential use. The total cost encompasses the unit’s price, site preparation, installation, and ongoing ownership expenses.
Factors Influencing Purchase Price
The purchase price of a single-wide mobile home is influenced by its size and layout. Single-wide homes typically range from 600 to 1,300 square feet and generally include one or two bedrooms and bathrooms. Larger homes with more complex floor plans and additional features usually come with a higher base price. The choice between a new or pre-owned home significantly impacts the cost, with new single-wide units averaging between $76,400 and $78,900. Some new models can range up to $200,000.
The manufacturer and specific model also play a role in pricing, reflecting brand reputation and the quality of standard features. Higher-end manufacturers often incorporate superior materials and advanced construction techniques. Buyers can select various upgrades and customizations, such as enhanced appliances, upgraded flooring, or improved insulation packages. These optional features can add between $10,000 and $50,000 to the home’s purchase price.
Site Preparation and Installation Costs
Preparing the site and installing the home incurs additional expenses. Land is a primary consideration, whether purchasing it outright or leasing a lot within a mobile home park. Buying land can range from $1,000 to over $100,000 per acre, while monthly lot lease fees typically fall between $100 and $800. Foundation costs vary, with options like pier and beam foundations costing $1,000 to $2,000, slab foundations $4,000 to $9,000, or crawl space foundations between $6,000 and $15,000.
Delivery and setup, including transportation, leveling, and anchoring, can cost between $2,000 and $14,000. Connecting utilities is also an expense, as the home needs access to water, sewer or septic systems, electricity, and potentially gas. Utility hookup costs generally range from $6,500 to $30,000. Local and state permits are necessary for installation and occupancy. Further site work, such as grading, clearing, and installing a driveway, contributes to preparation expenses. Skirting, which protects the underside of the home, typically costs between $500 and $7,700.
Additional Ownership Expenses
Owning a single-wide mobile home involves recurring expenses. Property taxes are assessed either as real property or personal property, depending on the jurisdiction and foundation type. These taxes typically amount to 1% to 2% of the home’s cost annually. If the home is situated on leased land, the monthly lot rent does not cover property taxes on the home itself.
Specialized mobile home insurance is required, as standard homeowner’s policies are generally not applicable. Average costs range from $700 to $2,000 per year. Premiums are influenced by the home’s location, age, value, and chosen coverage limits. These policies often provide actual cash value coverage, though replacement cost coverage may be an optional upgrade.
For homes in mobile home parks, monthly land lease fees, also known as lot rent, are a consistent cost. The national average for lot rent is around $400 per month, though it can vary from $200 to $800. This fee typically covers land use, community maintenance, and access to amenities. Some basic utilities might also be included in the lot rent.
General maintenance and repairs should be budgeted for, with an estimated annual cost of 1% to 2% of the home’s total purchase price. Homeowner’s Association (HOA) fees may also apply in certain community settings.
Financing a Single-Wide Mobile Home
Financing a single-wide mobile home involves various methods. Personal property loans, often called chattel loans, are common for homes not permanently affixed to land. These loans typically have interest rates ranging from 8% to 14%. If the mobile home is permanently affixed to owned land and classified as real estate, it may qualify for traditional real estate mortgages, which generally offer lower interest rates.
Government-backed loan programs also provide financing options. FHA loans for manufactured homes require the home to be built after June 15, 1976, meet HUD standards, have a minimum of 400 square feet, and be permanently affixed to a foundation. These loans can have down payments as low as 3.5% for borrowers with a credit score of 580 or higher.
VA loans are available for eligible service members and veterans, often requiring no down payment, provided the home is permanently affixed to owned land and built after June 15, 1976. The maximum loan term for a single-wide under a VA loan is 20 years. USDA loans, designed for rural areas, also offer 0% down payment options for manufactured homes that are permanently installed on owned land, meet HUD standards, and are at least 12 feet wide and 400 square feet.
A cash purchase remains an option. Down payment requirements for financed purchases can vary, typically ranging from 5% to 35% of the home’s price. Interest rates and loan terms significantly affect the total amount paid over time.