The manufactured housing industry is continually one of the most underrepresented and disrespected real estate asset classes on the market. The stigma of run down trailer parks with high crime acts as a repellent for both investors and potential residents alike, but in most cases this couldn’t be further from the truth. As mentioned in a USA Today opinion by Suzanne Anarde (link to article below), mobile home parks are a great option for lower income families to live in comfortable and spacious dwellings. Park Street Partners agrees as it understands the dire need for affordable housing in the United States and views the mobile home park industry as a partial solution to the affordable housing crisis.
Much of the public perception surrounding mobile home parks is as outdated as many of the parks themselves. Restrictive zoning (NIMBY – “Not in my back yard”) and limited access to financing has prevented additional parks from being developed since the 1960s & 70s. As mentioned in the article, even though most mobiles homes are fixed to the ground much like stick built homes, they’re still titled as chattel or personal property like RVs or cars. This penalizes purchasers with higher interest rates even though in most cases the mobile home hasn’t been “mobile” since the day it left the factory. In addition, a new single or double-wide home can be hard to distinguish from a single family home.
Hollywood’s portrayal of mobile home parks is incorrect. The vast majority of Mobile Home Parks are safe, clean and offer a compelling housing option for low and middle income families.