Manufactured homes, also known as trailer homes, are low-cost residence options that are increasingly attractive to aspiring homeowners who cannot afford a standard house and also to renters seeking competitive rental rates. Excluding lot rental rates, monthly rental rates can be as low as $300 to $500 per month.
Rent for trailer homes typically comprises rental for the actual manufactured home as well as for the lot on which it is located. While rates vary significantly by location and quality, rental rates are generally approximately half the rental cost of comparable homes based on the number of bedrooms. Overall, three-bedroom trailers average between $450 and $600 per month, including the lot fee. At the higher end, newly constructed manufactured homes average $700 to $1,000 per month.
The 2013 U.S. Census Bureau Report indicated that as of mid-2013, an estimated 18 million residents lived in approximately 7 to 8.6 million trailer homes. Of this figure, 12 million residents are estimated to live in trailer parks. Historically, the typical trailer home residents were retired people living on fixed incomes, but current residents are more likely to be younger families with two working parents.