An increasing number of Americans, particularly young people, are seeking a cost-cutting alternative to living in the midst of a sinking American job market. It is therefore no wonder trailer parks, aka mobile homes, are becoming more popular as time passes.
In fact, as more and more people find that living in a trailer park is a good alternative to renting an apartment, they keep asking, “What does a trailer park cost?””.
Living in a trailer park isn’t nearly as expensive as living in an apartment, even though it doesn’t have a short and straightforward answer.
Now, let’s break down the probable costing of a trailer park living.
How Much Does It Cost To Live In A Trailer Park
When it comes to estimating the cost of living in a trailer park, several factors must be considered. A mobile home’s price and the trailer’s lot rent are the two most important factors to consider.
In terms of the trailer park or home, an essential one will cost around $30,000 to $70,000. Nevertheless, it is a very important home type, so it frequently needs to be customized. It is possible to spend up to $100,000 on a fully customized model.
Make no mistake that it is cheap.
Although the initial costs may be overwhelming, it is worth it. Comparing it to the median apartment rent price of $1,216, it is still relatively affordable. Getting a loan for the mobile homes and paying a mortgage each month is an advantage of the trailer park.
Second on the list is the cost of renting a trailer park. In the majority of cases, the mobile homes come without land, and so, you need to rent a parking lot for them. And if you are fortunate, you may get a trailer or RV with your lot as well. If you don’t then you can rent an Rv as well, before taking any decision you can check our cost to rent an Rv guide.
In the US, mobile home lots typically rent for $200 to $300 per month. This includes costs for hookups, septic tanks, and public utilities. You would not pay more than $700 to $900, even with a mortgage cost, on top of the mobile home payment.
Renting a one-bedroom apartment for more than $1250 a month is an affordable alternative to a trailer park. Also, your pet and home might be located in a small yard. You may also find that your neighbors are good if you are lucky (which is likely).
But the affordability doesn’t end here.
In some cases, you may even be able to find cheap mobile homes in the trailer park that will reduce your monthly living costs to $300 to $500. The reason for this is that you won’t have to pay the mortgage or financing costs for the used trailer park.
Additionally, the annual utility bill contributes to the cost of the trailer park. The smaller spacing in trailer parks, or mobile homes, is also more environmentally friendly. Compared to apartments, the use of electric power, water, and gas is much lower.
As described by Lisa Margonelli, the annual utility bill is expected to be well below $1000, which includes electricity, water, and gas.
A downside of the costing:
You might be excited seeing such affordable costing of the trailer park living and wish to get one right off the bat. But before you make the final decision, keep one thing in mind.
You may face a lot of difficulty when moving your mobile home. The move of a mobile home without prior permission of the owner is actually prohibited in many states. A couple of thousand dollars might be required if they are ardent about moving a trailer park home.
You may want to consider reselling your trailer since the cost of moving a trailer is so high. You can easily keep your monthly expenses under $500 if you are able to find one in the resale market.
Advantages of Living in a Trailer Park
The landlord charges you monthly rent for a rented apartment. Getting anything back won’t be possible. Owning your own trailer park, however, can give you a significant return on investment. As an example, you can sell a mobile home when you need to move and generate some income.
In spite of the higher initial costs when compared to home rent, trailer parks are significantly less expensive in the long run. Compared to the apartment, the average trailer park rent in 2018 was $564 and the average apartment rent was $1057. According to the San Francisco Gate, it was announced.
Furthermore, you will be able to walk in the small yard whenever you like. You can also enjoy the lush surroundings and clear skies due to its large, open area. Further, you will have the option of interacting with your neighbor, which can be hugely beneficial.
Disadvantages of Living in a Trailer Park
There are some surprising benefits to living in a trailer park, in addition to the downsides. An apartment, for example, offers greater privacy and comfort. Trailer parks do not allow this.
There is also a swimming pool, gym for workouts, and parking in most apartments. Having a trailer park does not allow you to do any of these things. So you may still need to park your bike in a parking lot to keep it safe.
So, bear all the drawbacks in your mind, too, while purchasing the trailer park.
Trailer parks have become a popular living option for young Americans due to their affordability. In comparison to renting an apartment, the average cost is almost half. Approximately $300-$500 is what we found during our research. Because of this, the opportunity may appeal to people with low incomes or who like a bit of adventure.
Nevertheless, living in a trailer park may not be as comfortable as living in an apartment. Are there any downsides to this?