Should I Buy A Mobile Home? 

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It depends what your goals are...……. We purchased 3.3 acres with manufacture home on it for 25k, We gutted it and redid ourselves with cash and 8 years later our place is worth 225k. My husband can fix/build almost anything. So now we own this place, have no payment, low taxes put a 9 k solar system on the property so nearly no electric bill and low insurance going into retirement and have no plans to move.

I would say, considering 2020 so far: *Mobile home better than no home*

Dave forgets rent money loses 100% of it value the second you pay it. If can buy a mobile and live in it for the price of rent and then sell it for anything you are ahead of renting.

My husband and I bought a mobile home earlier this year which allows me the opportunity to be a stay at home mom for our new born in April. We pay $285 for lot rent and it’s way less stressful. Even though mobile homes don’t typically raise in value it was what we did in order to spend more time building a stronger family and marriage.

Mobile home on a buildable piece of land is a different story.

I rather be debt free in the 50K manufactured home than being in debt with an expensive condo mortgage and never ending mostly worthless condo fees. I think the market is slowly changing the way we looked at manufactured homes as a loosing investment. A lot of renovated manufactured homes are being resold for profit. The market preference does change and for me made great rental income.

Value in Mobile homes in my area has definitely gone up even in parks . They gone from $30,000/$40,000 to $80,000 + in just a couple of years.

Dave simply is against mobile homes. Make your own decision when it comes to the home you buy. You have to live in it, not him. Do what makes you happy.

Future value can't be the only reason to not buy a mobile home. It's not enough of a reason. You don't decide what something is by comparing it to something that it is NOT.

I bought a mobile home for 95k and it's worth it. Here in Cali, cheapest rent you can find is 1500-1800. So it makes sense to buy it. It came with land so no land lot fees and it's not a park. Neighbour also has a mobile home but it's half the size and they want $190k, so its not always a bad idea.

I bought a mobile home for 40,000 in 2014 and now it's worth 300,000 so I'd say depends on location

I COMPLETELY disagree! As a Realtor, I see appreciation with Mobile homes every day. It's not as significant appreciation as site build home but it's there. I think the mentality mobile homes are a car that you sleep in, is outdated. It's just not the case is today's market. (At least in the area I serve).

I sold my traditional home and downsized to a paid for manufactured home with land. My kids were upset, bitI'm less stressed while paying off debt!

What about those who have no debt, are a lot older and don’t want a 15-30 yr mortgage. I’m considering a mobile home when we leave Alaska because they’re so cheap. Don’t want it to be an investment, just want to live in a paid off home with a little bit of land and enjoy a simple life with the extra income that could have been a mortgage.

I live in a mobile home and love it! Great park, fair land rent ($325). Bought mobile home with a 4 car garage for 40k cash. Built in 90's. Easy to maintain and If I had to sell for whatever reason I could probably get 70k. As long as land rent stays reasonable, I'm staying right here. Saving money is making money.

Our first home was a mobile home, sold it and had a down payment for a house.

Well, this didn't age well. Mobile homes went from 50k to 300k around me

I live in a 1981 mobile home on a beautiful lake that has been totally remodeled to look like a modern home inside with 2 additions on 2 lots in a private retirement community which I bought for $48,000 .

The question to ask is will it be cheaper than renting over time?

Oh my goodness, Mr. Ramsey Sir! There is so much to this question that you did not consider. First, Some mobile homes are built better than others and after being rebuilt are better than a lot of new construction. If this young man has the experience and the drive to put into it, he could be building himself a home that he could live in for many many years. You mention resale value. What if he doesn't want to sell it, but live there debt free for many years? Second, is this mobile home currently on a piece of land that would allow him to grow his own food? What are the codes and laws in that area regarding gardening and animals? Third, even if the mobile home only lasts for 10 years, prorate the expense of living there compared to the expense of living somewhere else. Fourth, who wants to live in a condo when they could live out on a piece of land? Not me. No thanks. Now, if this mobile home is stuck in a seedy mobile home "park" then that's not a good deal. I hope your staff shows you this comment. There are just too many things to consider. I'd rather live in a 100 square feet if that building is in a good location than a condo of any size. And if your housing isn't costing you anything, you can build wealth!

Mobile Homes are for poor people and I am in my 60s and poor and buying my first home. I can't afford anything more than an old mobile home built before 1977. Of course now it is 3 years later and prices are sky high. This is my only option. If you are reading this now and are young PLEASE save your money for your old age. I was just ignorant enough to think things would all work out and it obviously did not. DEPEND ON NO ONE! You can only depend on yourself. Save money for YOU!! Plan the life you want and save for it, don't wait for it to come to you because sometimes it never does. AND ALWAYS, ALWAYS HAVE A FIRM NO FAIL PLAN B!!!!!

Not everyone wants a house. As a single young lady I would not be able to upkeep it because I am not handy. If something goes wrong I always have to pay someone to do it. I don't want to pay property taxes forever either. But my rent keeps going up and my wages don't. It would be nice if there was an alternative.

A mobile home is *NOT* a car/box you sleep in! My dad and I purchased the mobile home next to me from a family member who had originally gotten it for 30k almost 19 years ago. We gave my aunt the remaining 12k on the mobile home and we got the land with it as well, which is right at one acre. When we looked inside, yes, it was neglected by the renter. Know what we did? We put about 7k in materials and fixed it up from the inside and outside, and now it looks like an extravagant home. We also got our local realtor to come by to give us an estimate on what the value would be. After all the work we put in, she said based on everything from the condition of the home and the land, both of them together would have a value of right under 80k and that's what she would put the price at. So you sir are *DEAD WRONG* when you say they have no increase in value! When you flip a home and take extremely good care of it, of course the value will go up. There are other considerations such as the right town and how close it is to major events, but the main issue is this. Take care of your home and maintain it, and you will see a value increase.

I wouldn't buy a condo either. Condos charge EXORBIANT HOA fees. It's basically renting a home you already own. They aren't much different than a mobile home, except they go up in value, and are vastly more expensive.

He would have a mobile home paid off in 5 years. That condo is a lifetime payment.

My grandma owns 3 trailers fully paid off here in South FLorida. The rent for each trailer is $1,000 and some change. She split each in half and charges $1k per each half that’s $6k leaving her with 3k EACH month. Now let me say this, each half is IMMACULATE, very modern and what not… soooo take away what you from this. She been doing this for 15 years plus! Of course rent wasn’t always 1k but to give you an idea

Actually Dave Ramsey was incorrect. Mobile homes went up in value

We bought a mobile home here in Canada for 82,500 in 2016. Did no renovations and can still get at least 120,000 for it now. The mobile home market in Canada is nuts right now.

A mobile home is super cheaper than an apartment and I personally think it’s the cheaper option for people moving out for the first time

I will buy a mobile home to live in not as a investment 😐

Dave Ramsey, Mr. Demeaning, at it again. I can't even finish listen to half these videos because you condensing and disrespectful tone is so unchristian. Come on Dave.

I’ve seen some pretty sweet mobile home tours on RU-vid.

The guy needs a place to live, he's not looking at his mobile home as something he's going to sell in a few years. What is with Americans, homes, and thinking it's a savings/retirement/investment account? The guy doesn't care about future value. Besides, some mobile homes and double wides are much nicer than a lot of homes out there.

That’s not true, Dave. I bought a manufactured home 5 years ago for $90K. It was appraised one year ago for $204K. It’s the city I live in. This place was the best financial decision I’ve ever made. I do follow your advice on most other things you speak of ♥️

One thing you have to consider with regular homes is as they go up and value so do your taxes. I’ve met many seniors who have to sell their home because they can’t afford the taxes. If they had put a mobile home on that same property, their taxes would’ve been substantially less.

He did ask how old he was..what would Dave say if he had said he was 60???

ANY structure will go DOWN in value. It's the LAND or (share of land in the case of a condo) that goes UP!

This answer is why exactly why you do not share your vision with everyone because if the vision is for you they may not see it, no matter how well-meaning they may be. This answer smdh so many gaps. He never asked about value. If you've never going to sell it who cares about resale value?! What about sustainability growing your own food in a country that's about to crash any moment around us. Kaleb buy a nice mobile home put it in a prime rural location on a nice piece of land. You can always rent it out for a Airbnb for rustic getaways if you ever decide to and buy something else it'll pay for itself many times over and then some. I'd much rather live in a manufactured home in the country any day than deal with City life living in a glorified apartment dealing with neighbors noise . Trust me having been in real estate myself there are plenty of condos that decrease in value because people buy them get tired of living on a glorified apartment, rent them out then you end up with a neighborhood of renters and a lower property value. I've seen it happen time and time again considering we're heading for a another housing bubble burst I would stay away from anything of the sort.

Someone help me out. Why are mobile homes looked down up or even buying a house when the money going towards paying rent for an apartment never comes back ever? Sure a Mobil home will depreciate in price but isn’t that better than 0 return? And what if you put the mobile home for rent. It can become a great asset and potentially build profit through renting it out and then selling it

I don’t agree with this. If the alternative is to rent you throw all your money away renting. If you buy a mobile home even if you lose half - you still way more than renting.

Well, I do pretty good financially, and I still carry the attitude of Thank God It's Friday, oh God it's Monday! Getting ready to retire soon.

A false dilemma since other options are available other than two. Why not consider a used mobile home which could be found for under $10,000 with the depreciation factored in?

Things have changed. Home prices are up everywhere. In my area the avg house is $400K. Even with a $50K down payment you’re looking at about $3,000 mo mortgage minimum. Not everyone can afford that. So maybe save up and pay cash? Who can afford to save $400K and pay cash?! More and more people just can’t afford to buy a home.

In 1975, the lots in a canyon in California. $65K for a home or a mobile home. today $600K for either. Bottom line neither the house or mobile home appreciated. Location location location

I'm thinking about buying a mobile home because I figure I've only got 10 years to live, possibly 20 if I'm really lucky. I just want a home. I don't need it to last forever or to go up in value.

Mobile home like trailer park or like RV? People live in trailer long term just like a house. They are cheap alternatives. RV are expensive to maintain and they lose value. I'd look to them as recreational not investment.

Do people not know how much a condo is in LA?! Its half a mil on the low end...

What about the land value. What if you are going to build a house on the property later? There is more than one scenario to look at. To flat out say no makes no sense.

it just depends on what hes trying to do. if he is going to buy it and then rent a lot at a mobile home park then its a terrible idea. if he is planning to buy 40 acres of land to put it on then its a great idea. its a fine low cost starter home that you can live in for 5-10 years while you save up to build your dream home. there is also the option of buying land and turning it into a mobile home park. there are some very rich real estate moguls that made their wealth almost entirely from mobile home parks. buying a cheap mobile home on some acres of land is a great thing to do while you're young. its way better than being in debt for the next 30 years with an expensive mortgage. rather than being in debt you could own a cheap home and potentially invest 50+% of your income. many people in the FIRE movement do things like this. if you're making 100k a year you could get a mortgage for a $300k house, or you could buy a $30k mobile home on a few acres of land for cash, then in the coming years live pretty frugally and invest the majority of your income into good ROI real estate or the market. not everything is an investment and many people are perfectly content living in a mobile home for life. its 4 walls and a roof, which is all anyone needs.

There's lots of mobile homes on their own property that hold value. Who cares if it goes down in value? Some people need a place to live and enjoy living under their means. Yes, I live in a mobile home. That's how I was able to save up $1000000

At his age, it might be best to buy land put the mobile on that land and live rent free?! At 20 ,live rent free save for a big down payment on a stick built house.

The voice on that cohost is impressive

It’s not allways about appreciation? If your buying a mobile home you obviously can’t afford a house. A roof over ur head comes first . If you do not plan on reselling then your good. The minute you pay off the mobile home you will be saving a ton instead of paying increasing rent for a apartment.

Have to disagree with Dave on this one. Six years ago I paid $17,500 cash for a manufactured home. The County now says it is tax assessed at $55,000 - on a rented space, based on comps. The home is 30 years old. Times are changing and people are adapting. Catch up, Dave.

I tend to disagree. I’ve owned them. Rented them. Flipped them. As long as you own the land and buy right can profit on mobile homes. He could also turn it into a future rental.

LIVING SIMPLY in your younger years results in greater potential for financial success in the later years

Actually if you put it on your own land with an eye building a permanent structure then yes. In a mobile home park, no, a loosing deal.

Ibought my 16x80 for 12k i made a few renovations not even major (a new metal roof) and mostly cosmetic stuff and I've had ppl offer 25k-30k. I could care less about owning a fancy house but if i wanted to i could easily sell this home get an fha loan and have enough to furnish too but why in the hell would i go from paying nothing at all in rent to paying 800+ in a house payment insurance etc... Ilive way more comfortably and stress free this way

That is not true! Everything gets more expensive. At least it is yours.

Well, Here in Miami same mobile homes people purchased in the 90's for 20k are now 100k or more.

Buy a mobile home ONLY if you're poor and have no other options, and need a temporary home to get out your parents house. I recommend a lower priced one, the other ones wil take a long time to pay off. This is an option if you have pets. If you can find a room to rent that allows pets, take that first.

My mobile home more than doubled in value. I didn’t put much down and the mortgage, park fee, taxes, insurance combined are still much cheaper than any rent , even in bad neighborhoods. . My place is in a nice quite rural park. It was a decent investment

Yeah but a bank won’t let me get a mortgage since I don’t make $120k a year and I already looked at a lot that has a two car garage on the lot that’s heated already. Found a double wide 1,200 sqft 3 bedrooms 2 1/2 bathrooms for $65k. A space like that in my area is $285k-$345k for a house the cost of property taxes go up so much every year. I also can’t get a mortgage due to making under $100k a year. I just want something that’s affordable that I can have paid off in ten years or less. I’m staying where I’m at for at least 45 years. I’m not looking into investments. I just wanna live a minimalist lifestyle and be left alone and enjoy the hobbies I have.

He never mentioned the property the mobile home was on. If it's a small piece in a trailer park then 100% no, even if it's free, if it's a run down double wide on 10 acres in the country then yes. Don't bother renovating. Live there, save up, pay it off, build. A used mobile home that needs work is temporary.

I live in a double wide Mobilehome that cost me $50k cash in Northern California . I am just an average, maybe below average income earner. My rent space is $800 a month. I have a small yard for my dogs to run around and my home is clean, simple and comfortable. When I’m bored I paint the inside & outside of the house to my liking. My friends can’t understand why I choose to live in a mobile home park. I can’t understand why they choose to pay $2500-$3000 rent every month. The end.

Love my mobile home with no more mortgage.

Don't listen to these guys... buy the mobile, save the $800 or so every month and in 10 yrs, you'll have $96k+ int in savings when you sell it.

Dave is assuming he knows the real estate market in that part of Canada. I dont know if it will or not but mobile homes in key areas of California GO UP IN VALUE

2023 mobile homes went up like crazy 😂

Thousands of people have tried this or are trying this. There is a heap of information under "tiny homes" and "mobile tiny homes". Check the accounts of people who have made this move and see what these people think.

Its not a bad start as my mom always says, it gotta start somewhere. My brother and his wife first started off renting out a garage in law unit, then they bought a mobile home. They lived in it for abt 7 years, then they sold theirs more than two years ago for over 300k. they put about 400k down in cash for their first single home, not including 300k loan they borrowed plus they spent 150k in reno their home. Their house is over 1m now. they will pay off in few years if they like. In California, a 1m home now is nothing to 1m home years ago so they required a lot of fixing. My husband and I got off bad debts first and have saving in place before we got our first home two years ago. We also went from garage unit to single home w in 2 years period. We r now doing OK thru this whole pamdemic financially and thank you to Mr Ramsey for his advice.

What about buying a new mobile home?

Value???? Give me a break. People are buying 200 to half a million dollar houses and having to pay them off after they’re 65 years old. And yes, I understand they’re only 30 year mortgages but if you go online and look up, everybody refinances their homes if they don’t have an amazing. (over $80,000 a year job). Meaning 30 years can be extended to another 10, 20 or 30. Like me, I’m a regular person that only makes 33,000 at the end of the year with tax taken out. How am I gonna buy a house at $250,000 and up. And the reason why I bring up that number is because in the city I live in Texas that’s the price of a home anything less is a project house.

I would rather have a mobile home on an nice piece of land that i own and could eventually build a house on than a condo. I would never willingly live in a HOA community.

How would it go down in value????? Is he buying one in a trailer park or a Moblie home on a 1/4 acre lot of land ???? He could buy the trailer own out right rent it out and still buy the condo... or live in the trailer live rent free and invest all that money in a mutual fund , see Dave contradicts him self constantly.... just my opinion buy the trail you have a great idea .

Really wanted to buy a manufactured home in a community where I would own the land (Micco, FL-Barefoot Bay), but moving alone, not knowing the area 2 hours from where I am, finding all medical professionals (63 years old), more than I was ready for.

Dave you shouldn't look down on people that live in mobile homes. Remember for every finger you point at some one there are fingers pointing back at you!

Depends on where you live. When rent is so high and the homes go for $500k+, a mobile will go up in price too. Maybe not as much but it will go up.

Having a mobile home in Canada! I think your heating bill will end up costing you more than the mobile home in a short time.

In this case, Dave is not totally correct. Mobile homes are going up in value just like other forms of housing. But, I think a younger person should keep saving and invest in land or a standard home. However, for many seniors & people with low/fixed income a mobile home is a wise choice and better than apt living.

My grandparents bought their mobile home for 30k and it’s worth 200k now so it’s all about how well maintained and the current market

I think that its ok to have a mobile home but the trick is to put it on an acreage which will appreciate and if you have no plans on moving then its fine. You gotta get creative in this economy if you wanna have your own home. Thats my opinion.

Homes are not assets, they are liabilities. Only spend money on things that make you money. Homes do not make you money... and especially mobile homes. Invest in a rental property.

HOA on condos and townhome sucks, there is no limit on how much they can raise, I purchase one so I do not rent, a year later HOA got raised $120 and will keep going up, their excuse is that they are running out of funds.

My mobile home goes up it value, almost the same percentage as a house. We bought it in 2015 for 110k, it is now 250k.

Mobile homes aren't a budget alternative to a traditional home. I was looking for the cheapest properties in my city and one that I found was a mobile home in a community for 80k. But the Zillow monthly estimate was the same as my mortgage on my 270k house. Turns out there was about 400-600 dollars in rental fees for the land and utilities every month. Rip off.

A $50,000 mobile home would come to a $300 mortgage payment... Save $700 on what you would've paid in rent. Put that money in an index fund that returns 8% on average with dividends. Expect to make over $125,000 in 10 years and still have somewhat decent place to live. 50k would get you a pretty decent mobile home. Probably a lot more value than what you would get for a cramped $1,000/m apartment. After 10 years just can just sell the land for 25k and you would've made a 1,000% gross turnover with probably at least 800% in net ROI.

What about a new manufactured house on land you own?

Thanks Dave! What about someone who’s considering rent vs. mobile home? Especially somewhere like California where rent is extremely high.

Condo a glorified apartment buy a real home.

Mobile home isn't worth it ifyou've got to pay land lease. Money down the drain.

My wife and I are buying property, we are debating 3 options and would like to get people’s opinion. We have enough for the land, well, and a bit left over. Do we buy the land but continue to live in our current home until we can build with no debt, but w the land and build while taking our a mortgage, or by the land and move an inexpensive mobile home onto it while we save up to build debt free?

I am definitely skeptical of mobile homes. However, if your job doesn't make you tons of money, isn't the cost of living going to be cheaper say over 10 years in that kind of mobile home with utilities and property taxes as opposed to renting with utilities or a mortgage with property taxes and utilities? Basically it can involve less risk and yes less reward as opposed to buying an actual house it seems.

Read the fine print. Some mobile homes include the land. The vast majority will have you noventhe home yourself or need aproval from the park it's in to move into that park and still pay hundreds of dollars a month to rent that spot

I can literally pick up a Mobile home for 45k near me in a super nice park. I only need 9k for a down payment. I’d rather have a house but if I have to choose between an apartment or a mobile home I’m choosing the mobile home

If you buy a mobile home and just live in it, it may loose value. However, if you buy a mobile home and renovate it, then the value will go up. So It depends on what you do after you buy it.

All the mobile homes in my area are up about 200000 on average…

A used one, maybe..The purchase of a new mobile home is absolutely the worst investment on the planet..

Dave doesn't understand the difference between a trailer and a manufactured.