All of us want an affordable home for ourselves. However, the rents and prices of homes are so high that the average working class can't even think of buying a home for themselves.
We need to think of several ways that low-income or middle-income families would be able to become a homeowner with all the high housing costs in the Bay Area. There are fewer options for people each day when it comes to affordable housing, because our population keeps increasing with time. Everything is related to the supply and demand chain, so simply put, we have a lower supply of homes as compared to the number of people that demand housing. This is the reason why prices for housing are increasing day by day.
For example, in Santa Clara County the prices are $1.4 million for a single-family, and this is an insane price tag. When we are continuously paying house rent, then it's very difficult to save money. Suppose if you pay $3000 rent a month, that means that you are losing $36000 a year. This money cannot be returned and it also won't help you in getting an asset. In addition to this, the construction cost is also very expensive, and in the upcoming years, we expect to see more shortages of workers or laborers in the construction industry.
In this scenario, a mobile home is an amazing option to avail. Mobile homes are very underrated and they can be used as a tool to help people get into homeownership. This is a very budget-friendly option and it is much cheaper than traditional homes. Another bonus is that mobile home parks are zoned. If you want to get a mobile home that is located in a mobile home park, then it's mandatory for the home to be resident-owned. This simply means that it should be your primary residence and you can only purchase it if you want to live in it. You can't rent a mobile home to anybody as an investment.
It is important to understand that in a mobile home, you don't own the land. You pay rent for the land but the home above that land is yours. This ultimately means that the home is your asset and you can make money off of it when you sell it in the future. Getting yourself a mobile home is a good financial decision you can make for yourself and your family.
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