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If you guys don't mind, can you please state the state that you reside in? It's mind blowing that people can get houses for 50k> I live in California and there's no way you can get a house for 50k
If we look at all homes under $70,000 including manufactured homes, they can be found in decent parts of town or in the country even in California. California is not in unrealistic home price troubles everywhere.
So if you look, there are lots of places in the U.S. with cheap housing in small towns, and cities. I just looked at some of the west in places I know.
You have to be careful with manufactured mobile homes. unless it's on it's own land you are not getting a mortgage for it. Also some parks charge lot rents that are about the same or more than what one bedroom apartment rental costs. So you have to pay $10s of thousands plus a large monthly lot rent. And if you want any homes under $50K in California you will be at least 2 hours/120 miles outside of Los Angeles and in the desert.
7 years ago was after the crash when homes were about the lowest. What was selling for $50K recently here was bought for under $25K,
Not here. The recession was still ongoing - and is to this day. Jobs are still leaving the area and unemployment in this area is the highest in the state with the lowest per family income - under $20K (for a family of 4).
Quote:
Originally Posted by LifeIsGood01
You have to be careful with manufactured mobile homes. unless it's on it's own land you are not getting a mortgage for it. Also some parks charge lot rents that are about the same or more than what one bedroom apartment rental costs. So you have to pay $10s of thousands plus a large monthly lot rent. And if you want any homes under $50K in California you will be at least 2 hours/120 miles outside of Los Angeles and in the desert.
But OldTrader said manufactured home, not manufactured mobile. Around here manufactured homes prevail and of course they are getting mortgages. Mobile homes are a different situation. The term is permanent foundation vs impermanent.
Stick built homes are a rarity and only in the higher price ranges.
But OldTrader said manufactured home, not manufactured mobile. Around here manufactured homes prevail and of course they are getting mortgages. Mobile homes are a different situation. The term is permanent foundation vs impermanent.
Stick built homes are a rarity and only in the higher price ranges.
A manufactured home is a mobile home, it's just the more modern term. A manufactured/mobile home can be on a rented lot or owned land.
There are plenty of flyover states where you can get a $50K house - just look in any town where job prospects are terrible and thus way more housing supply than demand. My grandmother's house in a small town near Toledo, OH just sits on the market for $25K and it's perfectly liveable...if you don't need a job that pays more than $8/hour or amenities beyond a Bob Evans along the highway.
The ignorant phrase "flyover country" aside, there are plenty of places you can have a good paying job AND a house for less than $50,000.
You have to be careful with manufactured mobile homes. unless it's on it's own land you are not getting a mortgage for it.
Wrong. You can easily get them financed.
The modern manufactured home is the name used today for the old mobile home. The thing, is that a modern manufactured home is a long ways from the old mobile homes.
I helped my daughter buy one a few years ago. On it's own 1/4 acre lot. It was a repo by the VA. She paid $22,000 for it. She did a little work on it, to modernize it. I helped her build a new front entrance porch with a built in setting area about 10 ft. by 10 ft. And a new roof over the years she owned it. This was in Oregon. When she got a job in Phoenix 4 years later, I over saw the sale, but let a Realtor office list and sell the home for a full commission. The sales price was it's full current value at $84,000. She had spent $5,000 for improvements total. Not a bad profit for 4 year holding period.
The modern manufactured home is moved to a lot, and the wheels removed as they were ever really put on the units to move them to their destination. They are placed on the same type of foundation as the stick built home, often over a basement. I can show you major developments of hundreds of homes, that are all manufactured homes, and all look very nice. Very big in the North West, Florida, Arizona and places like that. There are two huge developments in Florence Oregon, for retired people with hundreds of them in each. Florence is a retirement town, right on the coast. The homes are built super strong to stand up to the coastal weather, lots of rain, high winds, etc. The median home price in Florence is $152,300. Home appreciation the last year has been 6.70 percent and most of those in that price range will be manufactured homes.
The modular home is something all together different, build to UBC standards the same as a stick built home. They are built to be put on a truck in modules and assembled at the site. They are very often, better built than stick built on site homes. Some of them are large mansions when they are finished. Some of them are upscale apartments and condos, put in places like Vail Colorado one of the most luxurious ski resort towns in the country, and on military bases for housing for officers. I was on the phone from Vail on a getaway with my wife, with our youngest son. He had me turn on the T.V. as the news was on and they were showing the outside of the new President Gerald Ford's vacation condo. I was across the street from it at that time. Told my son to think about the condo where they were cleaning windows with a big machine cleaning them from the ground to several stores above ground. He was excited when I could tell him, that he saw them cleaning Ford's condo. I don't know if that condo was stick built or manufactured in a factory as they build both there and you can't tell them apart.
There are plenty of flyover states where you can get a $50K house - just look in any town where job prospects are terrible and thus way more housing supply than demand. My grandmother's house in a small town near Toledo, OH just sits on the market for $25K and it's perfectly liveable...if you don't need a job that pays more than $8/hour or amenities beyond a Bob Evans along the highway.
Wrong. There are many places in the U.S. in what you call fly over country, where people get good jobs that pay far above $8 an hour. In fact McDonald's in our town starts high school kids at $10 an hour going to $12 when trained and adults at $14 to $15 an hour, and have a hard time finding enough workers to stay open, and is one of the busier McDonald's in the USA. Here in our small town, unemployment rate is 3.3%, which a lot of big cities would love to be at. The job growth is predicted to be over 43% for the next 10 years. Above the state average household income, and when adjusted for cost of living, it is higher than many places in the U.S. that think they are doing great. As to home prices the latest data was 2013 that I could find quick, 2013: $167,808 (it was $86,600 in 2000). Homes that would cost over a million and a half dollars in our old Cupertino California neighborhood. I do know that the typical home in this area increased 12.6% according to the counties sales records on property at County Treasures Office as they recently released. Most homes here are stick built, and they just keep building. We have a pure custom 3,700 sq. ft. home worth $400,000 or just above, that would cost at least $3,500,000 back in our old Silicon Valley neighborhood. Our taxes will take a jump this year to near $2,500 per year. Due to our age, the State will refund $1,000, and as our actual income is just a little under $50,000 the county will cut our taxes in half. So our out of pocket property tax bill will be about $200 to $250 property taxes. They do not count the money we have in the bank, and investments, so we can live the rest of our lives very well. I am giving private information for the purpose of trying to show why people move to small towns, so they can improve their lives. Some small towns are not nice like ours, but I know where there are nice small towns that people love, and live better than they do in the places people think are so great with big populations and costs of living so high they have a hard time existing.
Three percent is considered by experts 3% is full employment. Reason: There will 3% of the population that is voluntarily unemployed changing jobs, out of the work force for one reason such as on maternity leave for a period of time, etc.
Our small town is like a lot of small towns. Happy people doing well, they can afford to buy homes or have reasonable rent if they prefer. Healthy, with good heating and cooling systems. Reasonable tax rate, highly rated school system according to GreatSchools.org, with small classes (4--4th grades with 16 students per teacher). Exreamly low crime rate, with the police blotter taken up with someones cow/horse got out and had to be rounded up, etc. A big Brahma Bull got away at the fair a few days ago and we saw him eating on our side lawn half a mile away, and they tried to round him up. He put one of those cowboys sitting on our 8 ft. chain link back fence to avoid being gored. I never knew anyone could climb the fence and sit on top of it so fast. He got away from them again, and I know they were still trying to round him up 2 hours later.
You sure do love telling people they are wrong, you must be a hoot at parties.
What I said was if it's not on it's own land. While you can get a mortgage on new home on a rented lot it's very difficult to get a mortgage on a used manufactured home unless you own the land.
A manufactured home is a mobile home, it's just the more modern term. A manufactured/mobile home can be on a rented lot or owned land.
Guess what? I'm not OldTrader and I also say you are wrong.
Manufactured home down here is what was once called a pre-fab or modular home. It is a home constructed in a factory and designed to be put on a permanent foundation. It is not mobile once it is trucked to its foundation. It differs from a mobile home in that it is not built on a movable foundation, one designed so the home can be moved from location to location.
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