Loans for manufactured home loans ― commonly referred to as “mobile homes” or “trailers” ― are typically much more expensive than traditional mortgages and have fewer protections for borrowers. Those are the conclusions of a new Consumer Financial Protection Bureau study titled Manufactured-Housing Consumer Finance in the United States. The report also found that owners of manufactured homes are more likely to be older, to live in a rural area, or to have a lower net worth. In addition, contrary to one of the myths of the market, the average manufactured home stays in the community for 40 years, while the average resident stays for 13 years.
Read the press release and report on the CFPB website.