Definition
Homes in communities where residents own their homes but lease the land. You control the house; the park operator controls the lot. Lot rent can increase, and the park has rules about what you can do. It offers affordability but less ownership control.
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Find my pathAbout this term
Manufactured home parks (also called mobile home parks) consist of homes on leased lots. Residents own their homes but pay monthly lot rent to the park operator. Park operators control community rules, maintenance, pet policies, and rent increases. Lot rent typically ranges from $300-800+ monthly depending on location and amenities. Financing manufactured homes in parks is different from traditional mortgages due to landlord-tenant dynamics. Park operator changes or lot rent increases can significantly impact affordability. Some parks restrict home sales or require operator approval. Park communities offer affordability but provide less ownership control than traditional homes.
Pro Tip
Review park rules and lease terms carefully. Park ownership changes or rent increases can significantly impact affordability.
Example
A manufactured home in a 50-unit community offered affordable homeownership with a $400 monthly lot lease.