In NC, most mobile home parks do not sell the land.
I thought the point of buying a property is to eventually own it outright.
If you pay off the mobile home but find yourself unable to pay the lot rent… you can still get evicted. This situation persists forever, unless you move the home.
Buying land with utilities and moving the home is so expensive that most people would have to take out a personal loan or multiple loans to do it.
Personal loans are usually restricted to people with high incomes and/or credit scores. (People who can simply skip the park and buy a house on land in the first place).
Paying the lot rent and mobile home combined also makes it not a particularly cheap alternative to renting a house.
But so many people do it that I feel like I must be missing something that connects the dots and makes this make sense (logically and financially).
What am I missing?
ETA – sorry if this is a very stupid question. My parents were city people so I genuinely do not know how people benefit from using parks
In: Economics
This has actually become a real problem in cities where suburbs have grown to surround mobile home lots that used to be on the “edge” of town, and are now *in* town. Many of the landowners can now make much much more by selling the land to developers, and trailer dwellers who have lived there for decades are being evicted. Their homes are now too fragile to be moved, or they have built extensions (or even second floors!) and they couldn’t afford rent at a new location anyway. [There are several charities and non-profits that have arisen with the goal of helping these people form co-ops to purchase the land](https://nonprofitquarterly.org/retirement-wave-creates-opening-cooperative-ownership-manufactured-housing-parks/).
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