Posts Tagged Manufactured Home
Reversing the Cycle of the Mobile Home Money Pit
Posted by Nick Gilmore in Virginia's News on September 23, 2016
If you’re spending more than 30-per cent of your income on housing, you are officially ‘cost burdened’ according to the Department of Housing and Urban Development. That means it’s tough to afford other necessities. But People who live in mobile homes can sometimes spend that on utility bills alone. And that means something that seems like an affordable housing option turns out to be a ‘mobile home money pit.’
Mobile homes used to be thought as one of the most affordable housing options in America, but a new study finds the opposite is often true. They often cost more to operate than stick built houses do and that means there’s less money available for basic necessities. As Robbie Harris tells us in the second part of this report, affordable housing advocates are working on ways to help residents dig out of the mobile home money pit and start building wealth.