The Value of Manufactured Housing Communities: A Dual-Ownership Model
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There are roughly 50,000 manufactured housing communities (MHCs) in the United States, yet there appears to be virtually no academic research on their asset values. Using a detailed, proprietary database provided by Colliers International, we address this gap. We find that, due to the dual nature of rental and ownership in manufactured housing ownership, MHC values are driven by community rental income and thus affected by median month contract housing rents that surround the community. While value remains affected by traditional factors such as occupancy, location quality, and size of land, it emerges that manufactured housing community sales values are highly sensitive to local rental alternatives. We also find evidence that corporate MHC buyers pay less and sellers receive more for parks relative to smaller “mom-n-pop” owners.
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Research Professor of Economics
Charles Becker is interested in exploring the economies of such countries as Kazakhstan, India, sub-Saharan Africa, Russia, and Kyrgyzstan. His research has focused on economic demography, social security system forecasting, CGE modeling, mortality and disability risk, determinants of health care utilization, computable general equilibrium simulation modeling, and urban economics. His on-going projects involve assessing infant mortality rates, poverty in developing countries, accidental deaths