In this video I do an out of pocket cost comparison between living in a mobile home park where you pay pad rent or owning the land your manufactured home is on. When you really look at the numbers and what you're getting for the money you can see that paying pad rent is a really great option. Everyone's situation is different and I'm not saying one is better than the other but what I will say is that living in a Mobile Home Park that has a pad rent component shouldn't be discounted by anyone. I look at the difference in monthly cost out of pocket between a pad rent lot that is $485 and buying a piece of property of a similar size in the same area. The closest piece of property I could find was $144,900 (yes, I live in an expensive area) and when I break down the costs of owning that property you can see why pad rent is so attractive. The added costs of owning a piece of property (property taxes on the land, sewer, water) make the monthly cost out of pocket quite a bit higher than pad rent because all of those things are built into the price with pad rent. If you're in the market for a new manufactured home I suggest you run the numbers in your area and see what you come up with, you might just find that pad rent is the better of the two options! Thanks for watching!
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