Consumer News: Rising home prices affecting mobile homes too, exploring why interest rates are so high right now
Consumer News with ABC Columbia is brought to you by Grow Financial.
CNN– It’s well known that inflation and skyrocketing home prices have pushed rents higher. What’s less well known is the impact it’s having on what many see as the only affordable form of housing left, mobile homes. Roughly 20 million Americans live in mobile homes, which makes up about 6% of all U.S. residences. High demand, low supply and a jump in corporate ownership have increased the cost, leaving many low income Americans with no alternatives. On a percentage basis, average new home prices grew by 22% since the start of the pandemic. Over that same period, mobile home prices have jumped almost 50%.
COLUMBIA, SC (WOLO)– Switching to mortgage rates, there’s still some unanswered questions about why interest rates are so high now, why they were so low in the first place and why some homeowners are now missing out on the “American dream” of owning their own home. ABC Columbia’s Tyler Ryan spoke with two mortgage lenders from Resource Financial to help answers some of those questions.