There's a political element to mobile homes here in Michigan. Those who live in the parks pay a paltry fee that goes to local services such as schools, police, fire, etc. They cost towns a huge amount of money to accommodate and fighting the very powerful MH lobbyists is next to impossible because of mandates requiring "low income housing." Communities can regulate the snot out of where and how to place a park but that's about it.
Financial advisors recommend young couples NEVER buy a MH. They don't appreciate in value, there's no equity and they often pay much higher interest rates than a mortgage for a conventional house.
Only REAL PROPERTY owners should be allowed to vote on issues that result in property tax increases.
Renters, or trailer park dwellers aren't permanent residents and what do they care about how much tax property owners must pay?
That's a pretty sweeping generality, that just doesn't apply to most of the US real estate market.
Lenders cannot charge higher interest rates simply because a home is manufactured. That's against the law. Local building codes,construction standards and product demand determine the quality of product acceptable in a market.
The risk factors are the same as for any home. Neighborhood, environment, property risk, quality of construction, etc. If you're buying a sardine can and parking it on leased land, don't expect a mortgage loan. You are basically buying a car. These products cannot be underwritten with conforming loans. Sorry to say, but I have seen homes sold in the South that would never be permitted for human habitation in CA.
On the other hand, the quality of constuction in manufactured homes has improved dramatically in the last 10 years. Appreciation on new homes is nearly at par with stick-built in CA. Time will tell how the newer homes eventually compare in equity to the stick-built ones.
A manufactured home, for all intents and purposes, is a trailer or mobile home. It might have oak cabinets, a hot tub, and vinyl siding, and even have a basement foundation. But it's a mobile home in structure. Therefore they appreciate either slowly, not at all, or actually decrease in value.
A modular home is a stick-built home that is simply different in that they're made in a factory instead of on-site. They are generally indistinguishable from regular "stick built" homes and APPRECIATE in value as a stick-built house would.