Mobile Home Parks Curb Nearby Property Values
Mobile Home Parks Curb Nearby Property Values
A mobile home park can drop property values of nearby houses by as much as 12 percent, according to a study by two professors.
Between January 1990 and December 1994, Henry J. Munneke, assistant professor of real estate, University of Georgia, Athens, and V. Carlos Slawson Jr., assistant professor of real estate, Louisiana State University, Baton Rouge, considered house values in East Baton Rouge in relation to their distance to area mobile home parks. Their findings indicated that homes within a quarter-mile radius of a mobile home park lose an average of 12 percent of their value. Each additional nearby park shaves another 10 percent off home values.
Their study focused on 58 mobile home parks and more than 4,200 single-family homes in the area.
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