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Now the first thing you notice when you look at California is different than Texas is the median home price is 501,982, which is three times higher than taxes. So that's really, really expensive. The average apartment rent is $1,917 a month, so right off the bat you know that the demand for affordable housing is vast, because that's really, really expensive housing.
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For this post, we will focus on the best mobile home cities, based on location, homesite volume, and local attractions. Now, any other macro observations that I wanted to go over with you on these states before we change it over to the Q and A format. I don't know exactly where it is, but it definitely runs across America right about, a little higher, somewhere there in the little north of Oklahoma line maybe.
The number four position as the state of Kentucky. Probably ever thought that the fourth largest congregation of parks in America would be in all places Kentucky, but so you have it. Median home price in Kentucky, a hundred and $31,150 and the average apartment rent's $884 a month. The cap rates in Kentucky are predominantly higher because they're simply not that many people that want to invest in the state of Kentucky.
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You'll find a lot of RV hybrid parks is allowed, are small, so you'll see parks that are maybe 50% or 50% mobile home park. It makes it kind of hard to evaluate because even though these RVs are there for the long-term, it could of course always move at the drop of a hat of. There's not the $5,000 financial barrier to moving, some things a little more difficult. While this is often true, it is not always the case. In some areas of the country real estate prices are so high that conventional homes are too costly for many buyers. Mobile home parks come up for auction just as other real estate properties do.
And you also get residents with much higher disposable income, so you have much higher pride of ownership in their mobile home and lot. Well, I can tell you that the residents in North Dakota in the parks are really a cut about many other states, because there's really no stigma there. So, you get a lot of people who typically don't live in mobile home parks. Case in point, one of our parks there, the manager used to be a teller at Wells Fargo. You'll find all kinds of people in regular jobs like engineering and stuff, living in mobile home parks in North Dakota. Simply the function of the factor is just A, not a lot of housing in North Dakota, and B, there's just no stigma there.
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It's this reason that over 22 million people lived in manufactured homes throughout the United States in 2017, according to the Manufactured Housing Institute. These residential dwellings allow people to have affordable homes with luxury features without breaking their budgets. Yes, it is another Sunset Bay home. Offered by Golden West, this 1,512 square foot home features 3 bedrooms and 2 baths for couples and small families. This floor plan isn't much different from the Sunset Bay 2 home layout. It allows you to customize one bedroom to turn it into an optional den and you can place on an optional front porch.
Ever since Detroit and the auto industry collapsed, most people had written off the entire state of Michigan and as a result, there was not a lot of buying. Now, why is Texas so special for purchasing a mobile home park? Well, the first unique feature of Texas is it has the highest number of mobile home parks in the United States. Texas comes in first and there's a very close tie for second between California and Florida. But Texas is where the industry has its largest number of opportunities. The largest number of mobile home parks are in fact located in Texas.
Mobile Homes are not “Mobile”
You have to really know in Nevada where the heck you are was the school district and what's desirable and what's not a desirable. Sunset Bay is here to offer you amazing meanwhile one of the affordable mobile homes. When you want space yet are looking for an affordable alternative, the Sunset Bay Plus home provides the best of both worlds. This dwelling features of this mobile house; 3 bedrooms and 2 baths within 1,550 square feet are wonderful.
I think a lot of investors from California done one state to the east and so they've got the cap rates down, not quite the California levels, but definitely lower than we typically want to buy. Lender desirability is very high because Arizona's got a lot going on and again, it, it benefits from that California tie in. I've never heard anyone complain about Arizona's laws. A Lot of people look at parts and Arizona is landholding tools that underlie land value, and of course we're not speculators, so that makes it really hard for us to get involved in that. What does that tell you right off the bat?
Cap rates in Alaska, kind of a mystery to me. I believe they're a little on the lower side, but I don't know. Not a lot of people invest in Alaska that I know, so I don't know a lot about it. Cap rates north of Canada tend to be lower, simply because parks do so very well there.
Observations on the state, you have a lot of strong lot rents there, a lot of Pennsylvania because of that hundred and $75,000 median home price. There's a huge affordable housing shortage and that's pushed the rent up a little bit. Pittsburgh is probably the hottest market in Pennsylvania and it had a lot of redevelopment. I one time went to Pittsburgh looking for parks and I found no less than eight parts that have recently been torn down and made into such items as shopping centers. You'll find a lot of good deals in Pennsylvania.
Average apartment rent, $1,670 a month. Cap rates to be lower in Colorado because people just like Colorado. It's really pretty and so a lot of people move there and it makes lenders also very happy to be close there, so lenders are is very, very high. There's not really any tender laws of Colorado. In fact, Dave lives in Colorado and it's one of Dave's favorite states. There are a lot of flat land unless you're in Denver, and even in Denver a lot of it's already been built out, so there's just.
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