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For the bay area California aka silicon valley which has some of the most expensive housing the solutions are mobile home parks with space rent control and tiny
by dave333 3y ago
For the bay area California aka silicon valley which has some of the most expensive housing the solutions are mobile home parks with space rent control and tiny houses that can now be located in the backyard of existing houses. These homes are much cheaper $100k-$300k vs $1M for a traditional home. You can save a nest egg until you have enough for a downpayment on a traditional home or simply live cheaply and fund your retirement. I moved into a 1500 sq ft 3 bed 2 bath mobile home when I retired at 65 because it was the only option I had to stay near the grandchildren and I wish I had done it 20 years earlier.
- klipklop 3y agoUntil your mobile home park gets sold out from under you to build overpriced condos. This has been happening to many mobile home parks in the SF Bay Area.
- dave333 3y agoYes, but I would say a few parks have been sold for condo development not many. Makes it important to choose a park where either the residents own the land collectively, or the municipality supports lower cost housing and has rent control on the space rent - e.g. San Jose limit of 3% per year increase. There are also horror stories like the park at Natural Bridges near Santa Cruz where a new gazillionaire owner jacked up the space rents to $5000/month - admittedly this is right on the ocean.
- fragmede 3y agoUnder SB9, yet put the prefab housing in the backyard of the existing home you live in. You're not going to sell your own home out from under you.