Is a zip median home price a real concern?


#1

Looking at best places and the ZIP’s median home price is $49000
City has a population of 71k with a median home price of $87,000
Mertro’s and County’s is > $110k
Its a fairly large metro 400k

So basically the park is in the worst (cheapest) part of the city.
Just posted a test ad - waiting…
What do you guys think? Run? Maybe?
And yes - there is a super Walmart just a mile away.

Thank you for all your input!!!


#2

My park is in a low median home price area as well it mainly means that you wont be able to haul in 60,000 dollar brand new homes or else they will sit vacant. In my park most of my homes are sold for 20k or less to fit the housing prices in the area of the park.


#3

@wrest123, i have no problem with cheaper homes. What i don’t want to have is a situation where i am always competing with a SFH rentals. And have headaches about vacancies or shrinking market.
@wrest123, Is your park full? Do you feel that the demand is lower because of the home prices? Harder to fill lots? Lower tenant quality?


#4

Lower quality tenants for sure but these lower quality tenants know that the park is their cheapest option so i dont have a hard time filling lots or collecting the money owed


#5

what state is it in?