Mode of ownership and housing value appreciation of manufactured home parks : Rochester, New Hampshire

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Southern New Hampshire University
This dissertation examines the relationship between mode of housing ownership in manufactured home parks and housing-related economic asset accumulation. It asks if households within and near member owned manufactured home parks experience higher property value appreciation than their counterparts in investor-owned parks. The main component (Component One) of the study focuses on differences in housing value appreciation between member-owned and investor-owned parks. The exploratory component (Component Two) looks at how abutting properties are affected by proximity to member owned or investor-owned parks. Component One views housing value appreciation as affected by several independent and intervening variables: household rent payments, availability of financial products exclusively for member-owned parks, length of ownership, structural characteristics of units, park layout, and park location. Component Two studies value appreciation of abutting properties as a function of the type of home park ownership. Component One is examined using an archived proxy-pretest, multiple-treatment, quasi-experimental design, while Component Two relies on an archived proxy-pretest, two-treatment, expanded, quasiexperimental design. Analyses included secondary data, informant interviews, and direct observation. Analyses for Component One involved both descriptive and inferential statistics, while only descriptive statistics were used in Component Two. The study found that homes in member-owned parks in New Hampshire have better housing characteristics: they are newer, larger, have more rooms, are closer to commercial amenities and roads, and have better park layout. Member-owned park residents also pay lower monthly rents and have access to non-subprime housing loans. Homes in member-owned parks have higher values compared to those in investor-owned parks with comparable housing characteristics. However, these economic advantages do not translate to a higher value appreciation in member-owned parks. Manufactured homes appreciate in value over time, regardless of the type of park ownership. This finding is conditional to inflated housing market conditions. Whether this applies under "normal" market conditions is subject for future research. The study also found that value appreciation of abutting homes is not associated with manufactured home parks location. Living next to manufactured parks does not decrease the value of abutting homes; indeed, the value of manufactured homes appreciated at a higher rate than comparable county and state rates. (Author abstract)