Smithfield, NC — Mobile Home Park Investments

Smithfield, the county seat of Johnston County, is one of the most compelling secondary markets for mobile home park investors in North Carolina. It sits at the convergence of several powerful forces: Johnston County is among the fastest-growing counties in the entire state, I-95 and I-40 intersect nearby, and Smithfield sits just 30 miles southeast of Raleigh — close enough to benefit from Triangle growth, far enough to have land costs and acquisition prices that still make sense. This guide covers the Smithfield opportunity in detail.

Smithfield Market Overview

Smithfield has a city population of approximately 13,500–14,000, while Johnston County has grown to over 240,000 residents — up from around 170,000 in 2010, a gain of more than 40% in 14 years. That county-level growth rate is extraordinary, ranking Johnston County consistently among the top 10 fastest-growing counties in North Carolina. The county’s growth is driven by its role as a southeastern gateway to the Raleigh MSA: land is available, taxes are lower, and commute times to Raleigh-area employment are manageable.

Johnston County’s median household income is approximately $58,000–$62,000, slightly below Wake County but reflecting a working and middle-class population base. Median home values in Smithfield are approximately $210,000–$240,000, a significant affordability gap compared to Raleigh’s $400,000+ median — which makes the city a natural spillover market for workforce housing.

Why Smithfield for Manufactured Housing Investment

• Johnston County’s growth trajectory: Rapid population growth means rising demand for all housing types, including manufactured housing communities. The supply of well-maintained affordable housing has not kept pace with population growth.
• I-95 logistics corridor: The Smithfield/Selma area sits directly on I-95 at the I-40 interchange — one of the most important freight intersections on the East Coast. Warehouse, distribution, and logistics employment here is substantial and growing.
• Raleigh spillover: As Wake County becomes less affordable, Johnston County absorbs working-class and middle-class households that need proximity to Triangle employment. Manufactured housing parks are a direct beneficiary.
• Limited existing supply: Despite significant population growth, the inventory of quality manufactured housing communities in Johnston County remains limited. This supply-demand imbalance supports both occupancy and rent growth.

Local Lot Rent Data and Trends

Lot rents in the Smithfield/Johnston County area have appreciated meaningfully over the past decade, driven by the county’s broader housing demand surge. Current market rates for well-maintained mobile home park communities in this area range from approximately $470–$510 per month. Parks with below-market rents — common among long-held, owner-operated communities — may still be in the $380–$430 range, representing meaningful upside for value-add investors who bring the product up to current standards.

Occupancy in well-positioned parks in Johnston County tends to run 93–97%, often with waiting lists. The combination of rapid population growth and very little new affordable rental supply keeps demand consistently high.

Zoning and Permitting Landscape

Johnston County allows manufactured housing communities in specific residential and agricultural zones under its unified development ordinance. The county has historically been relatively accommodating toward manufactured housing, though permitting for new parks is still a multi-step process. The City of Smithfield has its own zoning regulations within city limits. For investors, the most important zoning questions are: Is the park grandfathered under previous regulations? Are there any conditional use requirements? Has the county issued any compliance notices? Confirm all of these in due diligence before signing a purchase contract.

Infrastructure: Water and Sewer

Smithfield’s municipal water and sewer system serves the city proper. Johnston County Water has expanded service in recent years to serve more of the county’s unincorporated growth areas. For parks within or near Smithfield, municipal utility connections are the norm. Parks further out in the county may use county water service or, in older communities, private wells and septic. City/county utility service is the investment baseline — parks on well/septic require additional infrastructure underwriting.

Proximity to Raleigh-Durham Employment Centers

Smithfield’s location makes it a genuine commuting hub:

• Raleigh (~30 miles northwest via US-70): State government, healthcare (WakeMed, Duke Raleigh), and corporate employers are within a reasonable daily commute.
• Clayton (~12 miles west): A rapidly growing Johnston County city with its own employment base including the Novo Nordisk pharmaceutical expansion and distribution facilities.
• RTP (~45 miles northwest): Accessible for shift workers or those with flexible schedules.
• I-95/I-40 logistics corridor: Extensive warehouse and distribution employment essentially at Smithfield’s doorstep.

Frequently Asked Questions: Mobile Home Park Investing in Smithfield, NC

How does Johnston County’s growth affect mobile home park valuations?

Rapid county growth supports both occupancy and rent growth, which are the two primary drivers of mobile home park NOI and therefore valuation. Investors should expect that parks in Johnston County will command tighter cap rates than comparable parks in slower-growth counties — the growth premium is real and reflects the lower risk profile of a high-demand market.

What are the best streets or areas within Johnston County for park acquisition?

The US-70 Business corridor through Smithfield and Clayton, the I-95 interchange area near Selma, and the NC-42 growth corridor toward Willow Spring and Angier are all areas of active development and strong workforce housing demand. Parks within a few miles of major distribution centers tend to have the most stable occupancy.

Is there competition for mobile home park acquisitions in this market?

Institutional capital has begun paying attention to the Johnston County corridor, particularly since the county’s growth numbers became impossible to ignore. However, most parks in this area are still owned by individuals or families who have not been formally approached by buyers. Off-market deals remain the primary transaction channel, and direct owner outreach can still yield acquisitions before institutional competition arrives.

What size parks are most common in the Smithfield area?

Most existing parks in the Smithfield/Johnston County area are in the 40–100 lot range — typical for older, privately developed communities in a rural-transitioning-to-suburban county. Parks of 70+ lots with city utilities represent the most institutional-quality acquisition targets in this market.

Related reading: Selma, NC Market Guide | Clayton, NC Market Guide | Raleigh, NC Market Guide | North Carolina Mobile Home Park Investing Overview