When the economy slows, investors often look for assets that may hold their value. Mobile home parks frequently come up in that conversation. In fact, many investors call mobile home parks recession-resilient.

But is that reputation earned? History offers some useful clues. In this article, we look at how mobile home parks performed during the Great Recession and the COVID-19 downturn. Then, we explore why the asset class may hold up when others struggle.

What Does “Recession-Resilient” Mean?

Recession-resilient does not mean recession-proof. Instead, it describes an asset that tends to hold steady income and occupancy during a downturn.

No investment avoids economic cycles entirely. However, some property types have historically bent less than others when the economy weakens. Mobile home parks often appear on that short list.

What the Great Recession Suggests

The 2008 financial crisis was the most severe U.S. downturn since the Great Depression. Home prices fell sharply, and foreclosures spiked across the country. Even so, data from the period suggests mobile home parks held up comparatively well.

Occupancy Stayed Relatively Steady

Sun Communities, a publicly traded REIT that owns mobile home parks, reported same-property occupancy of 82.4% at the end of 2007. By the end of 2008, that figure had only slipped to 82.1%. Across its total portfolio, the company lost just 47 sites in 2008.

At the time, Sun’s management credited steady demand for affordable housing. They noted that this demand is why manufactured housing is often described as recession-resistant.

Lenders Recorded Very Few Losses

Fannie Mae’s loan data tells a similar story. The agency financed 159 mobile home park loans in 2008, totaling roughly $1 billion. Only one of those loans ever had a credit event. Meanwhile, the 131 loans it financed in 2009 have recorded zero credit events.

Over 20 years and more than $24 billion in mobile home park loans, Fannie Mae reports a lifetime net loss rate of just 0.11%.

Operating Income Continued to Grow

Equity LifeStyle Properties, another large mobile home park REIT, reported net operating income (NOI) growth every year from its 1993 IPO through 2012. That track record includes 2008 and 2009. In addition, its same-store NOI growth stayed positive in every quarter from at least 1998 through 2016.

What the COVID-19 Downturn Suggests

The 2020 pandemic delivered a very different kind of shock. Millions of Americans lost jobs almost overnight. Yet, once again, mobile home parks appeared to hold steady.

At the end of 2020, Fannie Mae’s mobile home park loans had a serious delinquency rate of 0.00%. By comparison, its overall multifamily book reached 0.98%. In fact, mobile home park loans posted lower serious delinquency rates than the overall book in every year from 2015 through 2025.

Why Mobile Home Parks May Hold Up in Downturns

Several factors may help explain this pattern.

Affordability Drives Demand

Mobile home parks offer some of the most affordable housing in the country. In October 2025, the average new manufactured home sold for about $131,500, according to the Census Bureau. That figure excludes land. By comparison, the median new site-built house sold for $416,600 in 2025, including land.

When budgets tighten, some households may move toward lower-cost options. As a result, demand for mobile home park living may stay firm or even grow.

Residents Rarely Move Their Homes

In many mobile home parks, residents own their homes and rent the land underneath. This structure tends to support long tenancies.

The Cost of Relocating a Home

Moving a manufactured home can be expensive and difficult. So, many residents choose to stay put, even during hard times. This may help keep turnover low and income steady for mobile home park owners.

Limited New Supply

Today, manufactured housing serves about 7 million U.S. households across more than 56,000 mobile home parks, according to a 2025 HUD analysis. However, local zoning often makes it hard to build new mobile home parks. With limited new supply, existing mobile home parks may face less competition, which can support occupancy over time.

Important Risks to Keep in Mind

Past performance never guarantees future results. Mobile home parks still carry real risks, including:

• Local economic shifts, such as a major employer closing
• Aging water and sewer systems that may need costly repairs
• Regulatory changes, including rent control or new resident protection rules
• Financing risk if interest rates rise or lending terms tighten
• Operator quality, since management may affect results significantly

Also, data from large REITs and agency lenders may not reflect every mobile home park. Smaller properties can perform very differently.

The Bottom Line

History suggests mobile home parks have often held up better than many asset classes during downturns. Steady occupancy, very low loan losses, and resilient income through 2008 and 2020 help explain this reputation.

Still, every mobile home park is different. Investors may want to research carefully, review an operator’s track record, and speak with a financial advisor before investing.

Disclaimer:

This article is for educational and informational purposes only. It was written with the help of AI and reviewed by the Keel Team. It is not investment, tax, or legal advice, and it is not an offer to sell or a solicitation of an offer to buy any security. Any such offer is made only through official offering documents to eligible investors. All investments carry risk, including the potential loss of principal. Consult your own advisors before investing.