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Is Affordable Housing Moving Mobile? Analyzing the Impact of COVID-19 on Demand for Manufactured Housing

By Jair Coleridge Soman Alleyne

As demand for affordable housing continues to increase in America, manufactured homes provide a private solution to this problem. Research has shown that manufactured home prices are largely dependent on the price of local housing substitutes as well as other geographic hedonic factors. This paper looks at the impact of Covid-19 on the manufactured housing market to determine the effects that economic shocks have on the demand for manufactured housing. Conditional on wanting to buy a house, we use a logistic model to examine the probability that an individual purchases a manufactured home and whether this probability increases at times of high unemployment and economic uncertainty. Due to the nature of our data, although the impact of Covid as a disease is difficult to measure, we do find decreased income and increased unemployment to be a factor increasing the likelihood of purchasing a manufactured home. We also find that in 2020, demand for manufactured housing increased significantly compared to the years prior.

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Advisors: Professor Charles Becker, Professor Michelle Connolly | JEL Codes: R2, R21, I32

Manufactured Housing Securitization

By Renan Cunha

Through prices of manufactured homes rose in the 2000’s, demand fell dramatically because of the boom in the stick-built housing market. One of the stated goals of securitization is to increase the supply of credit and decrease the cost of lending to make borrowing accessible to more homeowners.  This paper will study the effect of securitization of manufactured home loans on the availability of credit for borrowers in North Carolina.

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Advisor: Charles Becker | JEL Codes: E51, R3, R31 | Tagged: Credit Availability, Manufactured Housing, Securitization, Trailer Parks

Trailer Park Economics

By Caitlin Gorback

In this paper, we explore the various reasons behind the development of the American institution of trailer parks. The first two models arise in equilibrium, the last two respond to housing shocks. Models include “Bad Tenants” in which tenants and landowners contract to protect against bad neighbors, a basic “Capital Constraints model in which tenants and landowners share the burden of capital costs, “Uncertain Growth” in which landowners respond to boom and bust economic growth, and “Long vs. Short Run Growth” in which landowners must decide how to invest on their land given rates of land appreciation.

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Advisor: Charles Becker | JEL Codes: R21, R23, R31 | Tagged: Housing, Manufactured Housing, Rural Growth, Trailer Parks, Urban Growth


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