

                            FORM 10-Q

               SECURITIES AND EXCHANGE COMMISSION

                     Washington, D.C.  20549

     (x)  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (D)
            OF THE SECURITIES EXCHANGE ACT OF 1934

     For the quarterly period ended   March 31, 2004

     ( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D)
          OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period ended _________________________

For Quarter Ended                    Commission File Number

 March 31, 2004                              0-13130

                UNITED MOBILE HOMES, INC.
 (Exact name of registrant as specified in its charter)

            Maryland                      22-1890929
(State or other jurisdiction of         (I.R.S. Employer
incorporation or organization)        identification number)

Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold,
                                                       NJ 07728

Registrant's telephone number, including area code (732) 577-9997

(Former  name, former address and former fiscal year, if  changed
since last report.)

Indicate  by check mark whether the registrant (1) has filed  all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the registrant was required  to
file  such  reports),  and (2) has been subject  to  such  filing
requirements for the past 90 days.     Yes   X    No

Indicate by   check mark whether the registrant is an   accelerated
filer (as defined in Rule 125-2 of the Exchange Act).
Yes   X  No

The number of shares outstanding of issuer's common stock as of May 1,
2004 was 8,432,023 shares.

<PAGE>


                    UNITED MOBILE HOMES, INC.

                      for the QUARTER ENDED

                         MARCH 31, 2004



PART  I  - FINANCIAL INFORMATION                     Page No.


Item 1 -  Financial Statements (Unaudited)

          Consolidated Balance Sheets                       3

          Consolidated Statements of Income                 4

          Consolidated Statements of Cash Flows             5

          Notes to Consolidated Financial Statements        6-9

Item 2 -  Management's  Discussion  and  Analysis   of
          Financial   Conditions   and   Results    of
          Operations                                       10-13

Item 3 -  Quantitative  and  Qualitative   Disclosures
          About Market Risk

          There  have  been  no  material  changes  to
          information  required regarding quantitative
          and  qualitative  disclosures  about  market
          risk  from the end of the preceding year  to
          the date of this Form 10-Q.

Item 4 -  Controls and Procedures                          12

PART II - OTHER INFORMATION                                14

          SIGNATURES                                       15



                             Page 2


<PAGE>

                    UNITED MOBILE HOMES, INC
                   CONSOLIDATED BALANCE SHEETS
           AS OF MARCH 31, 2004 AND DECEMBER 31, 2003
<TABLE>
<CAPTION>
<S>                                     <C>             <C>
                                          March 31,      December 31,
               -ASSETS-                     2004            2003
                                         __________      __________
                                          (Unaudited)
INVESTMENT PROPERTY AND EQUIPMENT
  Land                                     $8,412,970   $   6,927,971
  Site and Land Improvements               61,158,495      59,202,516
  Buildings and Improvements                3,026,780       2,790,612
  Rental Homes and Accessories              9,762,380       9,581,123
                                           __________      __________
    Total Investment Property              82,360,625      78,502,222
  Equipment and Vehicles                    4,973,302       4,664,006
                                           __________      __________
    Total Investment Property and
      Equipment                            87,333,927      83,166,228
  Accumulated Depreciation               (38,408,349)    (37,660,693)
                                           __________      __________
    Net Investment Property and
      Equipment                            48,925,578      45,505,535
                                           __________      __________
OTHER ASSETS
  Cash and Cash Equivalents                 2,419,748       3,244,871
  Securities Available for Sale            26,954,225      31,096,211
  Inventory of Manufactured Homes           3,463,671       3,635,954
  Notes and Other Receivables               7,522,843       7,338,580
  Unamortized Financing Costs                 490,362         407,401
  Prepaid Expenses                            524,998         559,594
  Land Development Costs                    2,762,855       2,522,066
                                           __________      __________
    Total Other Assets                     44,138,702      48,804,677
                                           __________      __________
  TOTAL ASSETS                            $93,064,280     $94,310,212
                                           ==========      ==========
     - LIABILITIES AND SHAREHOLDERS' EQUITY -

LIABILITIES:
MORTGAGES PAYABLE                         $44,745,190   $  44,222,675
                                           __________      __________
OTHER LIABILITIES
  Accounts Payable                            291,539         655,648
  Loans Payable                             3,140,914       7,840,962
  Accrued Liabilities and Deposits          2,016,373       1,988,525
  Tenant Security Deposits                    497,381         502,626
                                           __________      __________
    Total Other Liabilities                 5,946,207      10,987,761
                                           __________      __________
  Total Liabilities                        50,691,397      55,210,436
                                           __________      __________
SHAREHOLDERS' EQUITY:
  Common Stock - $.10 par value per
    share, 20,000,000 shares
    authorized,8,763,741 and
    8,557,130 shares issued and 8,371,441 and
    8,164,830 shares outstanding as
    of March 31, 2004 and December 31,
    2003,  respectively                       876,374         855,713
  Excess Stock - $.10 par value per
    share, 3,000,000 shares
    authorized,
    no shares issued or outstanding               -0-             -0-
  Additional Paid-In Capital               39,546,442      36,304,626
  Accumulated Other Comprehensive
    Income                                  3,964,664       5,308,195
  Undistributed Income                      1,695,325         341,164
  Treasury Stock, at Cost (392,300
    shares)                                (3,709,922)     (3,709,922)
                                           __________      __________
    Total Shareholders' Equity             42,372,883      39,099,776
                                           __________      __________

TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY                                    $93,064,280     $94,310,212
                                           ==========      ==========
</TABLE>

                           -UNAUDITED-
   See Accompanying Notes to Consolidated Financial Statements

                              Page 3


<PAGE>

                    UNITED MOBILE HOMES, INC.
          CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
                   FOR THE THREE MONTHS ENDED
                     MARCH 31, 2004 AND 2003
<TABLE>
<CAPTION>
<S>                        <C>            <C>
                                   2004             2003
                                   ____             ____

REVENUES:
Rental and Related
  Income                     $5,344,750       $5,149,611
Sales of Manufactured
  Homes                       1,542,342        1,496,093
Interest and Dividend
  Income                        739,827          885,361
Gain on Securities
  Available for Sales
  Transactions, net           1,820,354          194,516
Other Income                     18,336           25,591
                             __________       __________

Total Revenues                9,465,609        7,751,172
                             __________       __________

EXPENSES:
Community Operating
  Expenses                    2,459,665        2,346,651
Cost of Sales of
  Manufactured Homes          1,217,212        1,193,019
Selling Expenses                345,295          275,238
General and
  Administrative Expenses       625,289          565,096
Interest Expense                739,712          828,035
Depreciation Expense            770,700          716,659
Amortization of
  Financing Costs                24,810           30,300
                             __________       __________

   Total Expenses             6,182,683        5,954,998
                             __________       __________

Income before Gain on
  Sales of Investment
  Property and Equipment      3,282,926        1,796,174
(Loss) Gain on Sales of
  Investment Property and
  Equipment                     (5,259)            6,302
                             __________       __________

Net Income                   $3,277,667       $1,802,476
                             ==========       ==========

Net Income per Share -
  Basic                         $  0.40          $  0.23

                             ==========       ==========
  Diluted                       $  0.39          $  0.23

                             ==========       ==========

Weighted Average Shares
Outstanding -
   Basic                      8,256,598        7,692,519
                             ==========       ==========
   Diluted                    8,355,420        7,785,396
                             ==========       ==========
</TABLE>


                           -UNAUDITED-
   See Accompanying Notes to Consolidated Financial Statements
                             Page 4

<PAGE>

                    UNITED MOBILE HOMES, INC.
        CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                   FOR THE THREE MONTHS ENDED
                     MARCH 31, 2004 AND 2003
<TABLE>
<CAPTION>
<S>                                    <C>            <C>

                                          2004          2003
                                          ____          ____
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income                              $3,277,667     $1,802,476
Non-Cash Adjustments:
Depreciation                               770,700        716,659
Amortization                                24,810         30,300
Stock Compensation Expense                  28,427            -0-
Gain on Securities Available for Sale
  Transactions                          (1,820,354)      (194,516)
Loss (Gain) on Sales of Investment
  Property and Equipment                     5,259         (6,302)

Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes            172,283        (36,460)
Notes and Other Receivables               (184,263)       (40,057)
Prepaid Expenses                            34,596        (66,989)
Accounts Payable                          (364,109)      (594,520)
Accrued Liabilities and Deposits            27,848        (11,866)
Tenant Security Deposits                    (5,245)        (1,834)
                                        __________     __________
Net Cash Provided by Operating
  Activities                             1,967,619      1,596,891
                                        __________     __________

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home
  Community                             (3,535,400)          -0-
Purchase of Investment Property and
  Equipment                               (670,952)     (377,527)
Proceeds from Sales of Assets               10,350        81,683
Additions to Land Development             (240,789)     (189,175)
Purchase of Securities Available
  for Sale                              (2,039,284)     (188,786)
Proceeds from Sales of
  Securities Available for Sale          6,658,093       665,566
                                        __________     __________
Net Cash Provided (Used) by
  Investing Activities                     182,018        (8,239)
                                        __________     __________

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Mortgages and Loans        2,000,000            -0-
Principal Payments of Mortgages
  and Loans                             (6,177,533)   (1,371,753)
Financing Costs on Debt                   (107,771)      (16,148)
Proceeds from Issuance of Common
  Stock                                  2,809,342            -0-
Proceeds from Exercise of Stock
  Options                                      -0-       201,950
Dividends Paid, net of
  amount reinvested                     (1,498,798)   (1,258,575)

                                        __________     __________
Net Cash Used  by Financing
   Activities                           (2,974,760)   (2,444,526)

                                        __________     __________

NET DECREASE  IN CASH
  AND CASH EQUIVALENTS                    (825,123)     (855,874)
CASH & CASH EQUIVALENTS - BEGINNING      3,244,871     2,338,979
                                        __________     __________
CASH & CASH EQUIVALENTS - ENDING        $2,419,748    $1,483,105
                                        ==========     ==========
</TABLE>

                           -UNAUDITED-
   See Accompanying Notes to Consolidated Financial Statements
                             Page 5

<PAGE>

                    UNITED MOBILE HOMES, INC.
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   MARCH 31, 2004 (UNAUDITED)

NOTE 1 - ORGANIZATION AND ACCOUNTING POLICY

The  interim  consolidated financial statements furnished  herein
reflect all adjustments which were, in the opinion of management,
necessary  to present fairly the financial position,  results  of
operations, and cash flows at March 31, 2004 and for all  periods
presented.  All adjustments made in the interim period were of  a
normal  recurring  nature.   Certain footnote  disclosures  which
would  substantially duplicate the disclosures contained  in  the
audited  consolidated  financial  statements  and  notes  thereto
included  in the annual report of the Company for the year  ended
December 31, 2003 have been omitted.

United Mobile Homes, Inc. (the Company), through its wholly-owned
taxable  subsidiary, UMH Sales and Finance, Inc. (S&F),  conducts
manufactured  home sales in its communities.   This  company  was
established  to  enhance the occupancy of the  communities.   The
consolidated financial statements of the Company include S&F  and
all  of  its  other wholly-owned subsidiaries.  All  intercompany
transactions and balances have been eliminated in consolidation.

Certain  reclassifications have been  made  to  the  consolidated
financial statements for prior periods to conform to the  current
period presentation.

Employee Stock Options

Prior  to  January 1, 2003, the Company accounted for  its  stock
option  plan  under the recognition and measurement provision  of
APB  Opinion  No. 25, "Accounting for Stock Issued to Employees",
and   the   related  interpretations.   No  stock-based  employee
compensation  was  reflected in net income prior  to  January  1,
2003.  Effective   January 1, 2003, the Company adopted the  fair
value  recognition  provisions of SFAS No. 123,  "Accounting  for
Stock   Based  Compensation".   The  Company  has  selected   the
prospective method of adoption under the provisions of  SFAS  No.
148,  "Accounting  for  Stock-Based Compensation  Transition  and
Disclosure".   SFAS 123 requires that compensation cost  for  all
stock awards be calculated and recognized over the service period
(generally equal to the vesting period).  This compensation  cost
is  determined using option pricing models, intended to  estimate
the fair value of the awards at the grant date.

Had  compensation cost been determined consistent with  SFAS  No.
123,  the  Company's net income and earnings per  share  for  the
three  months  ended  March 31, 2004 and  2003  would  have  been
reduced to the pro forma amounts as follows:

                             Page 6


<PAGE>

NOTE 1 - ORGANIZATION AND ACCOUNTING POLICY, (CONT'D.)

                              2004            2003
                              ____            ____

Net Income prior to
  Compensation expense       $3,306,094       $1,802,476
Compensation expense             28,427              -0-
                             __________       __________
Net Income as Reported        3,277,667        1,802,476
Compensation expenses
if the fair value method
  had been applied                  -0-            4,407
                             __________       __________
Net Income Pro forma         $3,277,667       $1,798,069
                             ==========       ==========

Net Income per share -
as reported
   Basic                       $    .40          $  .23
   Diluted                     $    .39          $  .23
Net Income per share -
pro forma
   Basic                       $    .40          $  .23
   Diluted                     $    .39          $  .23

The  fair value of each option grant is estimated on the date  of
grant  using  the  Black-Scholes option pricing  model  with  the
following  weighed-average assumptions used  for  grants  in  the
following years:

                             2004    2003     2002

Dividend yield              6.06%    6.14%   6.75%
Expected volatility           19%      19%     13%
Risk-free interest rate     3.54%    3.91%   3.40%
Expected lives                  8        8       8

The  weighted-average fair value of options  granted  during  the
three  months  ended  March 31, 2004 was $1.23.   There  were  no
options granted during the three months ended March 31, 2003.

During the three months ended March 31, 2004, the following stock
options were granted:

  Date of      Number of     Number     Option     Expiration
   Grant       Employees       of        Price        Date
                             Shares

1/16/04             1        25,000     $18.62      1/16/12

During  the  three  months ended March  31,  2004,  no  employees
exercised  their  stock  options and no options  expired  without
being  exercised.   As  of  March 31, 2004,  there  were  options
outstanding to purchase 331,000 shares and 1,411,000 shares  were
available for grant under the Company's 2003 Stock Option Plan.


                             Page 7

<PAGE>

NOTE 2 - NET INCOME PER SHARE AND COMPREHENSIVE INCOME

Basic  net income per share is calculated by dividing net  income
by  the  weighted  average  shares outstanding  for  the  period.
Diluted net income per share is calculated by dividing net income
by  the weighted average number of common shares outstanding plus
the  weighted average number of net shares that would  be  issued
upon  exercise  of stock options pursuant to the  treasury  stock
method.   Options in the amount of 98,822 and 92,877  shares  for
the three months ended March 31, 2004 and 2003, respectively, are
included in the diluted weighted average shares outstanding.

The  following  table sets forth the components of the  Company's
comprehensive  income for the three months ended March  31,  2004
and 2003:

                             2004         2003
                             ____         ____

Net Income                 $3,277,667   $1,802,476
Decrease in unrealized
  gain on securities
  available for sale      (1,343,531)    (386,182)
                           __________   __________
Comprehensive Income       $1,934,136   $1,416,294
                           ==========   ==========


NOTE 3 - INVESTMENT PROPERTY AND EQUIPMENT

On March 1, 2004, the Company acquired Bishop's Mobile Home Court
and   Whispering   Pines   Community,   in   Somerset   Township,
Pennsylvania.   Bishop's Mobile Home Court is an existing  family
community  consisting of 124 sites, located  next  to  Whispering
Pines  Community,  a  55-and-older  community  consisting  of  15
existing  home  sites and an additional 60 acres  for  expansion.
The  Company  will rename Bishop's Mobile Home Court as  Somerset
Estates.   The total purchase price was approximately $3,500,000.
The  Company  obtained a $2,000,000 mortgage with Somerset  Trust
Company which matures on February 26, 2019.  The interest rate is
fixed  at 5.25% for three years and is adjusted every three years
based upon the three-year Treasury rate plus 3.25%.

NOTE 4 - SECURITIES AVAILABLE FOR SALE AND DERIVATIVE INSTRUMENTS
During the three months ended March 31, 2004, the Company sold or
redeemed $4,837,739 in securities available for sale, recognizing
a  gain  of  $1,820,354.  Included in these sales  are  sales  of
550,000 shares of Monmouth Real Estate Investment Corporation (an
affiliated company) common stock for a gain of $1,413,571.
During  the  three  months  ended March  31,  2004,  the  Company
invested in futures contracts on ten-year Treasury notes  with  a
notional amount of $3,400,000, with the objective of reducing the
exposure  of  the  debt  securities  portfolio  to  market   rate
fluctuations.   Changes in the market value of these  derivatives
have   been  recorded  in  interest  and  dividend  income   with
corresponding   amounts  recorded  in  accrued  liabilities   and
deposits on the balance sheet.  The fair value of the derivatives
at March 31, 2004 was a liability of $33,312.

                             Page 8

<PAGE>

NOTE 5 - MORTGAGES PAYABLE

Effective  March 1, 2004, the Company extended the  Sandy  Valley
mortgage for an additional five years.  This mortgage payable  is
due on March 1, 2009 with the interest rate reset at 4.75%.

NOTE 6 - DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN

On  March 15, 2004, the Company paid $1,923,506 of which $424,708
was reinvested, as a dividend of $.2325 per share to shareholders
of record as of February 17, 2004.  On April 1, 2004, the Company
declared  a  dividend of $.235 per share to be paid on  June  15,
2004 to shareholders of record May 17, 2004.

During  the  three  months  ended March  31,  2004,  the  Company
received,  including dividends reinvested, a total of  $3,234,050
from  the  Dividend Reinvestment and Stock Purchase Plan.   There
were 206,611 new shares issued under the Plan.

NOTE 7 - EMPLOYMENT AGREEMENTS

The Company has an employment agreement with Mr. Eugene W. Landy,
Chairman   of   the  Board.   Under  this  agreement   his   base
compensation  was  $150,000 per year.  This contract  expired  in
1998  and  had  been  renewed  for one-year  periods.   Effective
January  1,  2004,  this agreement was amended  to  increase  Mr.
Landy's annual base compensation to $175,000.  Additionally,  Mr.
Landy's pension has been extended for an additional three  years.
This  amendment did not have a material impact on  the  Company's
financial statements.

NOTE 8 -  CONTINGENCIES

The  Company is subject to claims and litigation in the  ordinary
course  of business.  Management does not believe that  any  such
claim  or litigation will have a material adverse effect  on  the
consolidated balance sheet or results of operations.

NOTE 9 - SUPPLEMENTAL CASH FLOW INFORMATION

Cash  paid during the three months ended March 31, 2004 and  2003
for  interest was $780,212 and $860,635, respectively.   Interest
cost capitalized to Land Development was $40,500 and $32,600  for
the three months ended March 31, 2004 and 2003, respectively.

During  the  three  months ended March 31,  2004  and  2003,  the
Company  had  dividend  reinvestments of $424,708  and  $451,661,
respectively, which required no cash transfers.


                             Page 9

<PAGE>

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS  AND
RESULTS OF OPERATIONS

OVERVIEW

The   following  discussion  and  analysis  of  the  consolidated
financial condition and results of operations should be  read  in
conjunction with the Consolidated Financial Statements and  notes
thereto  included  elsewhere herein and in our annual  report  on
Form 10-K for the year ended December 31, 2003.

The  Company  is  a  real estate investment  trust  (REIT).   The
Company's  primary  business is the ownership  and  operation  of
manufactured home communities - leasing manufactured home  spaces
on  a  month-to-month basis to private manufactured home  owners.
The  Company  also  leases homes to residents  and,  through  its
taxable REIT subsidiary, UMH Sales and Finance, Inc. (S&F), sells
homes to residents and prospective residents of our communities.

Total  revenue  increased from $7,751,172 for the  quarter  ended
March 31, 2003 to $9,465,609 for the quarter ended March 31, 2004
primarily due to the increase in gain on securities available for
sale   and  acquisitions  of  new  communities.   Total  expenses
increased from $5,954,998 for the quarter ended March 31, 2003 to
$6,182,683 for the period ended March 31, 2004 primarily  due  to
acquisitions of new communities.  On March 1, 2004,  the  Company
acquired  a  manufactured home community  in  Somerset  Township,
Pennsylvania.   The  Company  now owns  twenty-seven  communities
containing  6,268  sites.  The communities  are  located  in  New
Jersey, New York, Ohio, Pennsylvania and Tennessee.

CHANGES IN RESULTS OF OPERATIONS

Rental  and  related  income increased from  $5,149,611  for  the
quarter ended March 31, 2003 to $5,344,750 for the quarter  ended
March  31, 2004.   This was primarily due to the acquisitions  of
the new communities during 2003 and 2004 and rental increases  to
residents.  The  Company  has  been  raising  rental   rates   by
approximately  3% to 4% annually.   Interest and dividend  income
decreased from $885,361 for the quarter ended March 31,  2003  to
$739,827  for  the quarter ended March 31, 2004.   This  was  due
primarily  to sales of Securities available for sale during  2003
and  2004.   Gain  on securities available for sale  transactions
amounted to $1,820,354 and $194,516 for the quarters ended  March
31,  2004 and 2003, respectively. This increase was primarily the
result of the Company's decision to take advantage of the rise in
price  of the securities portfolio in the fourth quarter of  2003
and  the  first quarter of 2004.  Management does not  expect  to
recognize  the same level of realized gains on sale of securities
in  future  quarters due to a decline in market  values  of  REIT
securities occurring after the first quarter of 2004.

Community  operating expenses increased from $2,346,651  for  the
quarter ended March 31, 2003 to $2,459,665 for the quarter  ended
March  31, 2004.   This was primarily due to the acquisitions  of
the  new  communities in 2003 and 2004 and increased real  estate
taxes  and  legal  fees.   General  and  administrative  expenses
increased from $565,096 for the quarter ended March 31,  2003  to
$625,289  for  the  quarter  ended March  31,  2004.    This  was
primarily  due to an increase in personnel costs and professional
fees.    Interest expense decreased from $828,035 for the quarter
ended March 31, 2003 to $739,712 for the quarter ended March  31,
2004.    This was primarily due

                             Page 10

<PAGE>

CHANGES IN RESULTS OF OPERATIONS, (CONT'D.)

to  a  decrease in loans payable and the refinancing of  existing
mortgages   at  lower  interest  rates.    Depreciation   expense
increased from $716,659 for the quarter ended March 31,  2003  to
$770,700  for  the  quarter  ended  March  31,  2004.   This  was
primarily  due  to  the  acquisitions  of  the  new  communities.
Amortization  of financing costs remained relatively  stable  for
the quarter ended March 31, 2004 as compared to the quarter ended
March 31, 2003.

Sales of manufactured homes amounted to $1,542,342 and $1,496,093
for  the  quarters  ended March 31, 2004 and 2003,  respectively.
Cost  of  sales of manufactured homes amounted to $1,217,212  and
$1,193,019  for  the  quarters ended March  31,  2004  and  2003,
respectively.  Selling expenses amounted to $345,295 and $275,238
for  the  quarters  ended March 31, 2004 and 2003,  respectively.
These  fluctuations are directly attributable to the fluctuations
in  sales.  Income from the sales operations (defined as sales of
manufactured homes less cost of sales of manufactured homes  less
selling  expenses) amounted to a loss of $20,165 for the  quarter
ended  March  31, 2004 as compared to income of $27,836  for  the
quarter  ended March 31, 2003, respectively.  This  decrease  was
primarily  due  to an increase in personnel costs.   The  Company
believes that sales of new homes produces new rental revenue  and
is an investment in the upgrading of the communities.

LIQUIDITY AND CAPITAL RESOURCES

Net   cash  provided  by  operating  activities  increased   from
$1,596,891 for the quarter ended March 31, 2003 to $1,967,619 for
the  quarter ended March 31, 2004 primarily due to a decrease  in
inventory of manufactured homes.  The Company received, including
dividends  reinvested  of  $424,708, new  capital  of  $3,234,050
through its Dividend Reinvestment and Stock Purchase Plan (DRIP).
The Company sold $4,837,739, at cost, and purchased $2,039,284 of
securities  of  other  real estate investment  trusts.  Mortgages
Payable  increased by $522,515 as a result of a new  mortgage  of
$2,000,000   partially   offset  by   principal   repayments   of
$1,477,485.  Loans payable decreased by $4,700,048 due  primarily
to   principal  repayments.   The  Company  believes  that  funds
generated  from  operations  together  with  the  financing   and
refinancing  of  its properties will be sufficient  to  meet  its
needs over the next several years.

FUNDS FROM OPERATIONS

Funds  from  Operations (FFO) is defined as net income  excluding
gains  (or  losses)  from  sales  of  depreciable  assets,   plus
depreciation.  FFO should be considered as a supplemental measure
of  operating  performance used by real estate  investment  trust
(REITs).  FFO excludes historical cost depreciation as an expense
and  may  facilitate the comparison of REITs which have different
cost   bases.   The  items  excluded  from  FFO  are  significant
components in understanding and assessing the Company's financial
performance.   FFO  (1)  does  not  represent  cash   flow   from
operations   as   defined   by  generally   accepted   accounting
principles; (2) should not be considered as an alternative to net
income  as  a measure of operating performance or to  cash  flows
from  operating, investing and financing activities; and  (3)  is
not  an alternative to cash flow as a measure of liquidity.  FFO,
as  calculated by the Company, may not be comparable to similarly
entitled measures reported by other REITs.

                             Page 11

<PAGE>

FUNDS FROM OPERATIONS, (CONT'D.)

The Company's FFO for the quarter ended March 31, 2004 and 2003
is calculated as follows:

                              2004          2003
                              ____          ____

Net Income              $3,277,667    $1,802,476
Loss (Gain) on Sales
 of Depreciable
 Assets                      5,259       (6,302)
Depreciation Expense       770,700       716,659
                        __________    __________

FFO                     $4,053,626    $2,512,833
                        ==========    ==========

The  following  are the cash flows provided (used) by  operating,
investing  and  financing activities for the three  months  ended
March 31, 2004 and 2003:

                                     2004            2003
                                     ____            ____

Operating Activities              $1,967,619       $1,596,891
Investing Activities                 182,018           (8,239)
Financing Activities              (2,974,760)      (2,444,526)


CONTROLS AND PROCEDURES

The   Company's  Chief  Executive  Officer  and  Chief  Financial
Officer,  with  the assistance of other members of the  Company's
management,  have  evaluated the effectiveness of  the  Company's
disclosure  controls and procedures as of the end of  the  period
covered  by  this Quarterly Report on Form 10-Q.  Based  on  such
evaluation,  the  Company's  Chief Executive  Officer  and  Chief
Financial  Officer  have concluded that the Company's  disclosure
controls and procedures are effective.

The Company's Chief Executive Officer and Chief Financial Officer
have  also concluded that there have not been any changes in  the
Company's  internal  control over financial  reporting  that  has
materially  affected,  or  is  reasonably  likely  to  materially
affect, the Company's internal control over financial reporting.

SAFE HARBOR STATEMENT

This  Form  10-Q  contains  various "forward-looking  statements"
within  the  meaning  of  the Securities  Act  of  1933  and  the
Securities  Exchange  Act of 1934, and the Company  intends  that
such  forward-looking statements be subject to the  safe  harbors
created  thereby.  The words "may", "will", "expect",  "believe",
"anticipate",  "should",  "estimate",  and  similar   expressions
identify   forward-looking  statements.   These   forward-looking
statements reflect the Company's


                             Page 12

<PAGE>

SAFE HARBOR STATEMENT, (CONT'D.)

current   views  with  respect  to  future  events  and   finance
performance, but are based upon current assumptions regarding the
Company's  operations,  future results  and  prospects,  and  are
subject  to  many  uncertainties  and  factors  relating  to  the
Company's operations and business environment which may cause the
actual results of the Company to be materially different from any
future  results  expressed  or implied  by  such  forward-looking
statements.

Such factors include, but are not limited to, the following:  (i)
changes   in  the  general  economic  climate;  (ii)    increased
competition in the geographic areas in which the Company owns and
operates  manufactured  housing communities;  (iii)   changes  in
government  laws  and regulations affecting manufactured  housing
communities; and (iv)  the ability of the Company to continue  to
identify,  negotiate and acquire manufactured housing communities
and/or  vacant  land  which  may be developed  into  manufactured
housing  communities  on terms favorable  to  the  Company.   The
Company undertakes no obligation to publicly update or revise any
forward-looking   statements  whether  as   a   result   of   new
information, future events, or otherwise.


                             Page 13

<PAGE>
                             PART II

                        OTHER INFORMATION


Item 1 - Legal Proceedings - none

Item 2 - Changes in Securities - none

Item 3 - Defaults Upon Senior Securities - none

Item 4 - Submission of Matters to a Vote of Security Holders  -
         none

Item 5 - Other Information - none

Item 6 - Exhibits and Reports on Form 8-K -

     (a)  Exhibits -

       31.1
       CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
       AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
       ACT OF 2002

        31.2
       CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
       AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
       ACT OF 2002

       32
       CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
       AS ADOPTED PURSUANT TO
       SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     (b)  Reports on Form 8-K -  none



                             Page 14

<PAGE>

                           SIGNATURES


Pursuant to the requirements of the Securities and Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.

                    UNITED MOBILE HOMES, INC.


DATE:       May 3, 2004            By /s/ Samuel A. Landy
                                   Samuel A. Landy
                                   President




DATE:        May 3, 2004           By /s/ Anna T. Chew
                                   Anna T. Chew
                                   Vice President and
                                   Chief Financial Officer



