
                                 Page 2


                              UNITED STATES
                   SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.  20549

                                FORM 10-Q

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

     For the quarterly period ended   September 30, 2004

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

           For the transition period from ______ to ______

                    Commission File Number 001-12690


                  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 (Address of Principal Executive 0ffices)
(Zip Code)

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 12b-2 of the Exchange Act). Yes   X   No ___

The number of shares outstanding of issuer's common stock as of
October 14, 2004 was 8,842,999 shares.

                                 Page 1
<Page>

                        UNITED MOBILE HOMES, INC.

                          for the QUARTER ENDED

                           SEPTEMBER 30, 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        6-10

Item 2 -  Management's  Discussion  and  Analysis  of
          Financial   Condition   and   Results    of      11-15
          Operations

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                             14

PART  II  OTHER INFORMATION                                   16
-

          SIGNATURES                                          17

                                 Page 2
<PAGE>
<TABLE>
<CAPTION>
                    UNITED MOBILE HOMES, INC
                   CONSOLIDATED BALANCE SHEETS
         AS OF SEPTEMBER 30, 2004 AND DECEMBER 31, 2003

<S>                                       <C>          <C>
                                           September    December
                -ASSETS-                      30,          31,
                                             2004         2003
                                          ___________  ___________

                                          (Unaudited)

INVESTMENT PROPERTY AND EQUIPMENT
  Land                                    $ 8,412,970  $ 6,927,971
  Site and Land Improvements               61,883,040   59,202,516
  Buildings and Improvements                3,109,992    2,790,612
  Rental Homes and Accessories             10,134,044    9,581,123
                                          ___________  ___________
    Total Investment Property              83,540,046   78,502,222
  Equipment and Vehicles                    5,478,652    4,664,006
                                          ___________  ___________
    Total Investment Property and
      Equipment                            89,018,698   83,166,228
					  ___________  ___________
  Accumulated Depreciation                (39,843,419) (37,660,693)
                                          ___________  ___________
   Net Investment Property and             49,175,279   45,505,535
     Equipment                            ___________  ___________


OTHER ASSETS
  Cash and Cash Equivalents                 1,630,558    3,244,871
  Securities Available for Sale            26,578,544   31,096,211
  Inventory of Manufactured Homes           4,618,767    3,635,954
  Notes and Other Receivables               8,763,261    7,338,580
  Unamortized Financing Costs                 559,324      407,401
  Prepaid Expenses                            982,160      559,594
  Land Development Costs                    4,338,378    2,522,066
                                          ___________  ___________
     Total Other Assets                    47,470,992   48,804,677
_                         		  ___________  ___________
 TOTAL ASSETS                             $96,646,271  $94,310,212
                                          ===========   ==========
 - LIABILITIES AND SHAREHOLDERS' EQUITY -

LIABILITIES:
MORTGAGES PAYABLE                         $43,702,290  $44,222,675

                                           __________  ___________

OTHER LIABILITIES
  Accounts Payable                            546,207      655,648
  Loans Payable                             3,465,985    7,840,962
  Accrued Liabilities and Deposits          1,939,075    1,988,525
  Tenant Security Deposits                    525,249      502,626
                                           __________   __________
     Total Other Liabilities                6,476,516   10,987,761
                                           __________   __________
  Total Liabilities                        50,178,806   55,210,436
                                           __________   __________
SHAREHOLDERS' EQUITY:
  Common Stock - $.10 par value per
  share, 20,000,000 shares authorized,
  9,140,258 and 8,557,130 shares
  issued and 8,842,999 and 8,164,830
  shares outstanding as of September
  30, 2004 and December 31, 2003,
  respectively				      914,026      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                44,850,179   36,304,626
 Accumulated Other
    Comprehensive Income                    3,035,094    5,308,195
 Undistributed Income                         479,000      341,164
  Treasury Stock, at Cost (297,259 and
    392,300 shares at September 30, 2004
    and December 31, 2003, respectively)   (2,810,834)  (3,709,922)

                                           __________   __________
     Total Shareholders' Equity            46,467,465   39,099,776
                                           __________   __________

TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY                                    $96,646,271  $94,310,212
                                           ==========  ===========


</TABLE>
                           -UNAUDITED-
   See Accompanying Notes to Consolidated Financial Statements
                             Page 3
<PAGE>
<TABLE>
<CAPTION>
                    UNITED MOBILE HOMES, INC.
          CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
               FOR THE THREE AND NINE MONTHS ENDED
                   SEPTEMBER 30, 2004 AND 2003
<S>                      <C>         <C>        <C>         <C>
                               THREE MONTHS             NINE MONTHS
                              2004        2003        2004        2003
                         _________    _________   _________   _________

REVENUES:
Rental and Related
  Income                 $5,419,585  $5,265,197 $16,150,587 $15,641,010
Sales of Manufactured
  Homes                   2,136,986   1,876,398   5,368,668   5,107,063
Interest and Dividend
  Income                    751,276     848,860   2,143,891   2,545,783
(Loss) Gain on
  Securities Available
  for Sal Transactions
  net                      (203,671)    815,358   1,930,107   1,486,939
Other Income                 26,516      28,292      81,326      93,953
                          _________   _________   _________   _________

Total Revenues            8,130,692   8,834,105  25,674,579  24,874,748
                          _________   _________   _________   _________

EXPENSES:
Community Operating
  Expenses                2,834,637   2,639,788   7,964,416   7,475,312
Cost of Sales of
  Manufactured Homes      1,783,961   1,504,503   4,303,768   4,047,248
Selling Expenses            249,054     283,278     891,505     856,156
General and
  Administrative
  Expenses                 585,960     566,584   1,836,603    1,798,310
Interest Expense           653,602     785,933   2,083,099    2,417,348
Depreciation Expense       804,920     723,080   2,368,988    2,156,519
Amortization of
  Financing Costs           49,810      30,300      99,430       90,900
                         _________   _________   _________    _________

   Total Expenses        6,961,944   6,533,466  19,547,809   18,841,793
                          _________  _________  __________    _________

 Income before Gain on
  Sales of Investment
  Property and
  Equipment 		 1,168,748   2,300,639   6,126,770    6,032,955

 Gain on Sales of
  Investment Property
  and Equipment             21,090      13,098       9,062       50,652
                         _________  __________   _________    _________
 Net Income             $1,189,838  $2,313,737  $6,135,832   $6,083,607
                         =========  ==========  ==========    =========


Net Income per Share -
  Basic                 $     0.14  $     0.29  $     0.72   $     0.78
			 =========   =========	 =========    =========
  Diluted               $     0.14  $     0.29  $     0.72    $    0.77
			 =========   =========   =========    =========

Weighted Average
  Shares Outstanding -

  Basic                  8,723,335   7,905,395   8,485,910    7,788,311
                         =========   =========   =========    =========
  Diluted                8,792,531   8,001,633   8,568,035    7,876,576
                         =========   =========   =========    =========

</TABLE>


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

<PAGE>
<TABLE>
<CAPTION>

                    UNITED MOBILE HOMES, INC.
        CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                    FOR THE NINE MONTHS ENDED
                   SEPTEMBER 30, 2004 AND 2003


<S>                                       <C>          <C>

                                              2004         2003
                                           ___________  ___________
CASH FLOWS FROM OPERATING
  ACTIVITIES:
Net Income                                $ 6,135,832  $ 6,083,607
Non-Cash Adjustments:
Depreciation                                2,368,988    2,156,519
Amortization                                   99,430       90,900
Stock Compensation Expense                     91,595          -0-
Gain on Securities Available for
  Sale Transactions                        (1,930,107)  (1,486,939)
Gain on Sales of Investment Property
  and Equipment                                (9,062)     (50,652)

Changes in Operating Assets and
  Liabilities:
Inventory of Manufactured Homes              (982,813)      128,152
Notes and Other Receivables                (1,424,681)   (1,735,292)
Prepaid Expenses                             (422,566)     (431,956)
Accounts Payable                             (109,441)     (347,040)
Accrued Liabilities and Deposits              (49,450)     (517,577)
Tenant Security Deposits                       22,623            55
                                           ___________  ___________
Net Cash Provided by Operating Activities   3,790,348     3,889,777
                                           ___________  ___________

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Community    (3,535,400)    (918,000)
Purchase of Investment Property and
  Equipment                                (2,797,093)  (2,196,617)
Proceeds from Sales of Assets                  302,823      338,793
Additions to Land Development              (1,816,312)    (932,803)
Purchase of Securities Available for Sale  (5,185,488)  (5,741,183)
Proceeds from Sales Of Securities
  Available for Sale                        9,360,161    9,787,156
Repayment of Notes Receivable from                -0-       92,000
  Officers
Net Cash (Used) Provided  by Investing     ___________  ___________
  Activities                               (3,671,309)      429,346
                                           ___________  ___________

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Mortgages and Loans            2,000,000    3,500,000
Principal Payments of Mortgages and Loans   (6,895,362)  (7,916,546)
Financing Costs on Debt                       (251,353)     (75,728)
Proceeds from Issuance of Common Stock       7,915,109    2,350,004
Proceeds from Exercise of Stock Options        100,725      783,513
Dividends Paid, net of amount reinvested    (4,602,471)  (3,934,487)
                                           ___________  ___________
Net Cash Used in Financing Activities       (1,733,352)  (5,293,244)
                                           ___________  ___________

NET DECREASE IN CASH
  AND CASH EQUIVALENTS                      (1,614,313)    (974,121)
CASH & CASH EQUIVALENTS-BEGINNING            3,244,871    2,338,979
                                           ___________  ___________
CASH & CASH EQUIVALENTS-ENDING             $ 1,630,558  $ 1,364,858
                                           ===========  ===========
</TABLE>
                           -UNAUDITED-
   See Accompanying Notes to Consolidated Financial Statements
                             Page 5
<PAGE>

                    UNITED MOBILE HOMES, INC.
           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                 SEPTEMBER 30, 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 September 30, 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 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  and  nine months ended September 30, 2004 and  2003  would
have been reduced to the pro forma amounts as follows:

                  		Page 6

<PAGE>
<TABLE>
<CAPTION>

NOTE 1 - ORGANIZATION AND ACCOUNTING POLICY, (CONT'D.)
<S>                    <C>          	<C>          <C>         <C>
                            Three Months               Nine Months
                           2004        2003          2004       2003
                       ________     ________        ________   ________

Net Income prior to
  compensation
  expense             $1,224,578    $2,320,650    $6,227,427   $6,090,520
Compensation expense      34,740         6,913        91,595        6,913
                        _________    _________     _________   _________
Net Income as          1,189,838     2,313,737     6,135,832    6,083,607
  Reported
Compensation expenses
  if the fair value
  method had been
  applied                   -0-           -0-           -0-         8,815
                       _________    __________     __________   _________
Net Income Pro forma  $1,189,838    $2,313,737    $6,135,832   $6,074,792
                       =========     =========     =========    =========

Net Income per share
  - as reported
  Basic               $      .14    $      .29    $      .72   $     .78
  Diluted             $      .14    $      .29    $      .72   $     .77
Net Income per share
  - pro forma
  Basic               $      .14    $      .29    $      .72   $     .78
  Diluted             $      .14    $      .29    $      .72   $     .77


</TABLE>

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         3.89%      3.91%      3.40%
   Expected lives                     8          8          8

The  weighted-average fair value of options  granted  during  the
nine  months  ended September 30, 2004 was $1.27.   The  weighted
average fair value of options granted during 2003 was $1.30.

During  the  nine months ended September 30, 2004, the  following
stock options were granted:


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

______    ________    _______     _____    ________

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

7/6/04         9        41,000      13.05    7/6/12

During  the nine months ended September 30, 2004, three employees
exercised their stock options and purchased 11,000 shares  for  a
total of $100,725.  Additionally, a stock option for 2,000 shares
expired without being exercised.  As of September 30, 2004, there
were options outstanding to purchase 359,000 shares and 1,372,000
shares  were available for grant under the Company's  2003  Stock
Option Plan.

				Page 7

<PAGE>

NOTE 2 - NET INCOME PER SHARE AND COMPREHENSIVE (LOSS) 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 69,196 and 82,125  shares  for
the three and nine months ended September 30, 2004, respectively,
and  96,238 and 88,265 shares for the three and nine months ended
September  30,  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  and  nine  months   ended
September 30, 2004 and 2003:


                       Three Months                 Nine Months
                       ____________                 ___________
                    2004          2003           2004           2003
                   _____         _____           _____          _____

Net Income       $1,189,838     $2,313,737      $6,135,832     $6,083,607
Increase
 (decrease) in
 unrealized
 gain on
 securities
 available
 for sale           761,671        450,313      (2,273,101)     1,319,970
                 __________     __________      __________    __________
Comprehensive
  Income         $1,951,509     $2,764,050      $3,862,731     $7,403,577
                 ==========     ==========      ==========    ===========




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%.

				Page 8
<PAGE>

NOTE 4 - SECURITIES AVAILABLE FOR SALE AND DERIVATIVE INSTRUMENTS
During the nine months ended September 30, 2004, the Company sold
or   redeemed  $7,430,054  in  securities  available  for   sale,
recognizing  a net gain of $1,930,107.  Included in  these  sales
are  sales  of 745,250 shares of Monmouth Real Estate  Investment
Corporation (an affiliated company) common stock for  a  gain  of
$1,499,332.

During  the  nine  months ended September 30, 2004,  the  Company
invested in futures contracts on ten-year Treasury notes  with  a
notional amount of $9,000,000, 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 (loss) gain on securities  available  for
sale  transactions,  net with corresponding amounts  recorded  in
accrued liabilities and deposits on the balance sheet.  The  fair
value of the derivatives at September 30, 2004 was a liability of
$30,235.  During the quarter and nine months ended September  30,
2004,  the  Company  recorded a realized  loss  of  $454,137  and
$209,213,  respectively on settled futures  contracts,  which  is
included  in  (loss)  gain  on  securities  available  for   sale
transactions, net.

NOTE 5 - LOANS AND 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%.

On June 30, 2004, the Company established a $15,000,000 revolving
line  of  credit with PNC Bank.  This facility is for an  initial
three-year period, extendable for an additional year at  the  end
of each year, and is collateralized by four of the Company's Ohio
manufactured home communities, Lake Sherman Village, River Valley
Estates,   Spreading  Oaks  Village  and  Wood  Valley   Estates.
Borrowings  are  at  an  interest rate  of  prime.   This  credit
facility  has  been  put  in  place to finance  acquisitions  and
expansions and for other general corporate purposes.

NOTE 6 - DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN

On  September  15,  2004, the Company paid  $2,075,265  of  which
$508,719  was  reinvested, as a dividend of $.2375 per  share  to
shareholders  of  record as of August 16, 2004.  Total  dividends
paid  for  the nine months ended September 30, 2004  amounted  to
$5,997,996,  of which $1,395,525 was reinvested.  On  October  1,
2004,  the  Company declared a dividend of $.24 per share  to  be
paid on December 15, 2004 to shareholders of record November  15,
2004.

During  the  nine  months ended September 30, 2004,  the  Company
received,  including dividends reinvested, a total of  $9,310,634
from  the  Dividend Reinvestment and Stock Purchase Plan.   There
were 667,169 shares issued under the Plan, of which 95,041 shares
were issued from Treasury stock.

				Page 9

<PAGE>

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 benefit of $50,000 per year 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 nine months ended September 30,  2004  and
2003  for  interest was $2,233,799 and $2,529,048,  respectively.
Interest  cost capitalized to Land Development was  $150,700  and
$111,700  for the nine months ended September 30, 2004 and  2003,
respectively.

During  the  nine months ended September 30, 2004 and  2003,  the
Company  had dividend reinvestments of $1,395,525 and $1,316,223,
respectively, which required no cash transfers.

				Page 10
<PAGE>

MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION  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  owns and operates 27 communities  with  over  6,200
sites.   These communities are located in New Jersey,  New  York,
Ohio,  Pennsylvania and Tennessee.  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.

The  Company also holds a portfolio of securities of other  REITs
of  $26,578,544 at September 30, 2004.  The Company from time  to
time  may  purchase these securities on margin when  an  adequate
yield  spread  can  be  achieved.  At  September  30,  2004,  the
Company's portfolio consists of 60% preferred stocks, 27%  common
stocks and 13% debentures.  The securities portfolio provides the
Company with liquidity and additional income.

The  Company's revenue primarily consists of rental  and  related
income  from  the operation of its manufactured home communities.
Revenues  also include sales of manufactured homes, interest  and
dividend  income  and  gain  on  securities  available  for  sale
transactions,  net.  Total revenues decreased 8%  for  the  three
months  ended September 30, 2004 as compared to the three  months
ended  September 30, 2003 primarily due to a loss  on  securities
available  for  sale  transactions due to settlement  of  futures
contracts  at a loss of $454,137.  The net loss on settlement  of
futures contracts amounted to $209,213 for the nine months  ended
September  30, 2004.  The Company also experienced a decrease  in
dividend  and interest income as a result of sales of securities.
Total  revenues increased 3% for the nine months ended  September
30,  2004 as compared to the nine months ended September 30, 2003
primarily  due  to rent increases and the acquisition  of  a  new
community  during the first quarter of 2004.  On March  1,  2004,
the  Company  acquired a manufactured home community in  Somerset
Township,  Pennsylvania.  Net income for the three  months  ended
September 30, 2004 decreased by $1,123,899 due primarily  to  the
loss  on  securities available for sales transactions of $203,671
for  the three months ended September 30, 2004 as compared  to  a
gain  of $815,358 for the three months ended September 30,  2003.
Community operations have remained relatively stable.  Management
is  continuing  to  seek  communities for  acquisition,  but  the
current acquisition environment is very competitive.

See  PART  I,   Item 1-  Business, of the Company's December  31,
2003  annual report  on Form 10-K for a more complete  discussion
of  the  economic  and  industry-wide  factors  relevant  to  the
Company,  the Company's lines of business and principal  products
and  services,  and the opportunities, challenges  and  risks  on
which the Company is focused.

				Page 11

<PAGE>

CHANGES IN RESULTS OF OPERATIONS

Rental  and  related  income increased from  $5,265,197  for  the
quarter  ended September 30, 2003 to $5,419,585 for  the  quarter
ended  September  30, 2004.  Rental and related income  increased
from $15,641,010 for the nine months ended September 30, 2003  to
$16,150,587 for the nine months ended September 30,  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  $848,860
for  the  quarter  ended September 30, 2003 to $751,276  for  the
quarter  ended September 30, 2004.  Interest and dividend  income
decreased from $2,545,783 for the nine months ended September 30,
2003  to $2,143,891 for the nine months ended September 30, 2004.
This  was  due primarily to a lower average balance of securities
in  2004 as a result of sales during 2003 and 2004.  (Loss)  gain
on securities available for sale transactions, net amounted to  a
loss  of  $203,671 for the quarter ended September  30,  2004  as
compared  to  a gain of $815,358 for the quarter ended  September
30,  2003.   This  decrease  was  primarily  due  to  a  loss  on
settlement of futures contracts of $454,137 partially  offset  by
gains  on  sales  of securities.  The net loss on  settlement  of
futures contracts amounted to $209,213 for the nine months  ended
September 30, 2004.  (Loss) gain on securities available for sale
transactions, net amounted to $1,930,107 and $1,486,939  for  the
nine  months  ended  September 30, 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.   See
Safe Harbor Statement on page 14.

Community  operating expenses increased from $2,639,788  for  the
quarter  ended September 30, 2003 to $2,834,637 for  the  quarter
ended  September 30, 2004. Community operating expenses increased
from  $7,475,312 for the nine months ended September 30, 2003  to
$7,964,416  for the nine months ended September 30,  2004.   This
was  primarily  due  to the acquisitions of the  new  communities
during  2003  and  2004 and increased real estate  taxes,  health
insurance   and   sewer  expenses.   General  and  administrative
expenses  remained  relatively stable for the  quarter  and  nine
months  ended September 30, 2004 as compared to the  quarter  and
nine months ended September 30, 2003.  Interest expense decreased
from  $785,933  for  the  quarter ended  September  30,  2003  to
$653,602  for  the  quarter ended September 30,  2004.   Interest
expense  decreased  from $2,417,348 for  the  nine  months  ended
September  30,  2003  to  $2,083,099 for the  nine  months  ended
September  30,  2004.  This was primarily due to  a  decrease  in
loans  payable and the refinancing of existing mortgages at lower
interest  rates.   Depreciation expense increased  from  $723,080
for  the  quarter  ended September 30, 2003 to $804,920  for  the
quarter  ended September 30, 2004. Depreciation expense increased
from  $2,156,519 for the nine months ended September 30, 2003  to
$2,368,988  for the nine months ended September 30,  2004.   This
was  primarily  due to the acquisitions of the  new  communities.
Amortization  of financing costs remained relatively  stable  for
the  quarter and nine months ended September 30, 2004 as compared
to the quarter and nine months ended September 30, 2003.

Sales of manufactured homes amounted to $2,136,986 and $1,876,398
for the quarters ended September 30, 2004 and 2003, respectively.
Sales of manufactured homes amounted to $5,368,668 and $5,107,063
for the nine months ended September 30, 2004 and 2003,

				Page 12

<PAGE>

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

respectively.   Cost of sales of manufactured homes  amounted  to
$1,783,961  and $1,504,503 for the quarters ended  September  30,
2004 and 2003, respectively.  Cost of sales of manufactured homes
amounted  to $4,303,768 and $4,047,248 for the nine months  ended
September  30,  2004  and 2003, respectively.   Selling  expenses
amounted  to  $249,054  and  $283,278  for  the  quarters   ended
September  30,  2004  and 2003, respectively.   Selling  expenses
amounted  to  $891,505  and $856,156 for the  nine  months  ended
September  30,  2004 and 2003, respectively.  These  fluctuations
are  directly attributable to the fluctuations in sales.   Income
from  sales  operations (defined as sales of  manufactured  homes
less  cost  of sales of manufactured homes less selling expenses)
amounted to $103,971 for the quarter ended September 30, 2004  as
compared  to  $88,617 for the quarter ended September  30,  2003.
Income  from sales operations amounted to $173,395 for  the  nine
months  ended September 30, 2004 as compared to $203,659 for  the
nine  months  ended  September  30,  2003.   This  decrease   was
primarily  due  to an increase in personnel costs.   The  Company
believes  that  sales  of  new homes, into  the  Company's  parks
produces new rental revenue and upgrades the communities.

LIQUIDITY AND CAPITAL RESOURCES

Net   cash  provided  by  operating  activities  decreased   from
$3,889,777  for  the  nine months ended  September  30,  2003  to
$3,790,348 for the nine months ended September 30, 2004 primarily
due  to  an increase in inventory of manufactured homes  for  the
nine  months ended September 30, 2004 as compared to  a  decrease
for  the  nine  months  ended September 30,  2003.   The  Company
received,  including  dividends  reinvested  of  $1,395,525,  new
capital of $9,310,634 through its Dividend Reinvestment and Stock
Purchase Plan (DRIP).  The Company sold $7,430,054, at cost,  and
purchased   $5,185,488  of  securities  of  other   real   estate
investment trusts. Mortgages Payable decreased by $520,385  as  a
result of principal repayments of $2,520,385 partially offset  by
a  new  mortgage  of  $2,000,000.   Loans  payable  decreased  by
$4,374,977 due primarily to principal repayments from  the  sales
of   securities  subject  to  margin  loans.   The  Company  also
established  a  $15,000,000 revolving line of credit  to  finance
acquisitions  and  expansions  and for  other  general  corporate
purposes.     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 13

<PAGE>
<TABLE>
<CAPTION>

FUNDS FROM OPERATIONS, (CONT'D.)

The Company's FFO for the three and nine months ended September
30, 2004 and 2003 is calculated as follows:

<S>                     <C>         <C>          <C>         <C>
                               Three Months           Nine Months
                               ____________           ___________
                          2004         2003        2004        2003

Net Income              $1,189,838  $2,313,737   $6,135,832  $6,083,607

Gain on Sales of
  Depreciable Assets       (21,090)    (13,098)      (9,062)    (50,652)
Depreciation Expense       804,920     723,080    2,368,988   2,156,519
                        _________    ________     _________   ________

FFO                     $1,973,668  $3,023,719   $8,495,758   $8,189,474

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

</TABLE>

The  following  are the cash flows provided (used) by  operating,
investing  and  financing activities for the  nine  months  ended
September 30, 2004 and 2003:

                            2004         2003
                          _________   __________

  Operating Activities    $3,790,348   $ 3,889,777
  Investing Activities    (3,671,309)      429,346
  Financing Activities    (1,733,352)   (5,293,244)


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  during  the
quarter ended September 30, 2004 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 14
<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 15

<PAGE>

                             PART II

                        OTHER INFORMATION

Item 1 - Legal Proceedings - none

Item 2 - Unregistered Sales of Equity Securities and Use of
Proceeds- none

Item 3 - Defaults Upon Senior Securities - none

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

Item 5 - Other Information

     (a)  Information Required to be Disclosed in a Report on Form 8-
        K, but not Reported - none

     (b)  Material Changes to the Procedures by which Security Holders
        May Recommend Nominees to the Board of Directors - none

Item 6 - 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

				Page 16


<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:       November 5, 2004       By /s/ Samuel A. Landy
                                   Samuel A. Landy
                                   President




DATE:       November 5, 2004       By /s/ Anna T. Chew
                                   Anna T. Chew
                                   Vice President and
                                   Chief Financial Officer









				Page 17

