Have you ever considered living in an RV to save money? With traditional housing becoming increasingly unaffordable for the average American and renters facing increasingly high costs, RV living might be the way to go. There are plenty of costs associated with living in an RV as well, but is it actually cheaper to live in an RV than in other types of housing?
Is It Cheaper To Live in an RV?
Living in an RV can be as cheap or as expensive as you want to make it. It all depends on the lifestyle you want to live. Certain costs always come with RV living such as maintenance, fuel, campsite costs, and more. These can add up depending on factors like how big your RV is, where you stay, and how much you travel.
However, even if you want to travel frequently for work, leisure, or seasonally, living in an RV is generally cheaper than renting an apartment and a far more cost-effective option than buying a home.
Living in an RV vs. owning a home
RV owners save far more money on everything from initial costs to maintenance than if they had opted to buy a home due to RVs being much smaller and coming with far fewer repairs and taxes than homes do.
Homes require a sizeable down payment of generally 20%, but down payments on an RV are significantly lower. With homes, you pay for utilities and maintenance on a much larger scale. In addition, property taxes on homes can be substantial depending on where you live.
Depreciation and resale value are the main downsides to having an RV in comparison to a home. A well-maintained home can appreciate over time, and you can make a substantial profit from it if you choose to sell. RVs, however, depreciate over time just like any other vehicle.
Living in an RV vs. renting an apartment
Living in an RV is cheaper than renting an apartment if you make it so. The cost of living in an RV compared to renting an apartment can be more complicated because the cost to rent an apartment varies greatly depending on the state you live in. Your RV costs also depend on your living situation.
For an RV, your expenses will be different depending on how you choose to live. You could pay for or rent a lot at an RV park, for example. Spending most of your time in your RV boondocking tends to come with a lower cost than resort hopping, where you pay around $20 to $40 per night or more for a basic park or $200 or more for a luxury resort.
So, Is It Cheaper To Live in an RV?
Yes, it is cheaper to live in an RV. In fact, RVs are naturally a cheaper option than home buying and apartment renting because they take up less space and have lower rental costs. If you’re looking to save money, living in an RV might be the best option for you. Once you have your RV, contact us at Meadow Lane RV Park to discover our beautiful and affordable spots to park your RV.