Due to volatile interest rates and rising home prices, you may be finding it harder to secure a quality mortgage loan for a stick-built house. To beat the market, a lot of people have chosen to move into alternative forms of housing. According to industry data, about 1 million Americans live in an RV full-time. Living in an RV full-time certainly has its perks, but is it actually cheaper than living in a traditional home? Let’s find out!
Cost Of Living in A House
Say you take out a 30-year mortgage for a house in Chattanooga for the average price of $261,693 with an interest rate of 7.23%. Your monthly mortgage payment would be $1,603. When you tack on other essential monthly costs like:
- Insurance: $66
- Property Tax: $172
- Utilities
- Phone: $120 (2 lines unlimited)
- Cable & Internet: $121
- Gas: $101
- Electric: $131
- Water: $36
- Maintenance: $400
- Food: $251
Typical Home Prices in Tennessee (Source: SoFi)
The estimated average cost of living in a house in Chattanooga would be $3,001 per month ($36,012 annually).
Cost Of Living in A Camper
Multiple factors should be considered when looking at how much it would cost to live in a camper or RV full-time. Are you going to stay parked in one place for a while or will you be in a different city every week? What type of unit are you interested in? Are you going to buy or finance your new home?
In general, the cost of living in a recreational vehicle is much less than living in a house. Utility bills are little to non-existent in most cases due to the design of the units. If you decide to keep your RV stationary, you won’t have to factor in fuel prices.
Assuming you buy an RV or camper from our End of Summer Auction, here are some figures to consider when setting your budget for living full-time in a camper.
- Vehicle Payment: $400
- RV Insurance: $48-$80
- Vehicle Insurance: $110
- Propane: $30-$100
- Gasoline: $300-$400
- Campsite Fees (space rentals, water & waste hookups): $14-$40 per night
- Groceries: $250
- RV/Truck Maintenance: $200-$300
- Phone: $120 (2 lines unlimited)
- Internet (private hotspot): $80
- Electric: $77
- Other (laundry, tolls, pets, mail service): $50-$100
Ways to keep your monthly costs living in a camper even lower include learning how to make repairs to your vehicle, staying parked in one place for an extended amount of time, purchasing a small washer to do laundry, and investing in kitchen supplies to cook your own meals. Also, don’t forget to sign up for a membership at your favorite RV park to get discounted rates on parking.
After making the upfront investment of purchasing a camper, your monthly cost of living in a camper or RV is an estimated $1,665 – $2,017 per month.
Benefits of Living in A Camper
Let’s be honest, camper life is not for everyone. Here’s a list of things to consider when deciding if turning in your house keys for a set of truck keys is worth it.
- It’s easier to pick and go when you get bored of your surroundings
- Closer to nature
- Travelling with the comforts of home
- Lower monthly expenses
- No property taxes
- More time with family and friends
- A greater sense of community with fellow RVers
Is Living in A Camper Right for You?
Are you ready to downsize to a camper home? Our End of Summer Auction features 50+ campers and RVs, brand new from the dealer. All units have minor exterior cosmetic damage and come with a clean title. Again, these are non-salvaged units! You can view the full auction catalog on HiBid.
Pre-bidding for the auction begins August 2 @ 10am ET. Final bids will be accepted starting August 16 @ 10am ET. This auction is open to the public. If you have questions about the auction or any of the auction items, give us a call at 800-729-6466 or email info@soldoncompass.com.
Need to sell your home before you start your #camperlife? Visit our real estate page to learn about how our team can help you get the most for your property!