The RV lifestyle is a radical departure from buying a home or living in a rental unit. You get the flexibility to travel throughout the country, wake up near national parks and move at your own pace.
While living in an RV is cheaper than most homes, it isn’t a free ride. Here’s what to know about the cost.
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The upfront price is only the beginning
Your journey to full-time RV living begins by purchasing a vehicle. A towable RV is generally much cheaper than a motorhome, and you can also save money with a used vehicle over a new one. Aspiring RV owners can also reduce their total costs by paying in cash instead of financing their ride. Used vehicles result in immediate savings but may come with more expensive repair costs later.
Buying the RV doesn’t shield you from recurring expenses that are similar to the costs you would incur as a homeowner. Maintenance and repairs add up, and you will also need a good insurance policy. While you can park for free in some locations, you may have to pay for parking in other areas. You will also have to set up the RV with sewer hoses, batteries, appliances, equipment and other necessities.
The monthly costs retirees forget
It is often much cheaper to own an RV than a home, especially since an RV doubles as your method of transportation. However, the monthly fees will add up. Campground fees depend on where you drive, and if you opt for the more affordable public campgrounds, while maintenance and repairs will depend on the vehicle. A 2024 report by RV rental platform Outdoorsy says that the average camping cost for full-time RVers is $24 per night while those with utility-related hookups can be $900 per month, and that the average annual RV maintenance costs is around $1,500.
Some costs are present regardless of how you opt to live. Internet, laundry, memberships, tolls and storage costs are a part of regular life, even if you live in a home. While you may not need a storage unit for extra stuff if you live in a home, you make up for it with high housing costs relative to the monthly expenses of RV ownership.
Gas is a major wild card for RV enthusiasts. If you prefer to stay in place while traveling to nearby spots, you won’t have to pay as much for gas compared to an RV driver who wants to travel the entire country. The AAA’s national gas price data is a good resource to use when planning your travel. You can save money by doing most of your extensive travel when gas prices are low and focusing on states with lower gas prices.
Another cost to consider is health care. Although you don’t pay more in health costs by living in an RV, it can make health care logistics more complicated. Maintaining doctors, prescriptions and Medicare Advantage networks may be harder on the road, which can lead to headaches in the event of a health emergency.
Where People Are Buying RV Insurance This Year
When RV life saves money — and when it does not
While an RV can be cheaper than staying in a home, that’s not always the case. You will likely save money if you sell your home, travel slowly and use low-cost campgrounds to reduce your monthly expenses.
RV life can be more expensive if you opt to keep a home base while traveling throughout the country. That turns your RV into a second home instead of a viable path to lower living costs. Financing a luxury RV and prioritizing private resorts can also result in higher expenses than homeownership.
If you are only getting into RV life to reduce your retirement costs, you have plenty of other options. Money compiled a list of the top ways retirees can reduce their costs.
Test the lifestyle before committing to it
Selling a house and living in an RV will be a major change. While some people glamorize the transition, others aren’t prepared for the stark difference and realize they made a mistake a few months into the shift.
You can avoid this fate by testing out a long rental trip. This trip can help you practice RV budgeting and determine if you would prefer to travel in an RV or stay in your home and plan out occasional vacations.
