Is it Cheaper to Live in an RV or Rent an Apartment?

Living in an rv or an apartment

Living on a budget can be tough. Finding a decent home that fits into that budget can be even tougher.

When you do not want to give up quality of your home to live on a budget then you have to give up space.

A few smaller but still nice living options can include an RV or an apartment.

If you are trying to figure out where to live and how affordable each one is, then I know you have asked the question, is it cheaper to live in an RV or rent an apartment?

The answer depends entirely on where you live.

In some places apartments can cost you an arm and a leg every month and in other places apartments are not that expensive.

In all places though, in my opinion, I think that living in an RV is the cheapest option all the way around.

Does the RV Life Give You an Economic Advantage?

Living in an RV does give you an economic advantage.

While living in an RV you will be essentially living smaller.

This means that living in an RV is economically more efficient because of the smaller amount of everything that you are using.

While living in an RV you use less space, less utilities, and less everything pretty much.

This makes everything far cheaper than it would be if you were living in a traditional house.

The economic advantage is that you do not have as much to purchase.

You lose less materials so therefore you have to buy less materials.

RV living or living small in general can make a huge difference on your economic efficiency.

Buying an RV vs Renting an Apartment

There are quite a few differences between buying an RV and renting an apartment.

An RV is a completely different living situation to the way you would live in an apartment.

The biggest difference is the difference between buying and renting.

When you buy something you are working towards owning it.

The payments are usually smaller. You normally have to take out a loan.

This is something a lot of people work hard to do. On the other hand, when you rent something you are not working towards owning it.

You have to pay quite a bit more every month for as long as you live there as well as a deposit upfront.

The difference in the price every month can be extremely big.

When you are renting the price depends entirely on where you live.

Normally rent can range anywhere from $600 to $2500 a month and sometimes even more.

Again this depends on where you live, how big the apartment is, and how nice or up to date the apartment is.

Sometimes it can even depend on where the location of the apartment is in your area.

Price can go up if the apartment is located in a popular area.

When you buy an RV you are normally just paying off the loan.

Loans typically have interest that you have to pay so always keep that in the back of your mind.

Another thing is that the amount you pay on the loan depends on how much the RV cost you and how long you want to take to pay it off.

Your payments could be anywhere from $200-$800 a month or even less.

Keep it mind that depending on how long of a loan you got or how expensive of a loan you got it can take a few years to pay off.

How to Set Up a Cost Comparison

Setting up a cost comparison is the best way to see around how much you saved.

Creating a chart can be the best way to see exactly where you are at with savings.

There are a few ways to set up a cost comparison.

Each way will depend on what it would be to live in an apartment in your area and what it would be to buy an RV.

The first way is to make a chart yourself.

If you are tech savvy and know your way around google sheets you can punch in all the data yourself and create your own type of chart.

All you need to know is how much you would be spending each month for either the apartment you would be renting or the RV you would be buying.

If you are not tech savvy but still want to create your own then there are always tutorials that will show you how.

The next way is to get someone to do it for you.

If you are not tech savvy at all then there are different apps and websites that will help you.

Most of the time all you have to do is plug in the numbers for both the apartment living and the RV living and the app or website will give you the comparison and the money you would save for the cheaper option.

Having a cost comparison can really show you the best option for you and it can also help you figure out your budget and what you can afford each month and what you want to save each money.

This way you can live cheaper and more efficiently.

How Much Money You Save Depends on You

When it comes to saving money that all depends on you.

You could easily spend the exact same amount while living in an RV as you would living in a house if you are not careful with your budget.

The only difference is that you would be spending it in different ways.

t is important for you to still stick to your budget and not blow the extra money on things you do not necessarily need.

Living in an RV gives you an advantage to live smaller so that you are able to spend less money.

So take that advantage and roll with it instead of using the extra money on useless items.

Not only can you have more money to do more things but you also have the advantage with the RV to go more places.

Take advantage of the freedom you have now and the extra money you have as well.

On that note do not be afraid to spend your newfound money on things you really want as long you do not over do it.

Everything is up to you so live your RV life the way you want to. The best part of the RV life is the freedom it offers you.

Living in an RV to Save Money

When you live in an RV to save money you have a huge advantage.

RVs are essentially smaller living which means that you essentially have smaller bills.

While living in an RV there is less of everything.

Less electricity being used, less gas being used, and less water being used.

This is going to cut your utility bill in half, if not more than half.

Another way that RVs save you money is the monthly payments.

Unless you pay for the RV in cash up front with your own money you are going to have to take out a loan.

Taking out a loan is perfectly fine and the payments are not usually that much.

This allows for you to save even more money! Do not take this for granted.

Living in an RV allows for you to have a lot more freedom and a lot more money every month to be able to do and experience awesome things.

Final Thoughts

All in all everything is up to you and your choices.

Most of the time living in an RV will be cheaper but not all of the time.

So what you need to do is create a cost comparison and figure out the prices of each in your area.

Everywhere is different so make sure that you are figuring out the numbers for your own area.

Next make sure that you are saving the money that you want to save.

Even with the cheaper option of living in an RV you can still spend more money then you desired too. Keep on with your budget and make sure that you are doing what you feel you have too.

Even with a great advantage you can still spend more than you bargained for if you are not careful.

Finally, living in an RV will save you money.

So make sure that you explore all of your options and only spend the amount on the RV that you can afford every month. With that in mind RV life is small living.

That means smaller amount of money you spend every month, smaller amount of utilities you use, and smaller space.

Keep in mind that you will not be able to store as many items and when you make the switch you will most likely have to sell or get rid of a lot of your things.

So make sure you are 100% able to commit to RV living and that you are able to afford a safe and reliable RV.

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Is it Cheaper to Live in an RV or Rent an Apartment?

Jenn at Camperology

Hey there! Jenn here, I run this website. I live full time in my 2005 27' Fleetwood Terry Dakota with my son, partner, cat and dog. I created this website to help make your camper feel more like home while living in it full time. I enjoy finding new ways to organize and makeover my travel trailer, blogging, and drinking coffee.

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