As more and more seniors are looking for a lifestyle which allows them to see the sights and sounds of this country. Some people are turning to the “RVer’ lifestyle”. Thoughts of being able to pick up and go where you want when you want. Without being tied down to a house. Getting on the open road in your motorhome or 5th wheel and seeing the sights.
Sounds like fun, yes it can be exciting, but there may be potholes in your future. Having been the owner of a 5th wheel, I know from personal experience, that it is not all fun. There are costs and hassles, and hoops you need to jump through.
Recently a friend of mine and his wife decided to sell their home and move into an RV lifestyle. This is not their 1st rodeo full time RVing, so in this case they knew what they were getting into. Even so, let’s look at their situation.
Henry is 66 and Sue is 62. He is retired and she still works, with plans to retire within the next year. They have a beautiful 2400 sq ft. home, with a mortgage payment. A couple of cars and a motorcycle. They plan to sell the home and buy a 42 ft 5th wheel RV with a truck (diesel). Downsizing from 2400 sq ft. to around 336 sq ft.
When selling they decided to keep 1 car and the motorcycle until Shirley retires. After her retirement, they would sell the car and keep the motorcycle, with plans on using the truck to travel once the RV is parked at their favorite RV park. Motorcycle would be parked in the 5th wheel garage.
The plan – pay off debt, and only have the RV and truck payments.
Is this a good idea?
Let’s look at the price comparison. Say they bought their home for $240K on a 30 yr fix rate. Their monthly payment would be +/- 1600 month. This does not include property tax, which on average is 0.97% for every $1000 in property value. For purpose of this conversation, let’s say yearly taxes were $2400, or $200 a month. That would place their monthly living expenses at $1,800 a month.
In today’s market, most RV campsites have a 10-year rule. This means they will not rent when the RV is over 10 years old. If they bought an RV 5 years or newer, the average cost for a 42-foot RV can range from $39k to $150k depending on amenities. Again, for our conversation, let’s say they paid $50K.
They will need a pickup truck to pull the RV. Tom wants to go with a diesel pickup for towing capabilities. Again, a quick search of the internet places a 5-year-old RAM 2500 diesel pickup at around $34K. Note to remember – unlike a home, cars and trucks and RVs will depreciate over time.
Taking these two items, Tom and Shirley will have invested roughly $84K into an RV and the pickup truck to tow it.
With monthly payment for the truck and RV ranging between $800 – $1200 per month, this would equate to roughly the same amount as their prime mortgage payment.
What does it cost to rent a RV space at a RV campground?
The average costs per night at a campground can run anywhere from $30 to $60 per night. I am sure they have some discount for long-term rental, but again using an average price of $45 per night. Your yearly costs would be $16,425, or $1,368 ($45×365/12). And you do not own the land.
All this does not include gas to drive, electrical and sewage hookup, or other costs associated with maintaining the vehicles.
What are the upsides?
When researching I found several sites that talk about living the RV lifestyle. They all agree, living the RVer’ Lifestyle does have advantages, which include:
- The RV lifestyle is at a slower pace.
o People of all ages find working and living in an RV exciting. Once done, with work for the day. Step out and there you are at the beach, mountains, or forests. Your favorite spot with views and the chance to enjoy the great outdoors.
- RVer’s who want to still work can find jobs to fit their lifestyle.
o with the pandemic, more and more companies realized their workforce does not need to be in the office 9 to 5 Monday through Friday. Companies find people are just as productive working remotely. Being in an RV allows people to enjoy a more work-life balance. RVing can provide such a lifestyle.
- They can diversify their experiences.
o Travel the country. See the sights. Winter in Florida, or summer in the Rockies. Fall in New England. Your choice. Not just for two weeks a year, but year around.
- They can plan or “just go with the flow”.
o Just pick up and go, where you want, when you want. You can plan your adventure or take the nomad approach to RVing. See where life will take you. The choice is yours.
- Their life is defined by travel.
o Like all above, RVer lifestyles are defined by what interests them. They meet new people and see exciting sites wherever they go. Adventures await around the next corner.
In any case this lifestyle is for some, but no others. It is not about the costs, but for some people, the love of adventures that await them in traveling the country, seeing the sights. Others like me, like to travel, but have a home base from which to return. The choice is yours.
If you are interested in traveling and seeing the many sights in this great big country. Either by an RV or by other means (like a hotel). I suggest you check out Seniorsnews.org-Leisure, click on any state in this great union and see what each state has to offer. You will not be disappointed.
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