A new report reveals just how much money those wild and free RV travelers are saving.
Okay, in hindsight, I realize the title is kind of obvious. If you’re not paying rent or paying a mortgage, and the rest of the bills associated with modern living, then you’re saving money. So, what am I really getting at here? Progressive Insurance and Harvest Hosts teamed up to gather some insights on RV-travelers and the information is quite revealing.
As it turns out, 61% of RVers who travel with children under the age of 18 report spending less than $8,000 per year on travel costs. That’s not too shabby. Now, those numbers wouldn’t be as digestible without an excellent comparison, so let’s go.
Putting low-cost RV life into perspective for the rest of us
No, we can’t all run out, buy an RV and hit the open road. Even if we all had the resources to do that, quite a few of us just aren’t cut out for that life. Okay, I might be speaking for myself, but you get the point.
What’s interesting is that the $8,000 per year RVers reported is less than the average cost for a one-week vacation to Disney World for a family of four. Expected to cost about $9,000, and that’s probably being conservative, that’s $1,000 more than annual RV-life costs. Moreover, nearly three-quarters or 71% of RVers report that they spend less than $10,000 annually on ownership and travel costs. The takeaway there is that RV life is affordable and an excellent long-term option for those looking to save. Imagine if you’re a digital nomad working freelance on the road? You could bank all of that money or put it towards extra activities.
On second thought, maybe I will plan an RV lifestyle for my family. I wonder how it all compares to van life?
According to the report, the average respondent was a retired part-time RVer that also likes hiking. Popular home bases include Texas (15%), Florida (10%), and California (7.8%). About 77% of respondents are retired, with 67% over the age of 65, and 69% only living in an RV part-time. About 26% of those respondents own a Class A type RV. Okay boomer.
A whopping 92% of the RVers surveyed plan to continue traveling the same amount this year as the year prior.
Why does any of this matter?
With costs rising everywhere, including the overall cost of living, it might make sense for some to hit the open road. The average cost of an RV is between $20,000 to $300,000, depending on how lavish the vehicle is. More amenities and extra features built-in translates to a higher price. Mid-level and luxury trailers range between $25,000 and $80,000, which is still cheaper than most single-family homes on the market — and that’s even with a market downtrend potentially going on. Bear in mind, you could also buy a used RV, it doesn’t have to be brand new.
So, what do you think folks? Does this news make you want to pack everything up and leave the static home life behind?
