Many van lifers claim to have saved a fortune by transitioning to a nomadic lifestyle, all while having incredible adventures and having fewer possessions. Is it feasible that you may cancel your apartment lease and save money on the road?
Because you don’t have to pay for large rental contracts, living in a van is less expensive than renting an apartment. You own a van if you pay off a loan on it.
1. Customize Your Van
If you buy an old car, fix it yourself, and outfit it with low-cost stuff, van life can be less expensive than renting. Because rental rates are so high, you’ll probably save some money even if you buy new, more expensive things, but not nearly as much.
Renting and converting a van into a home might be costly, however, customizing your van gives you more control over a variety of aspects. As a result, you may make your mobile home far less expensive than paying a rental price over which you have no control.
2. How Expensive Is Renting?
Most people recommend that you spend no more than 30% of your income on rent when it comes to living expenditures. This means different things for different people based on their annual wage, and it doesn’t imply you have to spend that percentage on housing—it just means you don’t want to spend more.
For unfurnished living quarters, however, renters paid a startling $1,62. in 2018-2019. This cost equals more than half of one’s annual salary. Renting is significantly more expensive than most individuals can afford.
3. Why Is Vanlife Usually Cheaper?
You’ve probably heard stories about folks who save a lot of money by living in a van, car, or RV.
If you have a transportable source of income, van living offers an opportunity to build credit and save in addition to the undeniable freedom and alternative lifestyle.
4. Vans Don’t Have Raising Rental Costs
You won’t be subjected to the escalating expense of city flats or recurring rent-related fees if you live in a van. For some, this would imply significant rent savings. Unlike apartment rent, which varies widely, vans almost usually cost the same across the United States.
It will cost almost the same whether you rent or buy a van in Texas, Massachusetts, or Ohio. You’ve probably observed growing rental costs in your area, which is one of the numerous reasons you’ve come to begin with!
5. Van Life Can Build Your Credit
The majority of apartment dwellers in the United States pay their rent on a monthly basis without it influencing their credit score. When purchasing a van, though, you will almost certainly need to take out a loan. When you buy an RV or a van, you want to own it, but when you rent an apartment, you don’t have any interest in owning it. Loan repayments are typically smaller, and you can develop credit while doing so.
Keep in mind that we’re comparing apartment rentals to van living, not homeownership or mortgage repayment.
Van life isn’t the ideal option for people who want to save money but don’t have access to the necessary resources. Although you can be a minimalist, the change from living in an apartment to living in a van was jarring. However, if you enjoy camping and are prepared to adjust to a constantly changing lifestyle, I strongly suggest it for the unforgettable memories it will provide. The financial savings won’t bother you either!
Also Read: Why Choose A Van Life?
