Have you ever packed into a place with way too many roommates to save cash?
What about residing in a converted school bus or taking a job as a campground host?
If you look closely, there are countless ways to trim housing expenses. But have you ever thought about making a boat your residence? If tight quarters don’t bother you and the idea of life afloat appeals, this money-saving choice can significantly reduce living costs while offering a unique — sometimes idyllic — lifestyle.
One pair who chose the nautical route ended up saving a substantial amount. They shared their story with Business Insider. Sam Train and Francesca Spidalieri originally chose to buy a boat so they could have a home without worrying about selling property as Train’s Naval career required frequent relocations. Rather than owning a house and hoping the market cooperated when they needed to move, a boat seemed far more practical.
Below is a rundown of the expenses involved in living on a boat — from purchase to upkeep — and how that choice helped them save money.
Purchasing a Boat
After browsing options, Train and Spidalieri picked up a used 40-foot Catalina cruiser. They paid $150,000 for the mobile, floating residence, and their monthly mortgage is about $800.
When they first bought the cruiser they were based in Newport, Rhode Island, which they discovered wasn’t ideal for year-round liveaboard life. They spent roughly two months per year living aboard, taking advantage of warm, sunny summers. But when fall arrived and temperatures dropped, they moved into a rental apartment where they lived most of the year.
Choosing Full-Time Boat Life
Eventually the couple learned Train’s Navy assignment would relocate them to San Diego, a city famed for its mild, sunny climate all year.
Facing this long-distance move, they weighed their choices. They could rent in San Diego and leave the boat in Rhode Island, rent in San Diego and bring the boat with them, or skip renting and make the boat their permanent home. They crunched the numbers.
At the time, San Diego rentals were reaching as high as $3,000 per month, an expense they wanted to avoid. They figured out the cost of leaving the boat docked in Rhode Island while renting in San Diego and concluded it made the most financial sense to relocate the boat and live aboard there. Their estimates showed living on the boat would save them $50,000 over the next three years.
Because the Navy covered their move, they were able to use their relocation allowance to pay for shipping the boat to the West Coast.
What Does It Cost to Live on a Boat?
The couple recently outlined their monthly costs for Business Insider. Their monthly outlay to live aboard is roughly $2,200. In addition to the mortgage payment, they pay an $800 standard marina fee. They also pay an extra $250 liveaboard surcharge while docked at the marina. That charge covers water, power, parking for both cars and amenities like laundry, a pool and mail delivery for letters and packages — sparing them the need to rent a P.O. box.
Of course, boat living brings a few unusual costs, such as the $25 weekly fee to have their sewage tank pumped. They budget about $80 a month to hire someone to wash and wax the boat to keep it looking good. Every few months they pay a diver to clean the hull, scraping away barnacles and giving it a thorough scrub to keep the vessel seaworthy. And just as cars can act up unexpectedly, they set aside money for repairs; they estimate about $1,000 annually for unanticipated maintenance.
Because their boat is only about 300 square feet, storage space is limited, so they rent a storage unit for the bulk of their belongings. For $100 per month they store most clothing and extra linens, along with other items used occasionally.
Space tightened even more when the couple recently welcomed a baby. Only time will tell whether they continue living aboard or choose a more traditional setting to raise their child.
Your Turn: Would you consider living on a boat if it could save you this much?
Also worth reading about other lifestyle cost comparisons: cost of living parents had it cheaper and how alternative living setups compare, like van life cost.
