Google searches for “how to live on a boat” have increased 71% in the past year, and the hashtag #boatlife snagged 7 billion views on TikTok. The prospect of affordable housing just minutes from major metropolitan areas such as New York City and San Francisco has renewed interest in the “houseboat versus apartment” discussion.
According to a study conducted by Thrillist, the average yearly cost of boat slip rental and houseboat ownership is significantly lower than the average cost of apartment rental, especially in major cities. Research by online boat and yacht marketplace Rightboat proves houseboat dwellers can expect up to $659 in monthly savings. The potential savings are even higher in cities known for their high rental rates and limited available housing.
Top Cities for Houseboat Living
The largest monthly expense houseboat owners face is the boat slip or mooring point rental fee. The cost of utilities is also a consideration but may also be included in the rental agreement. These major U.S. cities offer houseboat residents a clear economic advantage over apartment or condominium renters.
New York City, New York
Traditional apartment rent in New York City is notoriously expensive, with micro-sized studios renting for thousands of dollars in the most desirable districts.
The average monthly cost of an apartment and utilities in the city is $4,082.36, while a boat slip booking and utilities cost houseboat residents an average of $1,800 per month. The average savings is $2,282.36, although the trade-off may be availability and logistics.
Seattle, Washington
Seattle, Washington, and the surrounding area feature several major bodies of water available for houseboat tenancy, while the city itself has become a draw for younger tech-savvy workers.
Renting an apartment in the city will cost $2,856.70 monthly, including utilities, while booking a boat slip in one of the many waterways surrounding the city would cost an average of $1,350 monthly. This represents a savings of $1,506.70 for those willing to invest in the houseboat lifestyle.
Austin, Texas
The alternative city of Austin, Texas, boasts a number of popular waterfront districts, and its thriving music and visual arts communities have made it a destination for creatives. However, the average apartment rental in the city is $2,631.79 a month.
The estimated cost of a monthly boat slip fee and utilities for houseboat living is closer to $1,143, representing a monthly savings of $1,488.79.
Nashville, Tennessee
The Cumberland River winds through the heart of Nashville and has become a popular location for marinas and resorts. The metropolitan area has become increasingly popular, raising housing costs for buyers and renters alike.
The average monthly cost of an apartment and utilities in Music City is $2,346.78, but a boat slip that accommodates permanently moored houseboats can be found for $900 per month. The savings add up to a significant $1,446.78 monthly.
San Francisco, California
One of the most beautiful coastal cities in the United States, San Francisco is also one of the most expensive in terms of in-city housing. The average monthly rent for a traditional apartment and utilities is $3,643.85, and availability is a definite concern for newcomers.
Waterfront properties in the Bay Area are also expensive, but a monthly boat slip fee and utilities cost an average of $2,700, a savings of 943.85 compared to traditional apartment rentals in the San Francisco area.
Brooklyn, New York
Brooklyn, New York, is often viewed as the more affordable version of New York City, but its growing popularity has raised the cost of housing considerably. An average apartment rental and utilities is $3,104.79, and many available apartments are notoriously small.
By comparison, a monthly boat slip rental and utilities for a houseboat cost $2,700, and moorings are available within a reasonable distance of commercial and entertainment districts.
Boston, Massachusetts
Boston’s proximity to the Atlantic coast and its long history of shipping and commercial fishing make it an ideal location for houseboat dwellers. The average cost of an apartment in the city itself is $3.057.55, but a boat slip rental and utilities only cost $2,700 per month. This represents a modest savings of $357.55, but the city’s coastal location and nautical culture have created an abundance of available mooring points.
Houseboat Living: Pros and Cons
While houseboats in urban areas offer substantial savings over conventional apartment living, there are other considerations for potential owners. Location is a major consideration since non-retired houseboat owners will still need to commute to work, shop for household supplies, seek professional services, and socialize. A location that is perfectly suited for a two-week vacation on the water may not be ideal for year-round occupancy.
Here are other pros and cons to consider before investing in a houseboat:
Pros:
Waterfront properties, marinas, and boat slips often feature spectacular views and quieter surroundings than city-based apartments or condominiums. A houseboat docked permanently at a developed resort area also provides access to amenities such as restaurants and watersports.Houseboats don’t require regular maintenance, such as yard work or snow removal. Owners may have to perform other maintenance chores throughout the year, typically winterization and waste disposal, but other professional services are not mandatory.Because of their legal status as floating properties, many states cannot assess property tax at the same rate as land-based properties. Rental prices on houseboats are often lower than comparable apartments.Although a “floating house” is designed for permanent mooring, most houseboats offer owners the ability to relocate to other water-based sites under their own power.
Cons:
Houseboat owners in developed marinas are often required to join the equivalent of a Homeowner’s Association, which establishes and enforces rules of conduct for its members. Individual houseboat owners may be asked to move to another location or pay membership dues for basic services.Some houseboats have limited living space since they are designed to fit in narrow boat slips and crowded marinas. Houseboat living involves co-existing with neighbors under cramped conditions. Access to amenities such as storage units or parking can be limited, and the boat slip’s location can add time to a daily commute. Houseboats are also more vulnerable to the effects of weather and flooding than traditional apartment complexes.While tax obligations and routine maintenance expenses may be lower for a houseboat, other expenses, such as waste disposal and engine repairs, are more expensive. A houseboat must maintain its seaworthiness if relocation becomes necessary, and it can be challenging to obtain services and utilities without a permanent address.
Is Houseboat Living a Viable Alternative?
Companies such as Modern Struktures are continuing to design houseboats and floating homes that meet or exceed existing building codes for conventional, tiny homes.
“Growing up in South Florida, our parents had a small house in the Keys near Marathon,” said Modern Struktures founder Michael Saavedra. “In April, we caught lobsters for the mini-season, and in November, we rented our vacation home for the winter for as long as I can remember.
“I recall my grandparents needing the rent money to cover the property taxes and insurance. Miami has amazing weather but is very harsh on outdoor finishes. I knew I could use my experience in high-end aluminum restorations to craft an amazing and durable unit.”
Investing in a houseboat as a residence is not a straightforward process since financial lenders are reluctant to grant a traditional mortgage on a property that could literally sail away from creditors. However, alternative financing is available, and a houseboat’s overall cost is still less than a comparable manufactured home or apartment rental.
Some houseboat owners prefer a more nomadic lifestyle, frequently moving to new mooring points whenever possible. Others prefer to remain anchored in place and enjoy the benefits of waterfront living while still having access to family, friends, and the workplace.
