Well, I mostly agree with the foregoing, but let me relate my buddy's story:
At the age of 65, seven years ago he bought a rather neglected but sound CHB 45 for 2/3 of the budget the OP is looking at. He has cruised and lived aboard full time ever since. In the last seven years he has probably cruised 5-10,000 miles and only stayed at a marina during the 4 winter months.
When he isn't at a marina which is 2/3 the time, his boating expenses (ex maintenance) are very low- maybe a few hundred a month for fuel, and no docking expense. When he is at a marina he pays $300-400 per month in addition. He stays at family run marinas in out of the way places during the winter.
Maintenance cost is up and down. Unfortunately his idea is if a system fails, then do without it. This means that the genset doesn't work, one of the two reverse cycle A/C units is junk, etc., etc. So he has had no large maintenance expenses as a result. I am guessing that his yearly outlay for maintenance and minor upgrades is $2,000 dollars a year.
If he had kept the systems in good shape and replaced those that had failed, his maintanance cost would be $3,000 per year more.
So, extrapolating these figures to what I suspect is the OP's situation: full time living aboard at a marina near a big city, this is what I get.
Maintenance- $5,000 per year
Marina (big city), $15/ft/mo- $8,000
Insurance- $2,000
Property tax (if required)- $500-1,000
Opportunity cost and depreciation of $60,000 purchase cost- $5,000
So the total costs would be near $20,000 a year. You can buy a decent house and live for that much. And houses don't (usually) depreciate like boats.
But I must disagree with some of the lifestyle observations above. Living aboard, even at a marina full time is nice. A 45' trawler is big enough not to feel constrained. You probably have a swimming pool close by. The view can be gorgeous. Your neighbors are usually really nice people. You live in a unique community. Sit out in your cockpit or fly bridge with a beer/rum punch or whatever in hand and forget about the world. It can be a Jimmy Buffet experience. I have done it myself.
David
David,
Good post about the costs. But if you look at a modest waterfront house instead, the numbers really aren't much different.
Maintenance $2000
Taxes $6000
Insurance $2500
Utilities $2400
Opportunity $15000 (3% on $500K modest waterfront house)
The opportunity cost or depreciation is a personal thing and one can throw any dollar amount in there..... could be the interest paid on a loan.
Now, house will appreciate, boat unlikely.
So, costs really aren't much different, perhaps cheaper on the boat. Now one could live off the water and cut the cost about in half, but being on the water is what it's about.
The huge advantage of life on the boat is that it's mobile.... and you can change the scenery. The huge disadvantage is that is a much smaller space to live, so takes some getting use to.
I have a number of friends that are live a boards, some single, some married. Some work from their boat, but most don't and the majority are retired. One guy works from his boat and travels, but has a house to come back to for about 4 months a year. A few have small houses or condos.
Lots of choices. Full time on a boat is not for me. Too limiting, but like the idea of extended travel with a boat, even park it along the path (like the loop) and come home for some time.
Now, when you have both the house and the boat, the cost does go up a bit.
As for maintenance, you pay for maintenance no matter what. If you do it yourself, you pay in time, or you pay the mechanic. I could argue to get good at the regular service items and little things and hire the major stuff out. One can probably do the little things faster than hiring it out once you've done it over and over again.
Overall, all my live aboard friends like it. Hear very few complaints.
For the OP, I say go for it, and take the advise from folks here that are currently doing it for ideals on how to make it work great.