Also, your plans on how to secure an income sound uncertain.
It sounds to me like the OP has just started looking into this. He has a job and perhaps so does his wife. Walking away from two jobs and going out in an RV without sufficient income coming in is a little scary for most.
As far as depreciation on an RV, paying $50,000 for a nice new fifth or travel trailer, like an Arctic Fox that is well insulated and built for full timing would probably work. If, in ten years it was essentially worth absolutely nothing, the depreciated loss would be $5,000 a year plus maintenance, registration, insurance, tires, and (if financed) some interest. That might be around $7000 a year.
If he keeps his home at the costs he has identified, the cost is in excess of $2000 a month and probably quite a bit more or $24,000+ a year minus the income tax deduction. If the OP pays the monthly rate at RV parks that would add another $500-700 a month depending on where the RV park is and how nice it is. Or a total cost of around $13,000 a year for the RV park and RV coach. Since the OP does not include any info about his or his wife's income it is hard to understand if an RV lifestyle apart from the current employment would be a significant reduction in earnings but most likely so. Social Security rarely is as much as the wage earner made in income.
If their income is $3500 or more a month they can make the RV life work for them as long as their debts are low and the RV payment is not included in that number. $5000 would be a better number if paying off some debts, divorce costs, and paying $500 a month for the RV. Keeping the home for ten years would cost $240,000 in principal, interest, and utilities if not more. So, in many ways the RV life
can be less expensive. Many that fulltime and say it costs about as much as a home probably had a less expensive home or they spend all their money each month just as they did with home ownership. I assume the OP has a car, perhaps two, that would need to become a toad on a motorhome or a truck or van to tow a trailer or fifth so those costs are outside my calculations as they are already affording the cars.
In any event it is an interesting discussion. The OP is an accountant, here looking for some information, so I am sure he can work the numbers. Bailing out of the house ASAP might be financially in their interest rather than struggling every year to make ends meet. They also have a child that in all probability will need a college fund, starting on that as early as possible only helps that child get into the university system without an undue financial burden.
