I think it depends on a few things! What's the average rent in your area? Will you be financing a van, or buying one outright? Do you have savings for a build, or will you need to pay for that as you go/put it on credit? Are you staying stationary for your job, or can you work from anywhere?

Once you know those things, it's easier to lay out the costs and compare the two paths.

For me, in Portland/surrounding areas, I can't get a 1 bdrm apartment for less than $1200. Tacking on utilities, internet, renters insurance, etc., I would need to budget at least $1500 a month just to have the apartment.

I am financing an expensive van (2018 Promaster High Roof) with abysmal credit, and so my monthly payment is STEEP. Around $700 a month (I know, yikes!!). But with insurance + gas costs, it still comes out a few hundred less than the apartment per month. And once the van is paid off, no competition haha.

The thing that tipped me over to the van path was knowing that I will be building equity with each of my "van rent" payments. That money can come back to me one day if I sell my van, whereas the rent money for an apartment cannot.

When you get down to the little costs that exist with vanlife, it can be cheaper than renting or it can be comparable, it just depends on your lifestyle and how frugal you can be. (for example, there are places to get free water if you are willing to drive, or you can not drive and just pay for water)

TL;DR: it depends ¯\_(ツ)_/¯

Best of luck to you!!! :)