I knew a cabbie who lived in a small cabin runabout that wasn't worth more than a thousand dollars. He no doubt paid cash, since he wasn't credit worthy. And a preacher who lived on an old 26 foot sailboat, worth maybe $10K at most. A hippie couple who lived on a boat they had finished themselves. Theirs was worth a more, but it was sweat equity.
Boats are like caravans. Both categories include everything from "something rescued from the junkyard" to million dollar palaces. In both cases, the lower end are much more common than the upper end.
My own view is that the mortgage deduction should be eliminated entirely. It's more a boon to builders and bankers than to people generally. It encourages building bigger homes than otherwise, buying homes when it might be wiser to rent, and treating second homes as an "investment."
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