I did it for 18 months sailing around NZ and 6 months minding mates 55ft ketch.
Loved it and I would do it again. Cost - negligible. Met many alternate thinking people doing the same instead of battery hens slaving to pay the Cylons 20 years to own a house - which you cant sail anywhere.
Negatives - hard to do laundry. Even harder to iron a shirt. A pain lugging food to boat, you get cold and wet in winter (maybe thats just NZ), Your entire electricity comes in through an extension lead that can easily disconnect and is dangerous when it rains. When people ask where you live and you tell them they think you're weird or a loser. But they are usually the battery hens. The live aboard laws are tricky as mentioned above. And if you have a gf and the going gets rough theres not much space

But I would happily live aboard anytime. Go for it.