An attempt was made to design a low cost floating house suitable for people in low lying areas such as Bangladesh. The prototype house considered for the present study has the carrying capacity of 1850 kg loads with sufficient freeboard of 30% excluding the self weights of the supporting ten airtight empty steel drums in water and having a floor area of 120 ft2. These steel drums that are locally available and provide an atmosphere to live in without the fear of losing possession during flood. The value of metacentric height (10.22 ft) of the designed house was found to be positive indicating its stability at floating condition. The angular displacement of the house due to wind action was also calculated and this floating structure would be stable up to the wind speed of about 160 km/hr. To provide sanitation a floating toilet can be hinged with the structure. It would definitely give an eco-friendly out look to the structure. For variable fencing, flooring, roofing and floating elements costs were estimated to determine the most economic feasibility. The most economic house was supposed to be made of locally available materials such as chhon and golpata. But from the engineering point of view the most stable and durable house was found to be CI- sheet and angle bar. Above all, the house made of Bamboo could be used on the basis of availability and durability. This house could be used all the round year as a permanent address for landless people and gypsies.