[MortgageFreeMillennial]

Hi all,
I would love some perspectives on an idea my husband and I have been throwing around.

We are debt-free, aside from our mortgage.

We owe $240K on our current home; right now, we could sell it for 975K and profit $675K clean CASH after taxes & real estate fees.

We are thinking of moving 8 hours across state lines (we have some extended family there), downsizing, and buying a home outright for around $500K

That would leave us with $175K to invest, do whatever, and save for kids' college funds.

If we stay where we are, we will never get ahead. We will continue to be "house poor" and struggle every month as a one-income family in an expensive area. (side note: I did try to go back to work for a year, and we just realized that having me stay home is a top priority)

Are we crazy or genius?

 

[KathyB]

Would your partner have a job in the place you are moving to? Or does your partner have a work anywhere job?

 

[MortgageFreeMillennial]

Would your partner have a job in the place you are moving to? Or does your partner have a work anywhere job?

He would need to find one, he's been applying places but it looks like he will probably make 10k less in a new job over there

 

[KathyB]

I would recommend not moving till he had a job lined up.

You would have to crunch some numbers and see if you would come out ahead. Think about long term as well as short term. Is the new location lower in cost of living overall?

I don't have all your financial details, but it seems like the savings in home cost would more than make up for the lower pay.

Non monetary things are important too. Which city do you like best? Will you be giving up friends and favorite places to move? Would you miss your current city? Or would you be glad to leave it?

Do you want to live closer to relatives? (It is okay to say no to that. Some people have difficult family members and work becomes an acceptable reason to avoid frequent contact.)