I live in the charming town of Brattleboro, Vermont. I own my house which is in good condition and many people say is beautiful. I bought it in 2013 for $110k, plus $30k for renovations. Monthly mortgage & escrow is around $850 a month. It varies depending on my interest subsidy from USDA Rural Development who I bought the house with and depending on my property taxes which change yearly depending on my income. Vermont has a property tax assistance program. Usually with the assistance it's around $1500 a year but the full property tax is almost $6000 a year. My remaining mortgage is a little over $113k.
I am a single mother of three children. The oldest is 19 and is living on her own. The next just graduated high school and will be going to Middlebury, but is deferring a semester or year because of the pandemic. With grants and scholarships, because I've been so low income, her first year at Middlebury is free. Subsequent years will cost around $5000 for tuition and room & board. My son is 15, going into 10th grade, an excellent student, and very motivated and self-directed when it comes to schoolwork. He will be studying remotely at least this coming fall semester.
I've been trying for years to get work that pays enough to afford healthcare. Because I've been so low income, most of the time I qualify for Medicaid which is a great program but there's not enough left to save for retirement savings/investment. Additionally, there are few jobs in this area and most of the ones that are here don't pay well. My goal is to earn enough to afford healthcare ($2000 per month premium plus $800 per month deductible and co-pays) plus save $10,000 a month for retirement. I just turned 51 on Sunday. I have $50k saved up in retirement funds, savings, and investments. I know if I stay where I am now, the chances of finding work that pays livable wages are slim. I have credit card debt with Care Credit but there's no interest and I've been paying it off as fast as I can within the no-interest period.
I was laid off from my job last month. I knew that was coming and have been job hunting since January. I have a BA and MA and can do many things. I don't want to discuss what I studied in college / job trajectories. My wild dream is to go into interior decorating because I love it so much, but I need to live in an area where there are more people who have money. Where I live there is a lot of poverty, homelessness, drugs, unemployment, underemployment, and deteriorating roads, sidewalks, and buildings. It is very discouraging. The positive side is that I play violin in a classical music orchestra and for operas and in an Arabic music ensemble and am busy with different dancing ensembles and dance gatherings. The countryside is beautiful. The arts are vibrant. The food is delicious. The people are funky and intelligent. But I am tired of struggling and I've been single for twelve years. I want to find a good romantic match for me who is also motivated in life.
I'm thinking of moving to a more metropolitan area closer to the New England coast -- Fairfield County, New Haven, Providence, metro Boston, Portsmouth... There will be more income opportunities and a greater population of (how shall I express it?) more motivated, accomplished, and polished people. I lived in Boston and Paris for years and loved it there. The downside is that the cost of living will be much higher -- this may be balanced out by greater income opportunities -- and with so many people unemployed and the economic fallout from the pandemic, starting a new life may be extra challenging.
I put my house on the market yesterday for $250k, which is optimistic for this area. Already there were three showings today and three more are scheduled for tomorrow. I have a clause saying that closing on the house will happen when I find suitable housing. My plan is that I will live on unemployment compensation ($415 a week), child support ($250 a week), and sparingly from the profit from the house sale (no more than $1500 a month) while building my self-employment business and/or looking for work.
My gut is telling me now is the time to sell. I've been planning on selling and moving for five years now but was afraid to take that step because of wanting to provide stability for my children. Now with 1-2 kids at home, my house is too big and too much work. I want less stuff, smaller house, little or no yard to maintain.
My question for you is: do you think I am being too risky doing this? I'm fine taking this risk if it were just me, but since I have 2 kids still home, I need to consider their needs even though they are almost grown up now. I am safe where I am and I can continue to survive even though it's a struggle, but I'm lonely too and I want a better quality of life for me and my children. Thank you for sharing your thoughts!
PS Here's my house.
https://www.realtor.com/realestateandhomes-detail/104-Central-St_Brattleboro_VT_05301_M37436-07526?view=qv