I probably know the answer, but I'll ask anyway...
I currently live in a condo in a HCOL area (Irvine), with an approximate 45 minute commute to work. I like the area, but it's being heavily developed, and the traffic is getting steadily worse. I'd really like to buy a house where I work, but SoCal real estate prices are insane. I'd need to spend roughly $700k to get a home here.
Currently, my mortgage is $1,100, with HOA of $290, and property taxes of $4,000. With the house, my mortgage would go up to $2,500, and property taxes would run about $9,000.
I've been working for the same local government agency for the past six years, and will probably stay there until retirement. There's a bit more security in working for local government, which is why I mention it. I currently make $119,000, single, no debt, no kids, three pets (two cats and one dog).
I know this sounds crazy, but I'm so tired of commuting and I do really feel like my quality of life will improve significantly. Is making this leap insane?