With my career and family beginning to stabalize (no more relocations/no more children than we already have) my wife and I are beginning to discuss exact needs. We currently live in a ~2,000 sq ft colonial in a suburb of detroit and have ~ 60k in equity and ~50-70k in cash we could put towards a house. We do not struggle to make payments, etc, but are looking at long term options to get out of the work because we need to and more into the work because we want to. There are many options to purchase a ~1200 sq ft ranch in a decent neighborhood for $110-130k that would provide us the option to pay off the house cash. We would, however, be moving to a neighborhood that is not a desirable and has average schools rather than above average. These are safe and family friendly cities, but again would be a downgrade from our current house and area. I'm trying to weigh if a paid off house is worth making the move with children that will be entering elemetary soon. We could send them to private schools but between two kids that'll cost as much as my current mortgage. Any thoughts? Does anyone have an experience of doing anything similar?
