My wife & I have decided that to truly fulfill what we want out of life, we'll need to relocate. We currently live in Indianapolis, which is nice enough, but terribly sprawling for our lifestyle. I've commuted by bike daily for 2 years, prior to that at least 3 days a week (my second job at the time was delivering pizzas...by car). My current work is 9.5 miles away, our son will start school next year, which is 9 miles away. My wife works at a farm co-op three times a week about 2 miles from home & watches, educates & feeds our 2 children along w/ managing the homefront.
We have no CC debt, owe $7500 on our car, a used Mazda5 w/ low miles, about $10K in student loans and another $10K I erroneously borrowed from my brother on a failed business plan & $83K on our home.
We have $2K in my Roth, no 401(K), no HSA & about $4K in checking.
About 3 months ago, we got serious about paying down our debt and have cut our spending tremendously. We bring home about $50K in taxable income, spend about $2000/mo on food, insurance, luxuries, bills, etc. We are currently throwing $1.5K/ mo at our debt & building our liquid-ish emergency funds with excess ($500-1,000, depends as I am paid partly on commission).
My question is this: Does it make more sense to be out of debt (except for the mortgage, we'll probably rent this house as our area can easily get $850/mo rent while our mortgage is closer to $550/mo.) before we move; at our current rate about 17-20 months depending on changes or save extra for that same time period (our car will be paid off by that time regardless, as will my brother) and move when we're able to find jobs/make a living?
Thanks for all your advice in advance.
Best,
Eric