Hello,
I have an enviable choice that is overwhelming me, and it is where to live. I work from home and am allowed to live pretty much anywhere in the continental US. My wife is a stay at home mom and we have three young children all 4 and under. Part of the problem is that we currently live in San Diego and like it here. The weather is nice, people are friendly for the most part, and there are things to do. We own a home worth a bit over $550k which was purchased in 2010 and we owe $370k on a 15 year mortgage. Our housing expense in a month is typically more than all of our other expenses combined.
We are tempted to move because we can get so much more in terms of housing for less money in areas outside the job centers. I figure other cost of living items are probably a wash. We only drive a few thousand miles a year and both cars are around 10 years old and seem to be running well. We plan on sending the kids to public schools.
Everyone I talk to about this seems to bring up that the reason I'm thinking about moving must be taxes, but, In terms of taxes, I don't feel we pay all that much in Federal and State taxes in California, despite a $100k salary. After exempting the three kids, the child tax credits, maxing the 401k, the mortgage and property tax deductions, our federal and state tax bills do not seem all that bad to me. I am fearful of property taxes so would probably like to avoid high property tax regions. If I bought a $500k house in Texas, I think I'd be paying around $10k-$15k in taxes per year, which is about double what I will pay in California for my taxes combined. I'm just looking for the best balance between bang for buck and a happy family.
The areas I am thinking of are Reno/Sparks because it is pretty affordable and my parents spend a lot of their time there. So it would be nice to have the grandparents nearby to keep the kids busy sometimes. Miami area because that is where my Wife's family is, but neither of us particularly care for Miami; it isn't all that cheap, along with the high property taxes and insurance costs. Temecula, CA is high on our list as it is relatively inexpensive. Though in Temecula I would be tempted to buy an estate type home on acreage which would cost a bit more than what my current house is worth. My parents did say they might move in with us and live in a guest house if we do that, which I would like. The Denver area has always seemed interesting to my wife and I; though, I've never been there. And, of course, there is always inaction and stay put.
Any ideas, advice, or what you would do in my shoes? Should I move and try and find cheaper housing, or live in this house until the kids move out? Thanks in advance.