I've had my house for 2.5 years now. Ownership is okay, I love the house, and I wouldn't trade the learning curve of the past couple years, but there are a lot of expenses and I've been debating selling and moving closer to my new job. I'm having trouble wrapping my head around the numbers here. I cannot find a safe location where rent+utils is less than mortgage+utils in my area... so that's in favor of owning since at least I'm paying down principal. It's the repairs/maintenance that annoy me, averaging around $330/mo. I will likely remain in the area for 3 more years.
Market Value: 320,000
Original Purchase price: 290,000
Original Mortgage Amount: 265,000
Interest Rate: 3.5%
Mortgage Term: 30 years
Term remaining: 27.5 years
Amount remaining on mortgage: 240,000
Gross Rents: --
Principal and Interest (the P&I of your PITI - should match with the above info): 1190/mo
Taxes and Insurance (the T&I of your PITI): 451/mo
HOA costs: 120/year
Deferred maintenance notes: furnace is really old (>20 years). There is also a mini-split which was replaced recently.
Anything else special or unique in regards to the numbers of the property (not the property itself; things such as city assessments, back taxes, special costs due to unique features of the property, etc. etc.): nope
Current commutes: 25-60min depending on traffic (me); boyfriend has 40-90min for one more year, then 25-60min starting late 2016
Commutes closer to work: 15min (me); 10-15min(boyfriend) going to 15min starting late 2016.
Rents in target area: $2000/mo. Rents have been increasing by about 6%/year.
Utils are about the same for rent vs own, about $280 for electric/water/internet. As a homeowner I also pay $250/yr for sewer
Target area would require an extra $75/mo each in gym membership (requirement for boyfriend's work)
How would you crunch the numbers? Should I move?