My wife loves her job. Her job is 45 miles from where we currently live (90 miles round trip). We owe $172,000 on our home and it is worth $270,000 ($73,000 equity after sale costs). The closest area we could afford to live is about 20 miles from her work (40 round trip) and a 60 year old worn out house in a marginal neighborhood there goes for $270,000. A house comparable to what we have now would go for $375,000. $375,000 - $73,000 down would give us a $2,000 mortgage payment-- $600 more each month than the $1,401 we pay now on our 30 year mortgage.
Rates have dropped and we could refinance our current home with a 15 year mortgage for the same or lower monthly payment.
My wife could get a job in the same field close to our current home but as I said, she really loves her current job. I can switch locations with the same employer and have a similar 5 mile RT commute in either location.
Many more variables but I am looking for input, ideas, suggestions……. Is $600 a month worth cutting 50 miles a day off a commute? Anyone traded up just to be closer to work? How did it go?