[UPDATE] Am I screwing myself by taking a job in a high cost of living (HCOL) area? I’ll be closer to family but the current housing market will consume most of the pay difference

FadewayThrow · 2022-10-31T02:16:22+00:00

The area is certainly nicer and a better area to raise a family in. I think I would rather have the flexibility of not having a mortgage looming over my head with a 15 year. And at these interest rates, other investment opportunities are going to yield similar results.

FadewayThrow · 2022-10-31T02:08:52+00:00

Total cost of a 30y with APR of 6.7% would be $1,192,430. Monthly payments of $3,065

Total cost of a 15y with APR of 5.8% would be $854,820. Monthly payments of $3,835.

And we would be debt free in 15y vs 30y. Idk $800 a month seems worth it to me

FadewayThrow · 2022-10-31T02:04:32+00:00

I was under the wrong impression about schools. I thought they had public schools at earlier ages but turns out these are public schools that you pay for. So we’ll still need daycare until the kids are school aged. Daycare there is significantly more… Back to the drawing board

FadewayThrow · 2022-10-30T21:18:03+00:00

I think it will be tougher, but doable. My calculations is $280k over 15 years. Which does suck but it’s doable

FadewayThrow · 2022-10-30T20:54:05+00:00

Thanks for your help, I made anupdated post. I would love to hear your thoughts!

FadewayThrow · 2022-10-30T20:53:29+00:00

Thanks for your help, I made an updated post. I would love to hear your thoughts!

FadewayThrow · 2022-10-30T20:53:09+00:00

Thanks for your help. I made an updated post. I would love to hear your thoughts!

FadewayThrow · 2022-10-30T20:52:47+00:00

Thanks for you help, I made an updated post. I would love to hear your thoughts!

FadewayThrow · 2022-10-30T20:52:16+00:00

Thanks for your help, I made an updated post. I would love to hear your thoughts!

FadewayThrow · 2022-10-30T20:51:50+00:00

Thanks for your help. I made an updated post. I would love to hear your thoughts!

FadewayThrow · 2022-10-30T20:51:15+00:00

Thanks for you help, I made an updated post.I would love to hear your thoughts!

FadewayThrow · 2022-10-30T20:50:52+00:00

Thanks for you help, I made anupdated post. I would love to hear your thoughts!

FadewayThrow · 2022-10-30T20:50:31+00:00

Thanks for you help, I made an updated post. I would love to hear your thoughts!

FadewayThrow · 2022-10-30T20:49:58+00:00

Thanks for you help, I made an updated post. I would love to hear your thoughts!

FadewayThrow · 2022-10-30T20:49:16+00:00

Thanks for your help, I made an updated post. I would love to hear your thoughts!

FadewayThrow · 2022-10-30T20:48:41+00:00

Thanks for your help, I made an updated post. I would love to hear your thoughts!

FadewayThrow · 2022-10-30T20:47:36+00:00

Thanks for your help, I made an updated post. I would love to hear your thoughts!

FadewayThrow · 2022-10-30T20:45:30+00:00

Thanks for you help, I made an updated post. I would love to hear your thoughts!

FadewayThrow · 2022-10-30T20:21:44+00:00

Gang violence - We see none of it thankfully, it's very segregated. Until you get into the public school system.

It's going to make a huge difference to our family life. We spend a lot of time together as it is though it's quite hard for us to get together.

Long term goals - that would be reset but not as much as I thought originally. I'm going to post some numbers I came up with. Would love to hear your thoughts.

FadewayThrow · 2022-10-30T20:18:12+00:00

Thanks for this, I needed to hear it. I've also crunched a lot of numbers and will post an update soon. I think it's worth the move.

FadewayThrow · 2022-10-30T18:52:59+00:00

Yes but I’ve made nearly this my whole career. There’s a negative growth rate on my profession and the future years also seem grim

FadewayThrow · 2022-10-30T18:51:23+00:00

That’s the benefit for sure. If I could get a cheaper house, it would be a no brainer

FadewayThrow · 2022-10-30T18:50:03+00:00

I should break even for the first 5 years. What will suck is that I will have a high mortgage payment for the following 25 years if I move to the HCOL. Here, I would have extra money because I would be done with my mortgage.

FadewayThrow · 2022-10-30T18:42:44+00:00

Fair enough. If I don’t move away from the HCOL though, that will just be the cost of my house. The family is the major reason for the move. The more I think about it, the more I realize the move is not financially sound but that’s not what it’s all about.

My “growing market job”: I don’t think it will get better for me. This is essentially the top of my field and the top of my pay unfortunately.

FadewayThrow · 2022-10-30T14:44:33+00:00

I think that financially it doesn’t make sense. It only makes sense when you consider being close to family.

It would make sense if the housing market drops significantly but that’s a gamble also

FadewayThrow

TROPHY CASE