Originally Posted by
myrkridia
My wife and I have been wrestling with this question for a bit. Bought a house before getting hired at a legacy, locked in our mortgage at a cheap 30 year fixed rate and now I commute for Delta. The common conventional wisdom is to live below your means so a pay cut would not be some devastating event should an economic down turn occur, but if there ever was a reason to subject our family to such risk it might be living to base.
We are restricted to where we can buy. We live in a nice area with good schools for our kids and frankly don't want to give that up. Looking at comparable living situations, we'd be almost tripling our monthly mortgage expenses, likely forcing me to upgrade or work the system more than I am currently as a fairly senior FO.
I don't mind the commute so much, but obviously not having to commute anymore would open up a ton more possibilities in this line of work.
As you know there are a lot of moving parts to this decision. Will this remain your preferred domicile until the kids are out of the house? Could you rent your current house for a significant premium over your mortgage/property taxes/insurance? Could you sell your current house for a significant windfall without generating a tax liability? How does your spouse feel about living near your domicile? Etc.
Living in domicile is amazing for your QOL and ability to be there more for your family. However, the housing market and overall economy is in a weird spot that may make it worth deferring a decision for a couple years. Finally, consider whether you prefer the advantages of in state tuition in your current state vs the prospective one. At the end of the day it’s a judgement call