While I can't relate to personal attachment due to my disdain for my house, I understand your concerns. I, too, will be paying more to rent at a straight monthly cost (excluding homeownership maintenance costs and tax benefits).
We live in one of the wealthiest counties in the country. Our properties values weren't as over-inflated as California; although, they undoubtedly are no longer realistic. We filled the bubble and maintained it high above our heads. It popped and no one seems to know when it will officially fall to the ground. Living in a state of guesswork isn't easy. You're faced with a big decision and it's difficult to arrive at solid conclusions when all is seemingly ambivalent. I'm still trying to unravel all that has occurred. For the past decade, I was duped into thinking we were dealing in real value.
If your sole motivating factor for keeping your house is tied to your child's primary education, I feel this deserves further consideration. Understandably, you don't want to move your child to another school district (I assume you don't have "schools of choice"). Renting in your area may be more expensive. It's important to remember, at best, your child will only be in school for 12 years. One would hope you can recoup current lost property value within this timeframe. Unfortunately, we don't know if this is realistic. Keeping your home and hoping the tides turn in your favor is a possibility. There are others as well...especially if you would surrender if education wasn't a factor.
Imagine you unload all of your debt, surrender your house, and rent locally at a cost slightly higher than you've grown accustomed to paying. You no longer have to deal with rising property taxes and home maintenance (on the flipside, you won't have homeowners' tax breaks). Your income remains consistent. Your child remains in your preferred school district. During this timeframe, you begin saving all the money you formerly applied to outstanding debt. The housing market either stabilizes or continues to devalue (I highly doubt we'll see an enormous increase within the next few years). You find yourself in a position to buy again and you've decided to remain in your city (at this point, your child may or may not have finalized his/her primary education). You may very well have the option of purchasing a property similar to your current property or better for less money. Sure, the interest rate may have increased; although, your bottom line may be better.
I know this is difficult. I just want to give you a broader scoop beyond short-term do-ability. Long-term financial health is the goal.
Edited to add: I've been watching a few houses for sale in my city and surrounding areas. Asking prices have steadily declined. Many are now being offered as rentals (some with the option to purchase). These houses are also less expensive than countless rentals that have been available for months. We may have a new trend here. People who purchased investment (rental) properties within the past few years are stuck in high mortgages ( = high rental rate) whereas people who purchased primary residences years ago and need to relocate have more flexibility with rental costs. Gosh, I hope this is true!
We live in one of the wealthiest counties in the country. Our properties values weren't as over-inflated as California; although, they undoubtedly are no longer realistic. We filled the bubble and maintained it high above our heads. It popped and no one seems to know when it will officially fall to the ground. Living in a state of guesswork isn't easy. You're faced with a big decision and it's difficult to arrive at solid conclusions when all is seemingly ambivalent. I'm still trying to unravel all that has occurred. For the past decade, I was duped into thinking we were dealing in real value.
If your sole motivating factor for keeping your house is tied to your child's primary education, I feel this deserves further consideration. Understandably, you don't want to move your child to another school district (I assume you don't have "schools of choice"). Renting in your area may be more expensive. It's important to remember, at best, your child will only be in school for 12 years. One would hope you can recoup current lost property value within this timeframe. Unfortunately, we don't know if this is realistic. Keeping your home and hoping the tides turn in your favor is a possibility. There are others as well...especially if you would surrender if education wasn't a factor.
Imagine you unload all of your debt, surrender your house, and rent locally at a cost slightly higher than you've grown accustomed to paying. You no longer have to deal with rising property taxes and home maintenance (on the flipside, you won't have homeowners' tax breaks). Your income remains consistent. Your child remains in your preferred school district. During this timeframe, you begin saving all the money you formerly applied to outstanding debt. The housing market either stabilizes or continues to devalue (I highly doubt we'll see an enormous increase within the next few years). You find yourself in a position to buy again and you've decided to remain in your city (at this point, your child may or may not have finalized his/her primary education). You may very well have the option of purchasing a property similar to your current property or better for less money. Sure, the interest rate may have increased; although, your bottom line may be better.
I know this is difficult. I just want to give you a broader scoop beyond short-term do-ability. Long-term financial health is the goal.
Edited to add: I've been watching a few houses for sale in my city and surrounding areas. Asking prices have steadily declined. Many are now being offered as rentals (some with the option to purchase). These houses are also less expensive than countless rentals that have been available for months. We may have a new trend here. People who purchased investment (rental) properties within the past few years are stuck in high mortgages ( = high rental rate) whereas people who purchased primary residences years ago and need to relocate have more flexibility with rental costs. Gosh, I hope this is true!
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