I’m a single mom with 4 kids living in a nice suburb of Saint Louis MO. My house has a little over 3000 sqft, 5 bedrooms, 3.5 baths, laundry units on all three levels, and a lot just over 0.25 of an acre. 3 of my kids still live at home and all are 14 years or older.
When the market started going crazy, I admit I was interested. Kids not so much because they didn’t want to change school, but that can be dealt with.
I owe $239k on my house and lastest appraisal was for $411k. One year ago it appraised for $299k. Sounds great right? I thought so too, until I started trying to figure out where we would move too.
All the places I could afford on my salary alone were in different school districts, crappy areas, or 1/3 of the space I have now. Ok, so I’ll rent while I wait for the market to crash. It’ll be right, but we can make it work. Nope! 3 bdrm apartments or houses to rent are just as much if not more than my current mortgage! UGH!
Just not worth it. I’ll stay here till the kids go off to college and then move. Heck maybe I’ll leave Saint Louis altogether then.