Since Kathy died in 2014 I have wanted to downsize and move from my house to a smaller place. My house is not large. Two families raised their children here before we bought it in 1997. But as our nest became empty and now that my nest is void of anyone but me I wonder again, why do I live here.
One reason why I stay is that outside of my house I cannot afford to live in this area of Arizona. And I am not anxious to relocate. So I am in essence stuck here. People here in small studio apartments pay more in rent than I do in my mortgage. The price of housing in this area is obscene to me. There is nothing here to justify the price of housing that is charged. And the poor people I deal with every day are hurt the worst by this over priced housing.
One thing that troubles me on a more fundamental level is the waste of resources that allow me to live in more house than I need. I cannot afford to keep this house in good repair, but I cannot leave it. Unless I just walk away, which is an option. I don’t enjoy yard work. And spending all of my spare time cleaning and maintaining this house is not my idea of a blessed life.
Note that I call it my house. It is not a home, but just a place to keep my stuff while I am away at work. If I didn’t have this house hanging over my head I could do what I want to do more often than just doing what I have to do all of the time now. And as to the rising house values, I will never make back the fortune I have paid in interest on the mortgage on this house. At best I will break even. That’s the fallacy of the 30 year mortgage on a depreciating asset.
I welcome any advice I can get from anyone with a good idea or two.