Penny Has No Plans To Ever Move Again, And She Likes That

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Dear Rich,

Glad to hear you’re excited about your upcoming move. As for me, I am happy to be settled. During the first 9 years of our marriage (which is where you’re at now in your marriage), we moved 7 times. During the last 9 years (yes, we’ve been married for 18 years, crazy, huh?), we moved 4 times. We have no plans to ever move again, and I like that.

And I like owning a home. Over the past 18 years, we have owned 4 different homes. The first one, we broke even on. The second one, we made $30,000. The third one went astronomically down in value and we ended up doing a short-sale on it. The the fourth home, the one we own now, is worth approximately $120,000 more than what we bought it for.

As we’ve talked about before, I have thought about selling our house and using the money to pay off our student loans. But, the bottom line is that we will still need to live somewhere. And if we sold the house and paid off our student loans… then what? Buy another house at a higher price tag and just have the same amount of debt all again (except this time it would be entirely mortgage debt instead of student loan + mortgage debt)? Or pay money to rent something that is twice as much as our current mortgage payment?

No, I think we’ll stay where we’re at. Plus, I like owning. I like being able to paint the walls and plant a garden and having full ownership and control over something.

We bought all of our homes for under $130,000. The second home was a 4 bedroom, 2 bath, 2,200 square foot house in a small town that we bought for $35,000 and sold for $65,000. We currently live in an area where home values are $225,000 and rent is $1,500. We are currently paying $843 for our mortgage payment every month. We have $88,000 left on our mortgage, which we will start tackling after our student loans are paid off.

You’re going to be paying $4,000 a month in rent. That’s $48,000 a year. That is a lot of money! Yet, I think that is the most fitting option for you. It seems like a perfect fit for your family, your values, and your situation in life.

I think this just goes to show that people shouldn’t make blanket statements about if it’s better to buy or to rent. It’s not going to be the same for everyone in every situation.

I can’t believe how much it costs to live in your city! Where do all the poor people live? Where do all the middle class people live? I thought about this after visiting my friend in Los Angeles too. That area is just not affordable for anyone who is not making a six-figure income. I don’t get what happens to the other people.

Happy moving,


2 Replies to “Penny Has No Plans To Ever Move Again, And She Likes That”

  1. I like this blog’s premise! I’m with you in the “home for the long run” camp. While this is our first home (purchased October 2016), Mr. Adventure Rich and I plan and hope to be here “forever” (or as long as possible!).

  2. Penny — re: your questions: “I can’t believe how much it costs to live in your city! Where do all the poor people live? Where do all the middle class people live?”

    The city is much bigger than our zip code, so like many cities there are higher income areas and middle income areas and lower income areas, with some overlap between all 3. My particular zip code is dominated by young professionals and high income families. As middle and high income professionals start having kids, they often need to choose: pay high prices to stay close to the city or pay lower prices to get more space and live out in the suburbs.
    Rich @ recently posted…Rich Will Spend $1 Million On His Kids. Easily.My Profile

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