The Big Move: ‘We love our forest life’: I’m 62 and work full-time. I own a $600,000 California home perched on the edge of wilderness. Has the time finally come to downsize?

by | Feb 27, 2023 | Stock Market

Dear MarketWatch, I’m 62, and working full time making $60,000 a year. I have $31,000 in liquid assets and another $10,000 in a Roth IRA. I owe about $200,000 on my home in Northern California, which worth $600,000. It will be more property and home than we can physically handle within the next six years.  

The mortgage is $1,500 a month. My husband is retired on Social Security, bringing in $1,200 a month. We have no other debt. Our living expenses are around $4,000 a month.  We love our forest life, and the peace and quiet of living on the edge of the wilderness. I could be ready for a smaller home, but the cost in California is prohibitive even at that. Both adult kids live in the area.  What should we do? Ready for a Change  ‘The Big Move’ is a MarketWatch column looking at the ins and outs of real estate, from navigating the search for a new home to applying for a mortgage. Do you have a question about buying or selling a home? Do you want to know where your next move should be? Email Aarthi Swaminathan at Ready, Let’s do the math to see if it makes sense to sell or stay put. If you make $60,000 a year, your take-home in California is roughly $3,900 based on an ADP paycheck calculator. Your $4,000 monthly expenses eat up that amount, so you won’t have enough money to contribute towards your mortgage. That leaves your husband’s income of $1,500 going towards the mortgage payment or $1,200 a month. You als …

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