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Yes, Summerville is like night and day. You have the downtown area and then you have the new subdivisions. What a few miles make!! Please don't ever change the face of Summerville.
While not a financial advice chat, many would say that depending on your mortgage interest rate it could be wiser to invest that extra money rather than pay down the mortgage.
I do agree living debt free is the best plan.
I've read research that shows 100% of the foreclosures happen to homes with mortgages. We are investing a good portion of our income and the rest going to the mortgage. When you own something it just frees up your options in spite of what the market is doing.
I agree that a lot of it depends on personal preference and how you live. We too live pretty simple but are not debt-free (thanks, mortgage and student loans). I feel like you can live very comfortably on that income here if you live modestly, kind of like johngolf described below.
To me, Summerville seems like the best bang for your buck if you can handle the commute during peak times. The schools are great, recreation is great, the town is really growing with new businesses, and cost of living is a bit cheaper there. Seems like everything from gas to drinks at the bar are cheaper in the north area.
Summerville is definitely the best bang for your buck for a lot of people and that might include the OP. Nice downtown area, highly rated schools, and your house dollars go considerably farther there than most other options. The only real downside is the general location and for people who live here to be close to the beach or downtown, that can be a deal breaker. Sounds like a good choice for the OP though.
Quote:
Originally Posted by Baconisgood
I've read research that shows 100% of the foreclosures happen to homes with mortgages. We are investing a good portion of our income and the rest going to the mortgage. When you own something it just frees up your options in spite of what the market is doing.
Ha, ha! I think I saw that too in the Journal Of Obvious Facts!
John Golf has a point though. With mortgage rates so low, it's like locking in a cheap loan for 30 years. If you're pretty sure of your ability to keep paying, that money might be well used elsewhere. We might not see it this cheap again for a long time.
We moved to Hanahan, we have 2 kids (middle and high) - the schools are rated good (I am not sure how they compare to the rest of the area schools?) - but we needed both schools to be close by. We got a nice older house in a quiet neighbourhood. I didn't want to live in one of the housing communities, I think they are called plantations. The only 'regret' about that is that there aren't many kids playing out and about here, I am not sure if it's more actuve inside the gated type communities, but I didn't want to deal with rules and regulations and HOA, etc. I'm a city person who loves the beach so Summerville was too far inland for me personally, I like to get to the beach and downtown quickly! 17 mins to downtown, 25 mins to IOP, major shops are a quick drive on rivers ave. The only thing I miss is being able to walk to a local shop to get milk and bread etc. But, that is more to do with being used to where I was brought up and where I have lived. It's a small adjustment. Park circle is a 6 min drive and they apparently have a farmers market and there are restaurants there too...
Depending on your lifestyle, you can easily live a decent life on that amount of money.
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