BayArea vs. Beyond – Is It Still Worth It?

Myself and spouse been in tech for ~20 years and wanted to share my current situation and thoughts to get your perspective, especially if you’ve made a move from the Bay Area to places like Dallas or Austin.

We recently sold our home, as we’ve always wanted to move into a new construction property. We found one, locked in a rate at 5.15% (thanks to a relationship discount), and are currently in temporary housing while the construction gets delayed.

Here’s the dilemma:

  • The new home costs around $3.4M.
  • We’re putting 30% down (~$1M), but the monthly mortgage payment alone is $13-14K. Add $3.5-4K in property taxes, and it totals $16-18K/month.
  • Annually, that’s about $190-200K, and over five years, it’s $1M just to live in this house.
  • Even if the home appreciates by 30% (which seems optimistic), I’m struggling to see the value in it.

Now here’s the thought that won’t leave me:
If we moved to Texas, that $1M down payment could get us a great home with no mortgage in a good school district. Plus, we’d save the entire $1M in costs over five years.

I’m seriously considering it and would love to hear from folks who’ve made a similar move:

  • Where did you move (Dallas, Austin, or elsewhere)?
  • How has your experience been with schools, lifestyle, and overall cost of living?
  • Any regrets or lessons learned?

Appreciate any insights, advice, or stories you can share! 🙏

Edit1: Just wanted to add that we both have the option to work remotely with 80% pay

Edit2: We’re a family of 4, and the new home is in the Saratoga-Campbell area, falling under Campbell (good schools). My wife is also in tech.

Regarding affordability: yes, we can afford the home, but the idea of paying $1M over 5 years feels excessive. Additionally, any unforeseen changes in our jobs could significantly impact us financially. This would be our third primary home (the first two were sold), and we also own a few rental properties across Texas, North Carolina, etc.

Thank you so much for all the responses so far—I’m still going through them! 🙏 BTW, keep the insights coming; they’re incredibly helpful! 😊