No. of Recommendations: 4
Be sure to total up all costs: Not just mortgage, but also taxes, insurance, homeowner's dues, repairs and all the other crap that goes along with owning a home. On the apartment side, be sure to include costs of selling your home, along with non-rent fees like parking. Also make sure you have accurately estimated the cost of an apartment - in most places, there's a wide variation in prices depending on area, whereas your current house isn't going anywhere. You might be able to, for instance, get a cheaper apartment of the same quality by moving farther away, and since you're unemployed, it's not going to make your commute worse.

If you have a lot of home equity, you stand to gain more by selling, but also have more of a cushion. Of course, many people have no equity.

Given that you are willing to sell, you could expand your job search nationwide or at least regionally. It is a whole lot easier to find a good job if you are willing to relocate. (Unemployment is higher among homeowners than renters, probably for this reason).
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