Share your insights or perspective on the financial matter presented in the input.

Mortgage or not?
Short answer:  No. Longer answer:  The only reason to move would be to get out of the condo and into a SFR of equal cost because condos can be quite difficult to sell and you don't really want that potential burden later on.  Moving is expensive though and you can't afford to spend more when you are already living on the financial edge. Speaking of living on the edge, that's a recipe for disaster.  I make, ratio-wise, a similar sort of income.  Even accounting for the generous college tuition, you should be able to save at least $20K per year...at a bare minimum.  And if you were careful, I figure you should be able to save $40K/year.  You need to figure out where you are dumping all of your money and cut WAY back on spending and focus entirely on saving money. 1)  Stop eating out.  Make your own meals.  I average about $2 per meal per person - no junk food.  Eating out is 6 to 30 times as expensive as making meals at home.  Do the math:  $10 * 2 people * number of times you eat out per week * 52 ($1,040 per year for each time/week!) vs $2 * 2 people * 21 (3 meals per day) * 52 ($4,368 per year for both of you...maximum).  Now I know some meals are more expensive to prepare, but the math is not unrealistic - I spend about $140 per month on groceries and make the bulk of my own food.  Eating out is sticker shock for me.  The food I prepare is nutritionally balanced and complete.  Now I'm not a complete health-nut.  I love the occasional deep-fried treat or hamburger, but those are "once every couple of months" sort of things, which makes them special. 2)  Stop going to Starbucks or wherever you habitually go.  It takes fuel to get there.  It's also expensive when you get there.  Bring your own drink if you are hanging out with friends. 3)  Drop golf.  Or whatever expensive sport you are sinking money into.  Invest in some cheap running clothes and focus on cardio-based workouts.  Heart health is more important than anything else.  If you can't live without your sport, then find an alternate sport that is "equal"-ish in challenge but a ton cheaper to play.  For example, if you like playing golf, play discgolf instead (most cities have courses) - there's no cost beyond a couple of discs and the challenge is still there. 4)  Drop entertainment.  Movies at the theater are expensive.  Drop your cable subscription (you are getting financially raped for $1,500/year).  Get a Netflix subscription and find shows via free online streaming services.  Buy some dominoes, card games, and a couple of classic board games.  Keep entertainment simple and cheap. 5)  Drop your cell phone's data plan.  Republic Wireless is the only decent cellular provider and even their $12/month plan is living a luxury lifestyle.  If you spend more than $10/month/person for phone service, you are spending too much. 6)  Stop driving everywhere.  Gas is expensive.  Cars are expensive.  If you have more than two cars, sell the extras.  If your car is worth more than $20,000, sell it and get something cheaper. 7)  Stop drinking alcohol.  Alcohol impairs mental functions, is addictive, smells terrible, and is ridiculously expensive.  There's no actual need to consume it either. By the way, don't go and make major financial changes without the wife's sign-off.  Finances are the #1 reason for divorce.  So get her "OK" on this stuff.  Hopefully you already knew that.  The above are just some common financial pitfalls where people sink thousands and thousand of dollars and gain nothing.  You can still have a full and complete life with just a minimum of the above. There is no excuse for living on the edge financially.  Your story is one I'm going to share with those who give me the same excuse because they are "poor".  You are "I want to punch you in the face" wealthy and you spend every last penny because you think that's how money works.  You are wrong. One final piece of advice:  Find a financial adviser.  It is clear to me that you've been managing money wrong your whole life.  A financial adviser will look at your situation and help you far more than someone on the Internet ever can.  If you attend a church, many churches have the excellent Crown Financial Ministries program available which teaches sound financial management principles.  The education system doesn't show people how to manage money, but that's not an excuse either.  Once you dig yourself out of the financial hole you've dug for yourself, you can pass the knowledge on how to correctly manage money onto other people.