Second, can you be a landlord without adding stress to your life?
Third, do you have the knowledge and the bandwidth to understand laws associated with renting out in Hoboken? Do you understand rent control laws? Do you know what paperwork you need to file annually?
A good real estate agent who is an expert in finance can help guide you. Ultimately, it would be your decision, but I am happy to help you.
I previously worked in finance, have lived in downtown Hoboken for almost a decade, and am a landlord myself. If you want to discuss, please call 732-788-6560 or drop me an email at dalia dot tole at kw dot com.
Renting or selling is really a personal decision. Many people don't want to be landlords and others see the long-term investment as well worth it. I've been through the process myself and helped many others with it as well.
I'm happy to discuss the pros and cons of each with you, contact me directly and we can discuss next steps - 973-495-7299.
If not, then it is best to weigh the decision solely on the monetary scope. If the rental income leaves money left over after every month after paying all housing expenses (including annual items like home owner insurance and taxes) then perhaps this is a good route.
If you are looking to buy another home, most likely it will be better for your finances to have this mortgage payed off. In that way, you can use the difference as a down payment on your next home.