Jocelyn

As a follow up to all the helpful answers I received, we elected not to move at all , though this was due to factors other than the rent vs buy issue. We're just now looking again to move into West Seattle (quite casually), and are also revisiting the rent option for our Seward park house. We would love to keep this house, its a great location in Seward park, (it is a nice family home in a more moderate price range than would be some of the higher end houses you get down by the lake or with panoramic views). So, we think it will continue to build equity despite the slow market, perhaps more so after light rail takes off in 2009.

To answer some of the earlier questions, our house is located several blocks west of Seward park itself, and about 5-7 blocks east of Rainier (?), i.e. we are closer to the lake than to Rainier. It's walking distance to PCC, bus stops, etc. Utilities run about $400 per month. So, if we rented it for say, $1900/mo, we'd take a loss of about $500 on the mortgage payment IF the tenants paid ALL utilities, and I don't know how feasible that is.

In any case, thanks much for all the help, and sorry to be so late in replying. - Mon Aug 18 2008, 18:59