If you’re a homeowner in Boston with a low mortgage rate, you might be feeling a bit stuck these days. Perhaps you’ve considered making a move—whether it’s for more space in the suburbs, a change of scenery, or finally finding a home that feels just right. But then the reality of today’s interest rates hits, and suddenly, that idea gets pushed aside.
This scenario is playing out for many homeowners across the country. Millions locked in at historically low rates during 2020 or 2021 are now hesitant to let go of what feels like a fantastic deal—even if their current home no longer fits their lifestyle.
This phenomenon is known as the “lock-in effect,” and it can be a powerful force. However, it doesn’t mean you’re out of options. If you’ve been on the fence, unsure whether to stay or go, there are three questions that can help you gain clarity—and make a decision you feel good about.
Is your current home still working for your life—or just your loan?
This is perhaps the most crucial question to ask yourself. When you look beyond the mortgage rate and the spreadsheets, is your home still supporting your day-to-day life?
Maybe what once felt spacious now seems cramped, or perhaps your home feels too big and quiet since the kids moved out. Your needs might have shifted—maybe you’re working from home more often, caring for aging parents, or you’ve welcomed a new family member. Or perhaps you just feel like you’ve outgrown the space emotionally. What once seemed like a dream home now feels like a never-ending to-do list.
It’s easy to set those feelings aside and focus solely on your current rate. But when your home no longer fits your lifestyle, it’s worth considering what it’s costing you to stay—not just financially, but emotionally and mentally as well. The right home doesn’t have to be perfect, but it should make your daily life easier, not harder.
What would a move really cost you—and what might it make possible?
There’s no denying that today’s interest rates are higher than they were a few years ago. However, that doesn’t automatically mean moving isn’t financially viable. What matters is how the complete picture looks for you.
Many homeowners today are sitting on substantial levels of equity. As of early 2024, the average mortgage-holding homeowner in the U.S. holds approximately $299,000 in equity, according to ICE’s Mortgage Monitor report. That’s an increase from $274,000 at the end of 2022 and a significant jump from $182,000 at the start of the pandemic, based on CoreLogic’s Homeowner Equity Insights report.
This equity can reduce the amount you need to borrow, lower your monthly payment, or even help you avoid private mortgage insurance.
On the flip side, consider what lifestyle benefits a move could bring. Maybe it would put you closer to family, provide your kids access to better schools, or offer that home office or outdoor space you’ve been longing for. Perhaps it means downsizing and freeing up more cash each month or finally settling in a neighborhood where you feel more at home.
Moving isn’t just about finances; it’s also about quality of life. When you weigh both the gains and the costs, you might find that the numbers aren’t as one-sided as they initially seem.
If you stay, are you staying intentionally—or just avoiding a hard choice?
It’s perfectly fine to stay where you are. In fact, for some, that’s the right choice. But it’s essential that this decision is made intentionally, not just as a default.
Ask yourself: If I choose to stay for the next three to five years, what would I need to change or invest in to make this home truly work for me? Would I renovate the kitchen that’s no longer functional? Transform the spare room into a proper office? Redesign the backyard so it actually gets used?
Staying doesn’t have to mean settling. Sometimes, making peace with your current home involves creating a plan to improve it—whether through small updates, strategic renovations, or simply adjusting how you use your space.
However, staying without a plan can lead to years of quiet frustration. In many cases, those small compromises can add up to something more expensive than moving would have been.
Final Thoughts
Feeling “stuck” is frustrating. But the good news is, you’re not as trapped as you might think. You’re just facing a decision that deserves careful consideration.
You don’t need to have all the answers right now. But asking the right questions—about your lifestyle, your goals, and your finances—can help you find clarity. Whether you decide to stay or go, the goal isn’t to time the market perfectly. It’s to make a choice that supports your life and future.
If you’re unsure about what comes next, let’s chat. We’ll help you weigh the pros and cons, look at real numbers, and explore what’s possible. This isn’t about pressuring you into a sale; it’s about giving you the clarity and confidence to move forward in the direction that feels right for you.
