Is Renting out our house worth it?

[Deborah Bailey]

Hi everyone! We need help with making a decision with our current property.

We recently bought our home back in November 2022, and due to a death in the family we are going to have to move out of state (not too far though) this summer 2023. Originally we were going to “house hack” and stay in this house a year then buy another house nearby and rent this one out. However, upon further research it looks like renting this house will actually still cost us monthly because our mortgage is right at the max we could probably charge for rent, let alone additional insurance and property management, etc.

We are having a tough time figuring out if keeping the house to rent is worth it when we know we are negative $200-$300 a month on it. Does anyone have any advice?