Your housing costs will not go down as a result of renting. The cost of financing probably will go up if the pricing structure declines enough to cause you to “lose” your current equity. “Moving up” may not turn out to be an option in the long run.
You’ve already held this property for 6 years, which puts you that much closer to paying it off.
It’s a tough call. A lot of it depends on how risk averse you are and how comfortable you are with your long term employment situation. The possibility of a job relocation between now and the time the market rebounds could easily justify a decision to get your equity out now while you have access to it.
