Keep Family home to rent or sell to buy next home

[Matt Sobers]

So here it goes. I own my home in Silicon Valley. It’s worth around $1 million. I owe around $450k. I could rent it out and make about $1k/month. 

I am moving out of the area and am going back and forth between selling it and paying cash for a house elsewhere, which would be around $500k. I would then start with substantially cheaper homes to invest in where I am going. 

My question is this. Should I keep the house and use it as an investment and buy another home to live in? 

Or sell it? Having the opportunity to own my next home outright. Then begin investing from there. 

Let me know if this is in the wrong area. Any advice is appreciated.