Not a homeowner: Why the 39-year-old millionaire is 'so much happier'

As the eighth of nine children, my immigrant parents had big dreams of owning a home for me in New York.

In 2013, we purchased our first home, a two-bedroom, 1,496-square-foot house in Charlotte, North Carolina for $101,000. Our mortgage was for 10 years.

My financial identity was heavily influenced by my real estate portfolio, which I believed signified my adulthood. Over the past ten years, we have acquired and disposed of three properties: our initial home, a four-bedroom house, and a two-bedroom condo. Additionally, I have paid off $300,000 in debt and achieved my first million.

In 2022, we sold our property and started renting again because my goals changed during the pandemic and I wanted more flexibility.

I'm much happier now and don't regret leaving homeownership behind because of this reason.

I feel like my space is more manageable

We lease a 1200 sq ft, 2-bedroom apartment in Charlotte for $2,553 monthly.

Our monthly housing expenses, including $750 for maintenance and DIY projects, totaled $3,400 when we lived in our four-bedroom home. We also maintained an emergency fund of $20,000 to cover unexpected issues, such as when our washing machine flooded our laundry room.

Our property manager now handles maintenance headaches, allowing us to have an emergency fund that covers closer to five months instead of three, resulting in better sleep at night.

After downsizing, I reduced the time I spend on chores by half. We enjoy our simplified lifestyle with fewer possessions after donating and discarding numerous clothing and furniture items.

I have access to the amenities I want

During the pandemic, residing in the suburbs left me feeling somewhat isolated. This experience prompted me to recognize my desire for a more walkable environment.

Our rental property offers easy access to restaurants, parks, theaters, museums, and galleries, and features a rooftop, co-working space, and gym, as well as community events.

Despite putting in a cash offer for a two-bedroom, two-bathroom condo in a competitive market without the desired amenities, we were not successful in obtaining it.

If we had purchased that condo, we would have been paying an additional $1800 per month for the same services. I'm glad we didn't compromise on our preferences to become homeowners.

I can invest more in myself and my future

We sold our real estate and invested the proceeds in high-yield savings accounts and CDs, generating enough passive income to cover approximately $2,500 in monthly expenses.

Although we have been saving for retirement by maxing out our 401(k), IRA, and FSA accounts, we still have extra funds left over for other expenses, such as traveling.

As an entrepreneur and financial educator, I am now able to allocate more resources towards expanding my business and enhancing my skills, save for events such as conferences and networking opportunities, and indulge in leisure activities like yoga, stand-up comedy, dancing, and acting classes due to our new living arrangement.

I wouldn’t change a thing

Owning a home is not a poor decision, but renting can also be a sound choice if that's what feels right. The flexibility of renting has given us the confidence to explore moving abroad and potentially own a home again in the future.

I've learned to stop justifying my renting to others with different values, so when asked why I rent, I simply respond, "I'm happy where I am."

Crush Your Money Goals CEO Bernadette Joy is a first-gen Filipina-American money coach who has helped thousands of people ditch debt, master their savings, start investing, and find financial peace. She paid off $300,000 of debt in three years and became a millionaire in her 30s. Follow her on Instagram and YouTube.

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