Growing up in New York as the eighth of nine kids, my immigrant parents had big homeowner dreams for me.
So in 2013, at 28, my husband and I bought our first home: a two-bedroom, 1,496-square-foot house in Charlotte, North Carolina for $101,000. We had a 10-year-mortgage.
Having a real estate portfolio became a huge part of my financial identity. I thought it meant I was finally an adult. Over the course of a decade, we bought and sold three properties: our first home, a four-bedroom house, and a two-bedroom condo. I also paid off $300,000 of debt and made my first million.
By 2019, I was a proud homeowner with a paid-off mortgage. During the pandemic, however, my goals changed, and I wanted more flexibility. So in 2022, we sold our property and started renting again.
Here’s why I’m so much happier now and don’t regret leaving homeownership behind.
I feel like my space is more manageable
Today, we rent a 1200-square-foot, two-bedroom apartment in Charlotte for $2,553 a month.
We used to spend $3,400 on our monthly housing expenses when we lived in our four-bedroom, including $750 every month for maintenance and DIY projects. We also kept $20,000 in an emergency fund for unexpected issues, like when our washing machine flooded our laundry room.
Now we outsource maintenance headaches to our property manager. Our emergency fund covers closer to five months instead of three, and we sleep better at night.
Since downsizing, I’ve cut the time I spend on chores in half. And we love living with less clutter after discarding and donating many pieces of clothing and furniture.
I have access to the amenities I want
Living in the suburbs during the pandemic, I felt a little isolated. It made me realize how much I wanted a walkable environment.
At my rental, I can easily stroll to restaurants and parks, and I’m a five-minute drive to theaters, museums and galleries. Our building has a rooftop, co-working space and gym, and holds many community events.
Before landing on our…
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