I was surprised (and mildly amused) by the pushback my husband and I received for selling our house and renting an apartment. We’d been kicking around the idea of downsizing since our daughter’s high school graduation party. Two years later houses in our neighborhood were in high demand and our conversations grew more urgent. One minute it was, “Let’s just call our realtor and chat,” and the next thing we knew she put a For Sale sign in the front yard. “That escalated quickly,” we thought. The house sold sixty hours after it was listed.
Since I’d been planning this escape for two years, I was ready to go, but my husband and daughter were a little nervous about the situation we now faced: We had a month to vacate and find somewhere else to live. Our daughter was a college student who kinda lived at home and kinda didn’t, so did she need a room with us? It was a sellers’ market. We wanted the next property we purchased to be the last property we purchased. Given these parameters, we decided buying another house at that time was not the wise choice. We found a very nice apartment home community with a very nice, very affordable unit for rent. It had the same number of bedrooms and bathrooms our house had. The only spaces we gave up were a basement and half a garage.
The funny looks began shortly after move in along with the questions: “Why did you sell your house?” “Why didn’t you buy another one?” “Do you need money?” The general perception was we could not afford our mortgage and had to sell. For example: People knew our daughter attended a private college. What they didn’t know is how many scholarships, grants, and awards she’d earned. People knew that in addition to my full-time job, I had a side gig at a local HomeGoods. What they didn’t know was why I did it: I wanted to stay busy. If I was busy, I didn’t have time to worry about what the aforementioned college student was doing.
Selling the house made us renegades. Like we spat in the face of the American Dream of home ownership. But is the dream turning into a nightmare? Take a mortgage for example: If you don’t put 20% down on a house, you have to pay private mortgage insurance (PMI). According to Zillow, the median price of a house in Dayton, Ohio (where we live), was $54,000. So you needed to put $10,980 down to avoid paying PMI. Okay, but did you want to live in a $54,000 home in Dayton Ohio? Mortgages can last 15, 30, or even 40 years. How old will you be in 40 years? If you paid a mortgage that long, you might as well pay rent and get the added benefits of living in an apartment community instead. I thought there were major tax benefits for home ownership, but after some quick Googling, I discovered the federal government giveth and the local government taketh away. Most people assume it’s more expensive to rent than to own. My husband crunched the numbers after three months of apartment living and found it indeed was more expensive. It cost us $3.07 more a month. Worth. It.
Honestly, we were not happy homeowners. We’d become “those” people – “Get off my lawn!” The number of houses for rent in our neighborhood increased. The public school system put a bus stop in front of our house. Major home repairs loomed. We got out while we could and have no regrets. Recently, when friends told me they spent their last two weekends on home improvement projects then asked me what I did, I responded, “Read Harry Potter and the Prisoner of Azkaban again.” There is no grass mowing, no snow shoveling, no taking time off work to wait for a plumber. There are no HVAC, roof, or driveway replacement costs. I send an email and like a fairy godmother, maintenance comes while I’m at work and fixes stuff. No more gym or pool membership fees.
How long will we rent? We don’t know. We will make that decision when the market turns back around in favor of the buyer. We may never own property again. Do you think owning a house is still the American dream? Do you think it’s a good investment? Have you downsized? If so, are you glad you did? Tell me about it here: