Bernadette Joy is a self-made millionaire and award-winning money coach. Most importantly, she’s gotten national level prominence for her pro-rent, anti-homeownership perspective. Home ownership fulfilling the American dream of home ownership, Joy would have had the means to purchase a modest home outright—but she sold her houses. Now three years back, she made the decision to go back to renting. Her story is indicative of an increasing movement among homeowners. Others are now realizing that what they really want is flexibility, financial stability, freedom from the burdens of property management.
Between 2010 and 2022, Joy and her husband purchased four homes. They often owned and operated two properties concurrently, one for their own private residence and a second to earn rental income. We know the realities of being a landlord can be complicated, sometimes even intimidating. As costs have risen and a need for greater mobility became clearer, Joy found herself reassessing her options.
The Shift from Ownership to Renting
Joy’s foray into the world of landlords turned out to be a little more difficult than expected. She remembers how she encountered problem after problem, each zapping her time and money.
“We had to pay for trees that went down in our yard and roof leaks and plumbing issues and electrical issues,” said Joy. “People really underestimate all of those costs.”
Her epiphany happened when she found herself drowning in the emotional labor that goes into owning and managing rental properties. After selling her primary and three additional homes, she quickly moved into a one-bedroom apartment in Washington, D.C., downscaling from a four-bedroom home. This decision not only made her day-to-day life much easier, it gave her the space and energy she needed to grow her business and personally.
“Although Joy owns her own home now, she still understands the freedom that renting makes possible. ‘I’ve seen a lot of people who are stifling their own income prospects or ability to change their careers because of the mental load of, ‘Well, what do I do with this house?” she stated.”
Financial Gains and Lifestyle Changes
Both Joy and her son Joy’s financial situation has changed considerably in the three years since she moved back into a rental unit. She has experienced this recent growth, and she says that the ability to easily relocate is one of the main drivers of renting.
“My income has grown in the last three years because I’m able to be mobile and I’m not spending all this time and energy maintaining this four-bedroom house,” Joy explained.
Her change in perspective is matched by her professional experience. As an author of Crush Your Money Goals, she helps clients reevaluate their money plan.
Joy notes the extent to which her clients are trapped by their homes. That’s even more true in today’s hot real estate market, where high interest rates can complicate an employee’s ability or willingness to relocate.
“I see so many clients right now who need to move, or want to move, and they feel like they can’t because now to buy a new home, they get a lot less house for a lot more money and at a higher interest rate,” Joy observed.
In eight months, she’ll move to a two-bedroom apartment. This choice epitomizes her desire for transient forms of housing rather than permanent attachment.
Lessons Learned from Landlord Experiences
Joy admits that homeownership is almost always touted as the default route to wealth accumulation. Her lived experiences tell a different story. Those burdens of property management have prompted her to promote occupying as a legitimate option.
Her infamous run-in with an irate Airbnb guest illustrates the out-of-left-field problems that property owners have to deal with. She told us the story of a guest who wasn’t sure where to put the shampoo in the tub. All of this occurred during her absence. Such experiences reinforced for her the practical challenges of even the best-intentioned landlords in caring for rental properties.
“The emotional labor that was attached to making sure it was rented out enough was not worth it,” said Joy.
Looking back on her old mantra that homeownership equals success, she admits that times have changed.
“I definitely grew up with the philosophy that homeownership was the way to go,” she admitted.
Along the way in her path as a financial coach and blossoming entrepreneur, she found herself in the financially lucrative position of renting. By improving liquidity and lowering stress, it becomes an invaluable tool.