I Chose Homeownership Over Marriage, Bought 5 Homes After Divorce

This as-told-to essay is based on a conversation with Cynthia Jones, a 64-year-old retired librarian in Toledo, Ohio, who purchased several homes without a cosigner or spouse. The interview has been edited for length and clarity.

When I was in my mid-20s, I discovered that my husband had no interest in becoming a homeowner. This, along with other factors, ultimately led to our divorce.

In 1982, as a single woman, I purchased my first property for my toddler and me. Since then, I’ve bought and sold four homes. Now, at 68, I live in my fifth — and final — home.

I love being a homeowner because whether I use my home equity to make improvements, invest in other ventures, or simply enjoy the stability of ownership, it’s mine to do with as I please.

I’ve also passed this lesson on to my daughter, who happens to be single, too.

Before turning 30, my daughter also purchased her first property alone, without a spouse. Prior to that, she earned her graduate degree. Now, at 44, she’s enjoying traveling and her career.

We’re two women embracing single life, traveling, and making the most of our future.

I have always encouraged single women to build wealth through homeownership and real-estate investing. Owning property is one of the few investments that allows you to retain the asset while still making money. In contrast, with investments like stocks, you must sell to realize any profit.

Owning a home could also have developmental benefits. Some research has shown that children who live in a family-owned home may fare better in school, among other things. I have seen some of these benefits firsthand.

I didn’t need a spouse to be a homeowner

Homeownership wasn’t the sole reason my husband and I got a divorce, but it was, as I say, the straw that broke the camel’s back.

In 1981, I was living in Toledo, Ohio, in a townhouse with two bedrooms and one bathroom that my ex-husband and I rented for around $500 a month.

At the time, I was considering setting up a private music studio to teach violin lessons from home, which required more space. The apartment was under about 1,000 square feet and felt cramped. Plus, when you share walls with neighbors, you hear them, and they hear you. There was also no laundry facility in the complex, so we had to go to a local laundromat.

With a young child and the possibility of expanding our family, I realized it was the right time to stop renting and start building equity in a place of our own.

While owning a home is a core value for me, my ex-husband never wanted the responsibility of homeownership. He believed it would be too costly. My counterpoint was that while there are expenses associated with owning a home, you can’t build equity in an apartment, pay it off, or pass it down.

Buying my first home after the divorce was surprisingly easy. Fortunately, my former boss’s wife, a real-estate agent, knew an elderly man who was looking to sell his condo. He offered seller financing, and the process went smoothly with no issues.

In 1982, I paid $28,000 for his two-bedroom, one-bathroom condo. The master bedroom and closet were spacious, and my daughter was thrilled to have her own room. I also enjoyed a nice balcony overlooking a pond, which was a peaceful place to relax.

We lived in the condo for eight years before selling it for around $35,000. Although it was just a starter home, I was thrilled to finally own something. And now, even after all these years, my daughter and I still talk about the memories we made there.

I taught my daughter the importance of homeownership

After my divorce, I remained single and returned to school to study fine arts and business. My focus was solely on my education and raising my daughter.

Over the years, I purchased four more homes, with each sale helping to finance the next. I bought my final home — a four-bedroom, two-bathroom house — for $187,000 in 2019. It’s now valued at nearly $300,000, according to Realtor.com.

In the future, it will need a few repairs, so some of my equity will go toward that, and the rest will be saved, perhaps in a high-yield savings account for emergencies. That’s the beauty of homeownership — while real estate goes through up-and-down periods, over time, you’re generally building equity.

In 2013, my daughter purchased her own home in Toledo for $130,000 — a four-bedroom, two-and-a-half-bath house in the same neighborhood as mine. My 90-year-old mother and my nephew are currently leasing it. Last year, a house across the street from hers sold for $313,000, so I estimate her home is now valued at around $300,000.

My father passed last August, so we’re transitioning my mother to my home, which has a first-floor bedroom and bathroom. Although my daughter’s house has a chair lift, my mom is reaching a point where even that could become a challenge. It’s safer for her to be here with us.

In this situation, owning a home is definitely a benefit compared to living in an apartment because we can adjust or renovate it to suit her needs. Some apartments have accessibility issues. While some complexes are required by law to make accommodations, this isn’t always the case. Even if a landlord agrees, renters can be expected to pay for the upgrades.

My daughter plans to sell her house, and then we’ll all be living together in my home. We are joining the ranks of others enjoying a multi-generational household.

Our neighborhood is fantastic. Everyone knows each other and looks out for one another. Plus, we’re lucky to be right next to a park that offers plenty of nature. This will definitely be our forever home.

I want to encourage more single women to become homeowners

I’ve made many financial blunders in my life — but owning homes hasn’t been one of them.

My only regret in my homeownership journey is that I sold my previous properties instead of keeping them as rentals. I’d be in an excellent financial position now and could have passed that portfolio on to my daughter.

It would have also helped with retirement. The rental income would have served as my primary source of retirement income, alongside other sources.

A friend of mine, who also bought her first home as a single mother, has paid it off and also owns a paid-off investment property. Now, in retirement, she’s reaping the rewards of those smart investments.

Many years ago, I obtained my real-estate license, but due to various circumstances, I didn’t pursue using it at the time.

As part of my “encore career” or second act, I plan to return to real estate — not just for income, but to educate women about the benefits of homeownership and investing in real property.

I’ve kept up with reading about the real-estate market, and I’m aware that single women are outpacing men in homeownership. I think it’s because women like me are no longer waiting for marriage or a partner to invest in their own homes. I think, in many cases, they are thinking long-term about securing their retirement and building wealth.

More women understand the financial benefits of homeownership, and as I always say, you’ll always need a place to live — so why not make it something you own?