From Marriage to Multiple Homes: My Journey from Divorce to Becoming a Five-Home Owner and Inspiring My Daughter
- In the 1980s, Cynthia Jones dreamed of owning a house, however, her spouse was against it. They eventually went their separate ways through divorce.
- Following their separation, she allocated $28,000 towards purchasing her initial residence for both her and her small child to reside in.
- At 68 years old, Jones has instilled in her daughter the importance of investing in real estate as an individual woman.
This essay, based on an interview with Cynthia Jones—a 64-year-old former librarian from Toledo, Ohio—details her experience buying multiple properties solo, without a co-signer or partner. The conversation has been condensed and clarified for publication.
In my late twenties, I realized that my spouse showed no desire to own a home. This realization, coupled with several other issues, eventually resulted in us getting divorced.
In 1982, I bought my first house as a single mother for myself and my young child. Over time, I have owned and traded five houses in total. Currently, at the age of 68, I reside in what will be my last home.
I really enjoy owning a home since I can utilize my home equity for renovations, put money into other investments, or just savor the security of being an owner—it’s entirely up to me what I do with it.
I have shared this lesson with my daughter as well, who coincidentally is also unmarried.
By the time she turned 30, my daughter had bought her first home independently, without a partner. Before reaching this milestone, she completed her master’s degree. Currently, at the age of 44, she relishes both travel and her professional life.
We are two ladies enjoying our solo journey, exploring different places, and maximizing our upcoming years.
I've consistently advised single women to accumulate wealth via homeownership and real estate investment. Holding property stands out as an exceptional form of investment because it lets you keep the asset and generate income simultaneously. Conversely, with investments such as stocks, you can only make gains once you decide to sell them.
Owning a property might offer certain advantages for development. Studies indicate that kids residing in homes owned by their families may perform better academically, amongst other positive outcomes. Personally, I've witnessed such benefits directly.
I didn't require a partner to become a property owner.
Our divorce wasn't solely caused by homeownership, but as I put it, that was the final issue that made everything collapse.
Back in 1981, I resided in Toledo, Ohio, in a two-bedroom, single-bathroom townhouse that my former spouse and I leased for approximately $500 per month.
Previously, I was thinking of establishing a personal music studio at my residence to offer violin classes, but this would have needed additional room. Our apartment spanned less than 1,000 square feet and seemed quite tight-knit. Additionally, since the walls were shared with neighbors, sounds traveled easily between us. Furthermore, the premises lacked an onsite laundry facility; thus, we found ourselves needing to visit a nearby laundromat regularly.
Given that we have a little one at home and might welcome another addition soon, I decided it was high time to cease leasing and begin accumulating equity in our very own abode.
Although having a house is very important to me, my former spouse did not share this desire as he saw it as too burdensome financially. In contrast, I argued that even though there are significant costs involved in being a homeowner, these expenditures eventually lead to building equity. Unlike renting an apartment, which cannot be paid off entirely nor inherited, a home allows for financial growth and legacy.
Purchasing my initial house post-divorce turned out to be unexpectedly simple. Luckily, my ex-boss’s spouse, who works as a real estate agent, connected me with an older gentleman keen on selling his condominium. This individual provided seller-financed terms, making the entire procedure seamless without any hitches.
Back in 1982, I purchased his two-bedroom, one-bathroom condominium for $28,000. Both the master suite and its walk-in closet offered ample space, much to my delight. My daughter was equally pleased with having her very own room. Additionally, the property boasted a pleasant balcony that provided views of a serene pond below—a perfect spot for unwinding after long days.
We owned the condominium for eight years prior to selling it for approximately $35,000. Despite being a modest first home, I felt elated at last becoming a homeowner. To this day, after so many years, my daughter and I continue to reminisce about the experiences we shared there.
I imparted to my daughter the significance of owning a home.
Following my divorce, I stayed unmarried and went back to school to pursue studies in fine arts and business. My sole concentration was on my education along with bringing up my daughter.
Throughout the years, I acquired an additional four properties, using the proceeds from each sale to fund the purchase of the next one. In 2019, I finally got my last property—a four-bedroom, two-bathroom house—for $187,000. According to Realtor.com, this same house is currently appraised at almost $300,000.
In the years ahead, this property might require several fixes, which means part of my investment will address those needs. The remainder I plan to set aside, maybe in a high-interest savings account for unexpected expenses. This is one of the perks of owning a home—despite fluctuations in the housing market, typically you end up accumulating equity over time.
In 2013, my daughter bought her own place in Toledo for $130,000—a four-bedroom, two-and-a-half bath property located in the same area where I live. Presently, both my 90-year-old mother and my nephew are renting it out. A house just opposite hers was recently sold last year for $313,000, leading me to believe that her home might be worth approximately $300,000 nowadays.
My father died last August, so now we're moving my mother into our place, as it features a ground-level bedroom and bathroom. Though my daughter’s house includes a stairlift, my mom is getting to a stage where that might not suffice anymore. For safety reasons, she should stay with us.
In this scenario, purchasing a house clearly offers advantages over residing in an apartment since we have the freedom to modify or improve it according to her requirements. Certain apartments come with accessibility challenges. Although some properties must legally accommodate residents, this rule doesn’t always apply. If a landlord consents even then, tenants often end up bearing the cost of these enhancements.
My daughter intends to put her house up for sale, after which we will all reside at my place. In doing so, we're becoming part of the trend toward multigenerational households that many find appealing.
Our community is wonderful. People here know their neighbors well and take care of one another. Additionally, we count ourselves fortunate to live close to a park filled with natural beauty. We plan to stay here permanently.
I'd like to motivate more unmarried women to take up home ownership.
I have committed numerous financial errors over the years, yet purchasing properties has never been among them.
The one thing I lament about my experience with owning a home is that I chose to sell my earlier properties rather than maintaining them as rental assets. This decision has left me wishing for better financial standing today, and I could have even handed down that investment portfolio to my daughter.
Having this additional revenue would have been beneficial for retirement. The rent collected would have acted as my main financial support during retirement, complemented by other income streams.
A buddy of mine, who similarly became a homeowner as a single mom, managed to pay off both her primary residence and an additional rental property. Today, during her retirement, she’s enjoying the benefits of these wise financial decisions.
A long time back, I acquired my real estate license; however, because of different situations, I did not proceed with utilizing it immediately.
In my "encore career," also known as my second act, I intend to go back into real estate—not only for financial gain but also to teach women about the advantages of owning homes and investing in real estate properties.
I have been following updates on the real estate market, and I noticed that single women are surpassing men when it comes to owning homes. This trend may be due to women such as myself not wanting to wait for marriage or a partner before purchasing our own properties. Often, these women prioritize planning ahead for their future financial security and accumulating assets over time.
A growing number of women recognize the economic advantages of owning a home. As I often point out, you will always require shelter—so why not ensure it’s an asset you possess instead of rent?
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