Housing Watch: Determining if renting or owning is a better fit

FRESNO, Calif. (KFSN) -- Home ownership has long been regarded as the "American Dream," a way to build generational wealth.

However, Financial Coach Bernadette Joy believes that for many people, renting might be a better fit.

"A lot of us underestimate the true cost of home ownership," she said. "A lot of clients that I work with, for example, their water leaks or something happens to the roof. For me, my last house, like two trees fell down in the yard, and I didn't know that it was going to cost thousands of dollars to get rid of those trees."

Joy urges homeowners to take a close look at how much mortgage interest they're paying each month.

"Sometimes, it does make sense to buy a home," she said. "It's not like I'm against being a homeowner, but I don't want people ruling out the idea of renting simply because of the social stigma around it. "

Joy's book "Crush Your Money Goals" made this year's Oprah Daily must-read list.

Joy grew up in New York, but now rents a one-bedroom apartment in Charlotte, North Carolina.

"A lot of people assume that, oh, maybe I'm just saying this because I've never owned a home before, but I've actually owned three homes," she said.

She found the Airbnb experience not as rewarding as expected
.
She and her husband sold their properties and invested the money in stocks and their 401 (k)'s instead, adding that they have received a bigger return.

"Because I've gone back to renting and downsizing my lifestyle, I've been able to travel to all these different countries," she said. "I've been able to build this business, write this book and do a lot of other things that I might not have otherwise if I were focused on just that version of the American dream."

For news updates, follow Dale Yurong on Facebook and Twitter.