4 reasons I'm absolutely loving being a renter after 7 years of homeownership

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• I was a homeowner for 7 years.
• After selling my home and moving to New York, I've found renting to be a better fit for my lifestyle.
• Renting is not a waste. It can offer flexibility and other opportunities to grow your money.

Homeownership may be a goal for many Americans, but that doesn't mean that it's for everyone, or that the timing is always right. I was a committed homeowner for seven years and now that I am renting in New York City, I couldn't be happier.

I'm not saying that owning a home, or the desire to be a homeowner, is a bad thing. I am saying that I have seen people rush into homeownership without fully understanding the commitment or responsibility that is involved, and feeling overwhelmed and financially strapped.

There is also a pervasive narrative that renting is a bad thing or a "waste of money" and that is simply not true. Here are four reasons why I am actually benefiting from being a renter right now — and why it's not a waste of money:

1. No maintenance costs or repair bills

This one fact makes me jump for joy. When I owned my home, the maintenance and upkeep was a continuous thing and I even went through a full home renovation. Since I am renting right now, the landlord assumes responsibility for all maintenance, improvements, and repairs. If an appliance stops working or there is a ceiling leak, I call the landlord, who is required to fix it. 

2. Fixed housing costs

With inflation, everything is going up ... but not my rent. I know what I will be paying every month and since that is a fixed cost, it has put me in a better position to respond to increases elsewhere due to the economy.

Rent can definitely increase, but when I moved to New York, I signed a two-year lease. If my rent were to increase greatly, I could always move. For now, not having a mortgage and maintenance costs has put more money in my savings account, which brings to my next point.

3. Growing wealth in other ways

Homeownership is not the only sound investment. There are many other ways to grow your money. Not having a mortgage has allowed me to invest aggressively in other ways. Increasing my contributions to my 401(k), growing my investments in my brokerage account, and starting a business has solidified my financial profile a lot more than owning a house did.

4. More flexibility as to where I live and how I access my money

Renting has given me a lot of financial room to grow, but it has also given me room to grow in my life. If I want to change my location at a moment's notice, I can. I travel freely knowing that when I come back, my apartment will be just as I left it and any packages received will be safely in the package room next to the doorman. 

Renting has also given me financial liquidity. I have easier access to my money. One of the main benefits of homeownership you constantly hear about is building equity, and this is true, but that equity is tied up in a home (a fixed asset). If you need it, you need to get a home equity loan or HELOC to access it or sell the house. 

My savings account is easily accessible if I need it or the unexpected happens. 

Both renting and owning can be financially savvy decisions as long as it suits the lifestyle that you want to live. For now, renting is the lifestyle for me.