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At just under ,600, their current rent could be enough for a monthly mortgage on some Bay Area homes, but they've decided that the value and freedoms they gain by renting far outweigh the benefits of owning.
Mingo said he and his ex-wife each received about ,000 in 2004 when they sold the house they'd bought together in 1990, and he told me that having this money in his bank account in 2004 may have helped him and Barrett to convince their current landlord to rent to them.The lower cost of living in Charlottesville was a relief."We felt very secure financially that year," Barrett says."If we moved to a place that's cheaper, we could afford to do more," Barrett remembers thinking."We could maybe some day afford to buy (a home)," she adds.