Single women in the Denver area are taking the plunge into the city’s notorious housing market by themselves, despite soaring prices and short supply.
Anna Fine, a 31-year-old design director, closed on an Arvada home in March 2021, bidding about $80,000 over the asking price because a cash offer from another party was on the table. However, the process spanned almost four months, as she searched for a house that accommodated her and her dog, instead of a potential family.
“It just needs to be more normal,” she said in a telephone interview. “I moved into my neighborhood, and the first question my neighbors asked me was like, ‘Who’s your boyfriend? Who’s your husband?’ ”
Nationwide, single women make up 20% of first-time homebuyers, compared to 11% of single men, the National Association of Realtors reported last year. In Denver specifically, even the coronavirus pandemic couldn’t keep single women from securing their house keys, with 15.6% of them purchasing homes in 2020, according to an analysis by RedFin.
Two years later, the metropolitan area’s housing market is red hot. The median closing price for a residential home stood at $602,750 in March – the highest number on record, the Denver Metro Association of Realtors reports. Then, potential homeowners also have to consider surging mortgage rates, which now range from 4-5%, according to the Mortgage News Daily rate index.
Still, the city’s single women are making deals on houses without the financial support of a romantic partner, pushing back against the antiquated idea that buying a home requires a spouse.
However, Fine noted that she lost out on other potential houses to DINK couples – slang for “double income, no kids.”
“I was always at a disadvantage, even though I was as anxious or equipped to put down for those houses,” she said.
Fine set out to buy a home in the Denver area in November 2020. Although she moved frequently as a child, she spent about nine years in Boulder. Her parents returned to the city in 2013, and, when the coronavirus pandemic hit, Fine moved in with them after spending 12 years in New York City.
Her initial plan to find her next home in California changed when she considered Denver’s advantages: its affordability compared to the Golden State, the plethora of activities available to Coloradans and the ability to find a yard for her pet.
After making her decision, Fine began touring eight to 10 houses every weekend, exploring different neighborhoods and areas around Denver. The process came with disappointments, which included canceled contracts for two different houses after inspections predicted costly renovations.
“At this point, I was like, ‘Maybe I’m not meant to have a house,'” she said.
Fine also ran into problems specific to her relationship status. As a freelance contractor for close to two years, she was required to have a cosigner validate that she could pay for her house. However, Fine said she earned more than her cosigner, so it actually limited her options.
As a result, she eventually committed to a full-time job, but described the entire experience as “extremely frustrating.”
Through it all, her house “ended up being the right choice,” she said. Fine encouraged other women to follow her lead because “it’s the safest way for them to incur money and build their personal wealth” without relying on someone else.
“It’s just not something people are used to seeing, and it should be,” she said.
Craig Ferraro, adjunct professor in real estate at the University of Colorado, said the current housing market often makes dual income a necessity.
“From a society standpoint, that’s probably a good thing that (single women) can afford it,” he said.
He estimates the pandemic has driven people to look for more certainty in their living situations, on top of single women feeling more comfortable in their jobs. He pointed to potential buyers – men and women, singles and couples alike – hurrying to find houses before the market becomes more unaffordable.
“We’re getting close,” Ferraro said in a telephone interview. “As interest rates go up, people are saying, ‘I’ve got to do it now because it’s only going to get worse.’ ”
Bank of America’s 2021 Homebuyer Insights Report finds that 65% of single women homebuyers would prefer not to wait until marriage to purchase a house, with 30% of female homeowners confirming they bought their homes while single. The vast majority of single women surveyed – at 87% – consider the idea that a person must be married to buy a home as an outdated notion.
“It’s exciting to see so many single women challenging the status quo – taking control of their financial futures and proving marriage isn’t a prerequisite for homeownership,” said Kathy Cummings, a senior vice president at Bank of America, in a statement. “I often hear from this group that they want to invest in themselves and in their futures, whether solo or for their children.”
Still, the most prominent hurdle for these women is savings. About three-quarters of single women have decided to hold off on purchasing because they aim to feel financially stable first, according to the report. The survey, which sampled 2,000 adults who either own a home or plan on it, was conducted between Feb. 18 and March 1, 2021.
Gianna Carriaga, a 24-year-old labor and employee relations representative, stumbled across an affordable-housing program for Denver online in late 2019. Her friend’s mom, who works as a realtor, walked her through the process, and Carriaga closed on her City Park condo on Sept. 3, 2021.
“It doesn’t feel real sometimes,” she said in a telephone interview. “I’m so used to renting, and now I own it.”
Carriaga grew up in Thornton. She considered moving out of state, but decided against it for financial reasons.
Her condo is part of a newly-built complex, and was particularly desirable to her because of its proximity to a light rail station to commute to her job.
Making this decision with a partner would have given her more housing options, but “I probably wouldn’t have qualified for this particular complex since it’s, like, income-restricted,” she said. Carriaga said she hasn’t received any negative reactions to her purchase as a single woman, with most people impressed that she’s doing it so young.
“It’s a little scary and lonely, but, in the end, being able to own your own place and build equity by yourself is really empowering,” said Yashila Permeswaran, a 27-year-old senior software developer.
Buying her Edgewater townhome, which she described as “a bit of a fixer-upper,” was a whirlwind that lasted about a month. She contacted her realtor, Chelsea Steen, in mid-December, and immediately started looking for options.
“I am seeing younger women buying their first homes by themselves, and I am seeing older women beginning to buy more investment properties,” Steen said, estimating that at least 60% of her clients are female. “This is being driven by a more empowered younger generation who have confidence in themselves and are going after what they want in life.”
Permeswaran visited her soon-to-be home on Dec. 27 – smack in the middle of the holiday season. It came on the market at 8 a.m., and she arrived by 8:30 a.m. Permeswaran went under contract on Dec. 30, and closed on Jan. 14.
Not only was the price right, but it ticked several of her boxes: a good location, a walkable neighborhood and a garage, which would make parking at night feel safer as a single woman. Still, she notes, “Oh, my goodness, it’s a seller’s market.”
A friend plans to move in with her and pay rent, which will help with the mortgage.
Originally from a small town in northwest Iowa, Permeswaran graduated with a master’s degree from the University of Iowa right before COVID-19. Although she secured a job in the Denver area, Permeswaran initially worked remotely.
When she settled into a Lakewood apartment in January 2021, she “realized that I was sick of throwing money away for rent.” Permeswaran said she “fell in love and don’t really want to leave” Denver – not only because her close family lives in the area, but also because of the atmosphere and culture.
“Most places you go, people are going to ask, ‘What do you do?’ when they first meet you,” she said in a telephone interview. “Here, people ask, ‘What do you like to do?’ And, so, it’s more about who you are and who you choose to be.”
