If you've ever looked at home prices in Colorado and thought, “There is no way I could do this on my income alone,” I want you to know something:

You might be right.

But you also might not be.

And I don't want you making that decision based on assumptions, social media, what your friends paid for their homes, or the belief that buying a home requires two incomes.

One of the things I believe strongly is that women need to know what they're capable of doing on their own. That doesn't mean everyone should buy a house. It doesn't mean buying is always better than renting. And it definitely doesn't mean you should stretch yourself financially just so you can say you own a home.

It means get the information first. Then make the decision.

If you're considering buying a home on one income in Colorado, here's where I would start.

The First Question Isn't “How Much House Can I Buy?”

It's:

“What monthly payment would allow me to own a home and still live the life I want?”

There's an important difference between qualifying for a mortgage and comfortably affording one.

A lender looks at your financial picture to determine what they're willing to lend you. Your income, debts, credit history, assets, loan program and other factors can all play a role. Debt-to-income ratio, or DTI, is one measurement lenders may use. It compares your monthly debt payments with your gross monthly income. Different lenders and loan products can have different requirements.

But here's the part I think buyers sometimes miss:

A lender doesn't get to decide what comfortable feels like for you.

The Consumer Financial Protection Bureau specifically recommends thinking about what you can comfortably afford based on your other priorities, rather than simply focusing on the maximum amount you're qualified to borrow.

That matters even more to me when I'm working with someone purchasing on one income.

I Want You to Afford the House AND Your Life

Let's say you're approved for a payment that technically works on paper.

Great.

Now I want to know what happens after you make that payment.

Can you still contribute to savings?

Can you take the vacation?

Can you meet your friends for dinner?

Can you continue investing for retirement?

Can you handle it when the water heater decides it has reached the end of its natural life at the least convenient moment imaginable?

Can you buy concert tickets, spoil your dog, take a girls' trip, go to the gym, pursue your hobbies or whatever else makes your life enjoyable?

Because I don't consider you financially successful if you own a beautiful house but you're afraid to spend $100 doing something you love.

The house is supposed to support your life. Your entire life shouldn't have to support the house.

Your Mortgage Isn't Your Only Housing Expense

This is one of the reasons scrolling through homes online isn't a great way to determine affordability.

The list price doesn't tell you your entire monthly cost.

Depending on the property and financing, your housing expenses can include:

• Principal and interest
• Property taxes
• Homeowners insurance
• Mortgage insurance
• HOA dues
• Utilities
• Maintenance and repairs

Your down payment, loan type and interest rate also affect affordability. The CFPB identifies monthly payment, upfront funds, loan type, interest rate and property-related costs as key factors in determining what home price may fit your budget.

That's why two homes with similar prices can potentially look very different when we examine the actual monthly numbers.

Shop the payment and the overall financial picture, not just the price tag.

What If I'm Buying on One Income?

This is where I think single buyers sometimes put themselves at an unfair psychological disadvantage.

They look at a couple buying together and think:

“They have two incomes. Of course they can buy.”

Maybe.

But two incomes can also come with two car payments, student loans, credit cards, childcare expenses and other financial obligations.

Your financial picture is your financial picture.

A lender needs to evaluate the actual numbers.

And that's why I'd rather have you talk with a knowledgeable lender and find out where you stand than spend another year assuming homeownership isn't available to you.

You might discover you're ready now.

You might discover you're close.

Or you might discover that you're not ready yet.

All three answers are useful.

What If I'm Not Ready Yet?

This is probably my favorite outcome after “You're ready to buy.”

Because “not yet” is completely different from “I can't.”

Maybe your credit needs some attention.

Maybe paying off one particular debt could improve your financial picture.

Maybe you need more savings.

Maybe you need six months.

Maybe you need a year.

The CFPB recommends reviewing your credit and actual spending early in the process, giving you time to address errors, understand where your money is going and make informed decisions before shopping for a home.

Once we know what the obstacle actually is, we can stop guessing and start creating a plan.

If I Wanted to Buy Within the Next 6–12 Months, Here's What I'd Do

First, I'd talk to a lender.

Not because I'm ready to buy tomorrow.

Because I want information.

I'd want to understand my credit, income, debts, savings, available loan options and what different monthly payments could look like.

Then I'd work backward.

If the numbers already feel comfortable, great. We can start talking about what you're looking for and where.

If they don't, I'd ask:

“What would need to change to get me where I want to be?”

Now you have a roadmap instead of anxiety.

Don't Forget About Your Savings After Closing

Buying a house shouldn't require draining every dollar you've worked hard to save.

There are upfront expenses associated with purchasing, and then there's the reality of becoming the person responsible when something breaks.

The CFPB cautions buyers against sacrificing their savings simply to purchase a larger home and recommends accounting for emergency savings and unexpected repairs when deciding what they can comfortably afford.

For someone relying on one income, I think that deserves particular attention.

Your emergency fund isn't wasted money sitting in an account.

It's part of your independence.

It's what allows an unexpected expense to be an inconvenience instead of a crisis.

Buying Alone Doesn't Mean Doing It Alone

This is something I really want single women to hear.

Being independent does not mean you have to know everything.

You don't need to understand mortgage underwriting.

You don't need to know how to analyze every neighborhood.

You don't need to know what to look for during an inspection.

You don't need to magically understand contracts.

And you certainly don't need to become an expert in Colorado real estate before you're allowed to ask questions.

That's what your professional team is for.

Independence isn't refusing help. It's knowing that the decisions ultimately belong to you.

So, Can You Afford to Buy a House on One Income in Colorado?

Maybe.

Your income alone isn't enough information for me to answer that responsibly.

But being single or relying on one income isn't a reason to automatically assume the answer is no.

And please don't wait until you're completely confident you're ready before starting the conversation.

You are allowed to start with questions.

If buying a home is something you'd like to accomplish six months from now, a year from now or even a few years from now, let's figure out what that path could look like.

Maybe you're closer than you think.

Maybe we've got some work to do.

Either way, you'll know.

And I'd much rather see you make a decision based on your actual numbers, your goals and the life you want to buildthan allow an assumption to make that decision for you.

Get the information first. Then make the decision.

I'm Mandy Lacey, a Denver Metro real estate agent and Team Lead who believes women should have the knowledge and confidence to make real estate decisions on their own terms. I help buyers and sellers throughout the Denver Metro and surrounding communities understand their options, make informed decisions and build lives they love.

For the technical homebuying pieces referenced above, the Consumer Financial Protection Bureau's current homebuying guide is also a solid consumer resource.