DENVER — A 2,700 square foot, four-bedroom townhouse just outside of downtown Denver for $150,000 may sound too good to be true, but Co-Own Company is taking a new approach to make homeownership possible for young adults.
The average single-family home price in Denver is above $600,000, making it difficult for young adults to break into the market.
“So unachievable for so many people that are at the beginning of their careers,” said Sarah Wells, the director of sales at Co-Own Company.
With this in mind, Co-Own Company was born.
"The Co-Own Company was really created out of a need to create housing for people to get an earlier entry point into homeownership," Wells said. "We've seen a lot more people participating in buying properties together as their first home to live in."
Co-Own Company designed their townhouses to better suit living with others.
Each person who buys in will have privacy in one of the four bedrooms with attached bathrooms and a mini coffee bar setup sufficient for making a simple meal. The co-living also allows for connection in a shared living area including: a kitchen, dining room, living room and rooftop deck located on South Holly Street in the Hilltop neighborhood.
"There are lots of co-living rental opportunities that have sprung up, where you have micro unit with a tiny kitchen and then greater shared amenities and spaces," Wells said. "Those have been gaining a lot of popularity because people want to feel connected to each other in a home environment."
The homes are currently in preconstruction and expected to be available within 12 months. Co-Own Company is already receiving 10-20 inquiries a day, a response Wells said is inspiring
"What we find in the United States is that the easiest way to build wealth is by owning property," Wells said. "It really is about increasing opportunities for people to get on the ladder of building equity, so that they can actually live in the cities that they love and work in.”