Top 5 Housing Markets for Military and Veteran Homebuyers
Lisa Mailhot | June 20, 2024
Buyers
Lisa Mailhot | June 20, 2024
Buyers
Finding the perfect place to call home is a well-deserved reward for those who have served our nation. Realtor.com® has released a new report celebrating the 80th anniversary of the GI Bill of Rights, unveiling the top housing markets tailored to military households and veterans across the United States.
The report analyzed America's 100 largest metros, considering crucial factors contributing to a military-friendly environment. From homeownership accessibility and VA loan usage to affordability, job stability, and available home inventory, these metros excel in catering to the unique needs of our military community.
Des Moines, Iowa, is at the top of the list, where military households enjoy an impressive 88.8% homeownership rate, the highest among the top 5 markets. Surprisingly, this rate surpasses even the nonmilitary counterparts, highlighting the effectiveness of military benefits in promoting financial stability.
Augusta, Georgia, and Columbia, South Carolina, follow closely, with Augusta boasting the highest number of home sales financed by VA loans per 1,000 military households. These loans provide invaluable assistance, enabling qualified borrowers to secure homes with smaller down payments, flexible credit terms, and lower interest rates – a true advantage in today's challenging market.
Columbia's booming job market, with a forecasted unemployment rate of just 3.3%, offers exceptional job security for veterans and military households, minimizing the competition for employment opportunities.
Birmingham-Hoover, Alabama, and Indianapolis-Carmel-Anderson, Indiana, tied for the most affordable markets within the top 5, with affordability scores of 0.83. This metric reflects the share of home listings accessible to homebuyers at various local income levels, making homeownership more attainable.
Among the top five is Palm Bay-Melbourne-Titusville, Florida, with the highest availability of active listings per 1,000 existing households (65.8). This abundant inventory provides more options for military households seeking their dream homes.
These top 5 housing markets showcase the nation's dedication to aiding military personnel and veterans, enabling them to prosper in communities that appreciate and address their distinct needs.
If you're a military member or veteran seeking a new home in Orange County, let's connect. I'm here to guide you through the process and help you find the perfect place to call your own in this vibrant community.
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