Best Cities for Veteran Home Buyers
U.S. veterans are able to access favorable mortgage options when purchasing a home in recognition of their military service.
Some metropolitan areas better serve military members due to strong job markets, lower affordability and higher rates of military homeownership.
For veterans looking to buy real estate, one of these 10 housing markets in 2024 could be a good fit, according to Realtor.com.
Check your eligibility for a VA loan. Start here
A soft landing spot for veterans
Low housing inventory and high interest rates that make it difficult to buy a home are major obstacles for many would-be homebuyers.
But veterans can save a lot on the costs of their military service by getting a mortgage with no down payment required, something that only about three in 10 veterans know, according to Mickey Neuberger, chief marketing officer at Realtor.com.
“Veterans are entitled to many real estate benefits thanks to the GI Bill and other important legislation,” says Neuberger. “Understanding what you’re eligible for and navigating the process in the largest financial transaction of your life can be a real challenge. The best way to ensure military homebuyers receive all of their benefits is to work with a buyer’s agent who specializes in working with the military community and can provide insight into the best local markets, suitable homes and loan options.”
Of course, identifying the best markets to help former military members can be tricky. Luckily, Realtor.com analyzed 100 metropolitan areas to estimate the best housing markets for veterans based on a combination of job opportunities, ease of homeownership, availability and affordability.
“Higher homeownership rates among military families mean it’s easier for them to own a home,” says Jiayi Xu, an economist at Realtor.com. “It also shows that military benefits are very effective at promoting economic stability. Lower projected unemployment rates suggest there may be less competition when job hunting, which could lead to greater job stability.”
According to Realtor.com, the top 10 housing markets for veterans in 2024 are:
10. San Antonio, Texas
VA loan sales per 1,000 military households: 22.1
Homeownership rate for military households: 76.6%
Difference in homeownership rates between military and non-military: 0.12 ppt
Affordability score: 0.58
Active listings per 1,000 households: 52.9
Projected unemployment rate: 3.5%
Check your eligibility for a VA loan. Start here
9. Richmond, Virginia
VA loan sales per 1,000 military households: 16.1
Military household homeownership rate: 82.3%
Difference in homeownership rates between military and non-military: 0.11 ppt
Affordability score: 0.65
Active listings per 1,000 households: 34.1
Projected unemployment rate: 3.3%
8. Memphis, Tennessee
VA loan sales per 1,000 military households: 16.9
Military household homeownership rate: 79.7%
Difference in homeownership rates between military and non-military: 0.14 ppt
Affordability score: 0.77
Active listings per 1,000 households: 39.4
Projected unemployment rate: 4.2%
7. Indianapolis, Indiana
VA loan sales per 1,000 military households: 16.4
Military household homeownership rate: 80.9%
Difference in homeownership rates between military and non-military: 0.10 ppt
Affordability score: 0.83
Active listings per 1,000 households: 38.1
Projected unemployment rate: 3.4%
6. Little Rock, Arkansas
VA loan sales per 1,000 military households: 19.5
Military household homeownership rate: 78.7%
Difference in homeownership rates between military and non-military: 0.16 ppt
Affordability score: 0.77
Active listings per 1,000 households: 31.6
Projected unemployment rate: 3.5%
5. Palm Bay, Florida
VA loan sales per 1,000 military households: 17.4
Military household homeownership rate: 85.8%
Difference in homeownership rates between military and non-military: 0.10 ppt
Affordability score: 0.55
Active listings per 1,000 households: 65.8
Projected unemployment rate: 3.7%
4. Birmingham, Alabama
VA loan sales per 1,000 military households: 15.4
Military household homeownership rate: 84.9%
Difference in homeownership rates between military and non-military: 0.12 ppt
Affordability score: 0.83
Active listings per 1,000 households: 40.7
Projected unemployment rate: 3.5%
3. Columbia, South Carolina
VA loan sales per 1,000 military households: 27.6
Military household homeownership rate: 81.8%
Difference in homeownership rates between military and non-military: 0.10 ppt
Affordability score: 0.73
Active listings per 1,000 households: 37.8
Projected unemployment rate: 3.3%
2. Augusta, Georgia
VA loan sales per 1,000 military households: 27.8
Military household homeownership rate: 81.0%
Difference in homeownership rates between military and non-military: 0.13 ppt
Affordability score: 0.73
Active listings per 1,000 households: 53.6
Projected unemployment rate: 3.9%
1. Des Moines, Iowa
VA loan sales per 1,000 military households: 18.5
Military household homeownership rate: 88.8%
Difference in homeownership rates between military and non-military: 0.18 ppt
Affordability score: 0.77
Active listings per 1,000 households: 57.3
Projected unemployment rate: 2.9%
Check your eligibility for a VA loan. Start here
Conclusion
If you’re a current or former military member looking to buy a home, some cities offer a more veteran-centric lifestyle than others.
Are you ready to get started on your path to home buying? Contact your local lender today to see what mortgage options are available to you as a veteran.
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