A new report from Realtor.com has identified the top housing markets for military households in the United States, coinciding with the 80th anniversary of the GI Bill of Rights.
This report comes at a time when the housing market faces challenges due to high interest rates and low inventory. The findings highlight areas where military families might find more favorable conditions for homeownership, leveraging benefits like VA loans to overcome current market obstacles.
To determine the best cities for military members and veterans, Realtor.com analyzed several factors, including the homeownership rate among military households, the number of home sales financed by Veteran Affairs loans, housing affordability, the number of active listings, and job stability.
The Best Cities for Military and Veterans
Des Moines, Iowa
Affordability Score: 0.77
Active Listings per 1,000 Households: 57.3
Unemployment Rate: 2.9%
At the top of the list is Des Moines, where the military homeownership rate is at least 0.18% higher than nonmilitary homeownership. In fact, Des Moines has an 88.8% homeownership rate among military households, the highest of all markets on this list.
Augusta, Georgia
Affordability Score: 0.73
Active Listings per 1,000 Households: 53.6
Unemployment Rate: 3.9%
Second on the list is Augusta, where an average 27.8 home sales per 1,000 military households are being financed by VA loans. The city has the most number of VA loans issued that any other metro area listed.
Columbia, South Carolina
Affordability Score: 0.73
Active Listings per 1,000 Households: 37.8
Unemployment Rate: 3.3%
Securing the third spot on the list is Columbia. That is in part due to its job market, with an unemployment rate of 3.3%---the lowest among all metro areas on this list.
Birmingham-Hoover, Alabama
Affordability Score: 0.83
Active Listings per 1,000 Households: 40.7
Unemployment Rate: 3.5%
The Birmingham0Hoover metro area sits in fourth place, with an affordability score of 0.83. It is tied with the Indianapolis metro area as the most affordable market on the list.
Rounding out the list are Palm Bay, FL; Little Rock, AR; Indianapolis, IN; Memphis, TN; Richmond, VA; and San Antonio, TX.
