Millennial Veterans and service members have been ahead of the homebuying curve, in large part because of their hard-earned VA loan benefit. See how this segment has trended over the past 3 years.
Millennial Veterans and service members have been ahead of the homebuying curve, in large part because of their hard-earned VA loan benefit.
Younger buyers are fueling the surge in VA lending in recent years, while so many of their civilian counterparts have remained stuck on the sidelines. VA loans allow qualified buyers to purchase with no down payment, no mortgage insurance and without the need for top-tier credit. And thanks to their education benefits, many younger veterans aren’t burdened with mountains of student loan debt.
Those advantages have made millennial veterans and service members some of the strongest and most successful homebuyers on the market, and they’re making their presence felt in communities across the country.
Veterans United Home Loans is the nation’s largest VA lender. To create our Top 30 cities list, we compared our purchase loan volume for millennials in 2018 to our volume for that group in 2015.
Cities are ranked by their percentage increase in VA purchase loan volume. Metro areas needed at least 75 millennial purchase loans in each of those years to be included in the analysis.
We define millennials as Veterans or service members born between 1981 and 1996.
Here’s a look at the Top 30 cities for millennial VA buyers.
|City name||VA Purchase Loan Growth||Average Purchase Price CY18|
|Jacksonville, FL MSA||228.80%||$238,066|
|Tampa-St. Petersburg-Clearwater, FL||144.80%||$252,566|
|San Antonio, TX MSA||135.50%||$235,646|
|New York-Northern New Jersey-Long Island, NY-NJ-PA MSA||129.50%||$429,868|
|Hinesville-Fort Stewart, GA MSA||116.90%||$166,877|
|Miami-Fort Lauderdale-Pompano Beach, FL MSA||107.60%||$316,611|
|Virginia Beach-Norfolk-Newport News, VA-NC MSA||107.30%||$248,126|
|Fayetteville, NC MSA||103.70%||$174,716|
|Washington-Arlington-Alexandria, DC-VA-MD-WV MSA||102.30%||$398,350|
|Chicago-Naperville-Joliet, IL-IN-WI MSA||101.90%||$247,418|
|Killeen-Temple-Fort Hood, TX MSA||100.00%||$169,756|
|Atlanta-Sandy Springs-Marietta, GA MSA||93.80%||$241,864|
|St. Louis, MO-IL MSA||81.30%||$196,128|
|Oklahoma City, OK MSA||79.80%||$194,254|
|Dallas-Fort Worth-Arlington, TX MSA||77.50%||$263,975|
|Baltimore-Towson, MD MSA||73.10%||$336,330|
|Savannah, GA MSA||68.00%||$217,980|
|Phoenix-Mesa-Scottsdale, AZ MSA||66.20%||$269,597|
|Seattle-Tacoma-Bellevue, WA MSA||61.80%||$371,814|
|San Diego-Carlsbad-San Marcos, CA MSA||61.40%||$488,724|
|Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA||59.10%||$284,844|
|Denver-Aurora, CO MSA||58.80%||$385,784|
|Jacksonville, NC MSA||56.50%||$175,197|
|Houston-Sugar Land-Baytown, TX MSA||54.80%||$244,864|
|Riverside-San Bernardino-Ontario, CA MSA||54.10%||$362,697|
|Kansas City, MO-KS MSA||42.60%||$214,586|
|Omaha-Council Bluffs, NE-IA MSA||41.00%||$215,955|
|Clarksville, TN-KY MSA||32.20%||$191,662|
|Boston-Cambridge-Quincy, MA-NH MSA||26.50%||$428,355|
|Los Angeles-Long Beach-Santa Ana, CA MSA||24.40%||$498,423|
Data from Veterans United Home Loans