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Top 30 Cities for Millennial Veterans by VA Loan Growth

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.

Developing the Top 30 List

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.

Key Findings

  • Ten of the Top 30 cities are in three states: Texas (4), Florida (3) and Georgia (3)
  • The average purchase price for our millennial VA buyers in the Top 30 cities was $257,076 in 2018. Average purchase price topped out in Los Angeles at $458,813, with the lowest average purchase price in the Killeen-Fort Hood metro area in Texas.
  • The average credit score for our millennial homebuyers increased eight points in three years, from 693 in 2015 to 701 in 2018.

Top 30 Cities For Millennial VA Buyers

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

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