Financing options and family makeup have a substantial impact on the home buying demands of veterans and active military, according to the National Association of Realtors®’ 2018 Veterans & Active Military Home Buyers Profile.
The profile found that the typical active-service military buyer had a median age of 34 years, compared to 42 years for a non-military buyer. Military buyers also were more likely to be married and were more likely to have multiple children living in the home. Homes for active-service members also tended to be larger and cost more, when compared to non-military buyers and to veterans. Active-service military tended to buy four bedroom, two bath homes, compared to three bedroom, two bath homes for veterans and non-military homebuyers.
Even though the median income of active-service members was lower, at $84,000, they had more stable job security and also had access to no down-payment options. Compared to seven percent of non-military buyers having no down payment, 56 percent of active-duty military and 41 percent of veterans put no money down on a home purchase.
Additionally, among reasons to move in the future, 82 percent of active-duty military expected to move for their job. A third said they planned to flip their home, and 11 percent said they planned to move to a better neighborhood in the future.
According to the report, 77 percent of active-duty military homebuyers and 78 percent of veteran homebuyers are married, compared to 63 percent of non-military homebuyers.