Home / Daily Dose / Veteran Homeownership Rate Surpasses That of Overall Population
Print This Post Print This Post

Veteran Homeownership Rate Surpasses That of Overall Population

A study by the Urban Institute revealed that 78.2% of veteran households were homeowners in 2017, which is 14% more than the total population and more than 16% higher than the non-military population. 

Active-duty servicemen, according to the report, are mobile and have led the homeownership to be 42.7% in 2017.

However, active servicemen over the age of 55 have the highest homeownership rate at 87%. This is followed by 84% for veterans over the age of 55. Both are higher than the total homeownership rate of 77%. 

Active servicemen between the ages of 18 and 34 have the lowest homeownership rate at 28%. The homeownership rate for the total population between the age of 18 and 34 is just 34%. Veterans within that age group have a homeownership rate of 44%. 

White veterans have the highest homeownership rates, with 46% of active servicemen owning homes and 82% of veterans being homeowners. Those numbers drop to 35% and 63% for African-American homeowners. 

Active servicemen do have the highest median income at $71,000, which is followed by veterans at $66,800. The average income for non-military members is $58,000. 

Urban Institute also states that Fayetteville, North Carolina, has the highest share of VA loans at 60% with the military share of the labor force at 17%. Clarksville, Tennessee-Kentucky, is a close second with a VA loan share of 50% with a military labor force share of 13%. 

The Urban Institute reported late last year that there were more than 19.2 million veterans living in across the nation. 

Urban Institute found that Tampa, Florida, was named the best place for veterans to live, possessing a healthy economy, job opportunities, and a reliable quality of life. 

Tampa came in at No. 8 in employment, No. 12 in the economy, and No. 6 in quality of life. Florida also had the top-two markets for the highest veteran income growth—Orlando and Hialeah.

Joining Tampa at the top of the list were the metros Austin, Texas; Orlando; Raleigh, North Carolina; and Scottsdale, Arizona. 

About Author: Mike Albanese

Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville.

Check Also

CFPB Releases Annual Report on Residential Mortgage Lending Activity

"The higher interest rate environment had profound effects on the mortgage market in 2022, with borrowers paying much more in monthly payments,” said CFPB Director Rohit Chopra. Click through to read more on the CFPB’s analysis of 2022 HMDA data.