Infographic: Home of the Brave - A Look at Active Military and Veteran Homeownership
WASHINGTON, May 25, 2018 /PRNewswire/ -- Differences in household composition and financing options incentivize homebuying demand for veteran and active military, according to the 2018 Veterans & Active Military Home Buyers Profile, which evaluated the differences of recent active-service and veteran home buyers and sellers to those who have never served.
The results revealed quite a few contrasts between active-service military buyers and buyers who have never served. At a median age of 34 years old, the typical active-service buyer was a lot younger than non-military buyers (42 years old) and was more likely to be married and have multiple children living in their household. Active-service members typically bought a larger home that cost more than those purchased by both non-military buyers and veterans.
Despite lower median incomes ($84,000), more stable job security and no down-payment financing options give aspiring military homeowners an advantage over their civilian peers. Fifty-six percent of active duty and 41 percent of veterans put no money down when buying a home, compared to 7 percent of non-military.
Additional data from the report:
- Reason to move in future: 82 percent of active duty will move for their job, 33 percent to flip their home and 11 percent for a better neighborhood
- Household composition: 77 percent of active duty and 78 percent of veterans are married, compared to 63 percent of non-military
The National Association of Realtors® is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
Information about NAR is available at www.nar.realtor. View all of NAR's infographics at www.nar.realtor/infographics.
SOURCE National Association of Realtors
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