National Survey Shows Veterans and Service Members Are Optimistic About Homebuying

News provided by

Jun 28, 2023, 14:57 ET

COLUMBIA, Mo., June 28, 2023 /PRNewswire/ -- Despite the headwinds of higher rates and home prices, Veterans are optimistic about homebuying in the next year, according to a recent national survey by Veterans United Home Loans, the nation's largest VA lender.

Three-quarters (75%) of Veterans and service members considering homeownership in the next three years plan to buy in the next 12 months and more than half (55%) say buying a home feels within reach. With the VA loan program, qualified Veterans and service members can purchase with no down payment, no mortgage insurance and access to the industry's lowest average interest rates.

"While most Veterans expect higher rates and home prices to stick around, most also expect to be better off financially a year from now," said Chris Birk, vice president of mortgage insight at Veterans United. "At a time when many would-be buyers are struggling, this hard-earned home loan benefit can help Veterans and service members break through a bruising housing market."

Key Findings:

Veterans and service members are still optimistic about buying a home. About 75% plan to buy a home in the next 12 months, despite fears that average home prices in their area will be higher (60%) and interest rates will rise (68%).
They are confident about the future of their finances. Nearly 7-in-10 (67%) Veterans and service members think they'll be better off financially a year from now, and about 60% feel optimistic about their financial plan moving forward. More than half (56%) say they are somewhat or in a better place financially compared to last year and 62% have less debt now than they've had in the past.
Interest rates and home prices are the top barriers that are keeping Veterans from buying right now. Nearly half of Veterans and service members say that high interest rates are keeping them from buying right now. About 44% say that high home prices have put their homebuying plans on pause, while 30% are leery of inflation.
Some are choosing to wait and weather economic uncertainty. About half of Veterans and service members say they are putting large purchases on hold and 56% say they know people who are choosing to renovate their current home instead of buying a new home.

Click here to read the full report.

About Veterans United Home Loans

Based in Columbia, Missouri, the full-service national lender financed more than $26 billion in loans in Fiscal Year 2022 and is the country's largest VA lender, according to the Department of Veterans Affairs Lender Statistics. The company's mission is to help Veterans and service members take advantage of the home loan benefits earned by their service.

VeteransUnited.com | 1-800-884-5560 | 550 Veterans United Drive, Columbia, MO 65201 | Veterans United Home Loans NMLS # 1907 (www.nmlsconsumeraccess.org). A VA approved lender; Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. Licensed in all 50 states. For State Licensing information, please visit http://www.veteransunited.com/licenses/. Equal Opportunity Lender.

SOURCE Veterans United Home Loans