Despite a challenging year of higher home prices and interest rates, a recent survey shows that many military members and veterans are optimistic about buying a home.
About 23% of service members and veterans plan to buy a home within the next 12 months, while 35% have no plans to buy a home. When broken down into currently serving and veteran status, 30% of currently serving members plan to buy a home in the next year, while only 14% of veterans plan to buy.
Service members and veterans cited inflated home prices as the primary reason they wouldn’t move forward with a home purchase. Uncertainty of income wasn’t high on their radar, which may indicate that service members and veterans are better positioned to withstand various cycles in the economy. The rise in government lending is reflective of the affordability challenge in the market. Government lending is opening up doors to homeownership for those that may be priced out of conventional product offerings. In fact, the share of VA loans grew by more than 2.6% from January through December in 2022 compared to the share of conventional loans that declined by over 6.8% for the same time period.
Still, misconceptions about the VA loan persist, particularly among those who live farther away from military bases. The lack of awareness could be detrimental to military families that may believe they need to save a down payment of 5% or more. This can put their dream of homeownership on hold, because it could take years for a military family to save for a large down payment.
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