Just like some housing markets can be more conducive to first-time home buyers and can help your dollar go further, others support military veterans better.
Using 19 different measures, a report from WalletHub found the top places for veterans to live among the 100 largest U.S. cities.
If you’re a veteran looking to buy a home, these metro areas could be your best fits in 2024.
Verify your VA loan eligibility. Start hereTop cities for veterans
A mix of high interest rates and inflation turned 2023 into a slow year for home buying. However, experts anticipate a bounce-back in 2024, with declining mortgage rates and high-growth markets.
Many prospective borrowers will try to figure out the best places for them to live, based on affordability and personal preferences. For veterans, this can mean the housing markets that offer more support for former military members.
“I think most places in the U.S. are grateful to veterans for their service. A vet should think about the same things anyone else thinks about: Cost of living. Job prospects of the city. Does the city have the weather the person wants? Are tax rates high? If the vet wants to carry a concealed weapon, what are the local laws? These types of questions,” Jim Brau, Army veteran and finance professor at Brigham Young University, said in the report.
WalletHub analyzed America’s 100 largest cities by population and determined which cater to veterans’ needs the best. It measured 19 different weighted parameters geared toward veterans across four categories — employment, economy, quality of life, and health — to determine a score on a 100-point scale. Each metro area also received a rank in those four categories.
The table below shows WalletHub’s top 12 cities for veteran home buyers:
| Housing market | Score | Employment rank | Economy rank | Quality of life rank | Health rank |
| Raleigh, N.C. | 68.91 | 12 | 5 | 13 | 49 |
| Austin, Texas | 68.58 | 17 | 22 | 7 | 29 |
| Orlando, Fla. | 67.25 | 35 | 32 | 4 | 38 |
| Tampa, Fla. | 67.11 | 44 | 45 | 6 | 14 |
| Virginia Beach, Va. | 66.66 | 38 | 2 | 9 | 69 |
| Scottsdale, Ariz. | 66.29 | 45 | 10 | 5 | 57 |
| Colorado Springs, Colo. | 66.09 | 43 | 16 | 10 | 24 |
| Gilbert, Ariz. | 65.70 | 6 | 11 | 20 | 57 |
| Laredo, Texas | 65.15 | 2 | 1 | 70 | 29 |
| Jacksonville, Fla. | 64.70 | 16 | 24 | 30 | 17 |
| Chandler, Ariz. | 64.69 | 10 | 28 | 15 | 57 |
| Irvine, Calif. | 64.63 | 11 | 67 | 28 | 1 |
Help for veteran home buyers
Buying property is often the largest financial endeavor people make. With affordability so tight, anywhere you can potentially save money can go a long way.
Fortunately, if you served in the military, you’ll likely be eligible for mortgages backed by the Department of Veterans Affairs (VA), which often come with benefits like lower interest rates and no down payment requirement. The VA also offers a construction loan if you want to build your own home.
Additionally, if you’re already a VA borrower, these lending products could be helpful:
- VA Renovation loan
- VA home equity options
- VA refinance options
- VA loans for second homes
- Renting your home as a VA borrower
No matter what kind of loan you want, you should always shop around to help you get a lower rate and see if you’re eligible for any other assistance programs in your area.
Time to make a move? Let us find the right mortgage for youThe bottom line
If you’re a former military personnel looking to buy a home, these housing markets could provide you with the best blends of a veteran-focused lifestyle.
Interest rates have fallen from 2023’s highs, making this year much more attractive for prospective borrowers.
If you’re ready to become a homeowner, reach out to a local lender and see what loan options you have as a veteran.
