The best cities for home buying veterans
For their service, military veterans in the U.S. are privy to advantageous mortgages when they buy a home.
Some metro areas offer members of the armed forces better support, with combinations of strong job markets, lower prices, and high military homeownership rates.
If you’re a veteran looking to purchase property, one of these 10 housing markets could be a great fit in 2024, according to Realtor.com.
Check your VA loan eligibility. Start hereSoft landing spots for veterans
The lack of home buying affordability — driven by low inventory and high interest rates — is a major roadblock for many house hunters.
Veterans, however, can access major cost savings for their service by qualifying for a mortgage with no down payment required. Only about three of every ten vets know this, according to Mickey Neuberger, chief marketing officer at Realtor.com.
“Veterans have many benefits when it comes to real estate, thanks to the GI Bill and other important legislation,” Neuberger said. “Understanding what you qualify for and navigating the process can be really overwhelming in the biggest financial transaction of your life. The best way for military home buyers to be certain they are taking advantage of all their benefits is to work with a buyer’s agent who specializes in working with the military community and can provide insights into the best local markets, the right home, and loan options.”
Of course, identifying the markets most conducive to supporting former military personnel can be a challenge. Luckily, Realtor.com analyzed the 100 largest metro areas and deduced which made the best housing markets for veterans with their combinations of job opportunities, homeownership accessibility, availability, and affordability.
“A higher homeownership rate among military households indicates greater accessibility to homeownership for these families,” said Jiayi Xu, economist at Realtor.com. “It also suggests high effectiveness of military benefits in promoting financial stability. A lower forecasted unemployment rate suggests that one could encounter less competition when seeking employment and obtain better job security.”
Below are the top 10 housing markets for military veterans in 2024, according to Realtor.com:
10. San Antonio, Texas
![](https://assets.themortgagereports.com/wp-content/uploads/2023/12/San-Antonio-Texas.jpg)
Sales with VA loans per 1000 military households: 22.1
Homeownership rate among military households: 76.6%
Homeownership rate gap, military vs. non-military: 0.12 ppt
Affordability score: 0.58
Active listings per 1000 households: 52.9
Forecasted unemployment rate: 3.5%
9. Richmond, Virginia
![](https://assets.themortgagereports.com/wp-content/uploads/2023/12/Richmond-Virginia.jpg)
Sales with VA loans per 1000 military households: 16.1
Homeownership rate among military households: 82.3%
Homeownership rate gap, military vs. non-military: 0.11 ppt
Affordability score: 0.65
Active listings per 1000 households: 34.1
Forecasted unemployment rate: 3.3%
8. Memphis, Tennessee
![](https://assets.themortgagereports.com/wp-content/uploads/2024/01/Memphis-Tennessee.jpg)
Sales with VA loans per 1000 military households: 16.9
Homeownership rate among military households: 79.7%
Homeownership rate gap, military vs. non-military: 0.14 ppt
Affordability score: 0.77
Active listings per 1000 households: 39.4
Forecasted unemployment rate: 4.2%
7. Indianapolis, Indiana
![](https://assets.themortgagereports.com/wp-content/uploads/2024/01/Indianapolis-Indiana.jpg)
Sales with VA loans per 1000 military households: 16.4
Homeownership rate among military households: 80.9%
Homeownership rate gap, military vs. non-military: 0.10 ppt
Affordability score: 0.83
Active listings per 1000 households: 38.1
Forecasted unemployment rate: 3.4%
6. Little Rock, Arkansas
![](https://assets.themortgagereports.com/wp-content/uploads/2024/01/Little-Rock-Arkansas.jpg)
Sales with VA loans per 1000 military households: 19.5
Homeownership rate among military households: 78.7%
Homeownership rate gap, military vs. non-military: 0.16 ppt
Affordability score: 0.77
Active listings per 1000 households: 31.6
Forecasted unemployment rate: 3.5%
5. Palm Bay, Florida
![](https://assets.themortgagereports.com/wp-content/uploads/2024/06/Melbourne-Florida.jpg)
Sales with VA loans per 1000 military households: 17.4
Homeownership rate among military households: 85.8%
Homeownership rate gap, military vs. non-military: 0.10 ppt
Affordability score: 0.55
Active listings per 1000 households: 65.8
Forecasted unemployment rate: 3.7%
4. Birmingham, Alabama
![](https://assets.themortgagereports.com/wp-content/uploads/2023/12/Birmingham-Alabama.jpg)
Sales with VA loans per 1000 military households: 15.4
Homeownership rate among military households: 84.9%
Homeownership rate gap, military vs. non-military: 0.12 ppt
Affordability score: 0.83
Active listings per 1000 households: 40.7
Forecasted unemployment rate: 3.5%
3. Columbia, South Carolina
![](https://assets.themortgagereports.com/wp-content/uploads/2024/06/Columbia-South-Carolina.jpg)
Sales with VA loans per 1000 military households: 27.6
Homeownership rate among military households: 81.8%
Homeownership rate gap, military vs. non-military: 0.10 ppt
Affordability score: 0.73
Active listings per 1000 households: 37.8
Forecasted unemployment rate: 3.3%
2. Augusta, Georgia
![](https://assets.themortgagereports.com/wp-content/uploads/2024/06/Augusta-Georgia.jpg)
Sales with VA loans per 1000 military households: 27.8
Homeownership rate among military households: 81.0%
Homeownership rate gap, military vs. non-military: 0.13 ppt
Affordability score: 0.73
Active listings per 1000 households: 53.6
Forecasted unemployment rate: 3.9%
1. Des Moines, Iowa
![](https://assets.themortgagereports.com/wp-content/uploads/2024/01/Des-Moines-Iowa.jpg)
Sales with VA loans per 1000 military households: 18.5
Homeownership rate among military households: 88.8%
Homeownership rate gap, military vs. non-military: 0.18 ppt
Affordability score: 0.77
Active listings per 1000 households: 57.3
Forecasted unemployment rate: 2.9%
The bottom line
If you’re an active or a former military member looking to buy a home, some cities can offer you a more veteran-focused lifestyle than others.
Are you ready to begin your path to homeownership? Reach out to a local lender today and see what mortgage options you qualify for as a veteran.
Time to make a move? Let us find the right mortgage for you