Top 10 Housing Markets for Millennial and Gen Z Veteran Home Buyers

The best cities to buy a house for young veterans

Did you know U.S. military veterans can access cost-saving mortgage options with no required down payment or private mortgage insurance?

Did you also know some housing markets offer millennial or generation Z veterans larger shares of people their age, comparative affordability, and high qualities of life?

Read on to find out which 10 cities ranked highest for young military personnel house hunters, according to Veterans United.

Great places to settle down for veterans

Strained affordability that’s defined the U.S. housing market pushed many would-be home buyers to the sidelines.

Fortunately for veterans, they’re privy to mortgages backed by the Department of Veterans Affairs (VA). These home loans eschew the potential roadblock of down payments and don’t require you to pay private mortgage insurance. Removing those cost obstacles can give veteran borrowers bigger budgets to work with or help get them into the home buying market altogether.

“As home prices continue to rise and with interest rates double what they were just two years ago, first-time buyers are in a challenging position,” said Chris Birk, vice president of mortgage insight at Veterans United. “Thanks to the VA loan, millennial and Gen Z Veterans and service members have the benefit of reduced upfront costs and no PMI, making home buying more affordable.”

Through a survey of nearly 400, Veterans United identified the housing markets best suited for millennial and Gen Z military personnel. It then analyzed the 50 largest metro areas and ranked which best met the preferences of these vets.

“The top 10 markets provide what millennials and Gen Z are looking for in terms of quality of life, some of the most affordable housing prices in the country, and compelling job opportunities for life after the military,” Birk continued.

Below are the top 10 housing markets for millennial and Gen Z military veterans in 2024, according to Veterans United:

10. Houston, Texas

Median home price: $374,938
Quality of life score: 124.55
18- to 41-year-old population share: 45.76%
Unemployment rate: 4.8%

9. Providence, Rhode Island

Median home price: $599,450
Quality of life score: 153.4
18- to 41-year-old population share: 41.5%
Unemployment rate: 4.3%

8. Birmingham, Alabama

Median home price: $304,998
Quality of life score: 109.32
18- to 41-year-old population share: 42.32%
Unemployment rate: 2.7%

7. Detroit, Michigan

Median home price: $279,950
Quality of life score: 128.33
18- to 41-year-old population share: 40.8%
Unemployment rate: 5.2%

6. St. Louis, Missouri

Median home price: $313,900
Quality of life score: 120.98
18- to 41-year-old population share: 41.27%
Unemployment rate: 4.3%

5. Buffalo, New York

Median home price: $289,900
Quality of life score: 127.24
18- to 41-year-old population share: 40.04%
Unemployment rate: 3.9%

4. Rochester, New York

Median home price: $299,900
Quality of life score: 140.67
18- to 41-year-old population share: 42%
Unemployment rate: 3%

3. Cleveland, Ohio

Median home price: $272,450
Quality of life score: 134.03
18- to 41-year-old population share: 39.77%
Unemployment rate: 4.5%

2. San Antonio, Texas

Median home price: $349,898
Quality of life score: 138.12
18- to 41-year-old population share: 46.58%
Unemployment rate: 4.2%

1. Tampa, Florida

Median home price: $424,950
Quality of life score: 151.17
18- to 41-year-old population share: 39.7%
Unemployment rate: 3.6%

The bottom line

If you’re a former or active military member trying to become a homeowner, some cities provide higher qualities of life for millennials and Gen Z veterans.

Are you ready to begin your path to buying a house? Reach out to a local lender today and see what mortgage options you qualify for as a veteran.