Last month, the National Association of Realtors (NAR) published their Veterans and Active Military Home Buyers and Sellers Profile. Since Monday was Memorial Day, a federal holiday celebrated in the United States, I thought I would share some interesting figures from the study.
The report highlights some characteristics of military home buyers:
- Military buyers see purchasing a home as a good financial investment.
- The primary reason for the home purchase was:
- 30% the desire to own a home of their own
- 33% a job relocation
- 14% want to be closer to friends and family
- 11% retirement
- The typical buyer was 44 years old, with a median household income of $86,100.
- Of recent buyers:
- 67% were married couples
- 15% were single females
- 9% were single males
- 7% were unmarried couples
- 64% of active-service military had children living at home.
- 13% of home buyers purchased a multigenerational home.
The report also highlights some characteristics of Hispanic military home buyers:
The race and ethnicity of veterans and active-service military is more diverse as compared to all home buyers. In fact, 12% of all active-service military members identified as Hispanic or Latino.
- 27% of active-service military home buyers identified as Hispanic/Latino.
- 14% of active-service members were foreign buyers.
There are many VA programs available. If you would like to buy a home and would like to see the options available to you in your area, call your local real estate professional today!