COLUMBIA, Mo.--(BUSINESS WIRE)--Veterans United Home Loans, the nation’s largest VA home lender, released a study of the “Top 30 Cities for Millennial Veterans by VA Loan Growth.” Ten of the Top 30 Cities are in three states, Texas (4), Florida (3) and Georgia (3).
To create the list, Veterans United compared its purchase loan volume for millennials in 2018 to volume in 2015. Any Veteran or service member born between the years 1981 and 1996 were defined as millennials. Metro areas included in the analysis needed a minimum of 75 purchase loans made by millennials in each 2018 and 2015.
“Millennial Veterans and service members are using their hard-earned VA loan benefits to jump into the housing market now, instead of being stuck on the sidelines like so many of their civilian counterparts,” said Chris Birk, the director of education for Veterans United. “The VA loan program was created 75 years ago to level the playing field and boost access to homeownership for those who serve our country. Today, it’s still fulfilling that original mission and making a huge difference for a new generation.”
| City Name | VA Purchase Loan Growth |
Average Purchase Price CY18 |
| 1. Jacksonville, FL MSA | 228.80% |
$238,066 |
| 2. Tampa-St. Petersburg-Clearwater, FL | 144.80% |
$252,566 |
| 3. San Antonio, TX MSA | 135.50% |
$235,646 |
| 4. New York-Northern New Jersey-Long Island, NY-NJ-PA MSA | 129.50% |
$429,868 |
| 5. Hinesville-Fort Stewart, GA MSA | 116.90% |
$166,877 |
| 6. Miami-Fort Lauderdale-Pompano Beach, FL MSA | 107.60% |
$316,611 |
| 7. Virginia Beach-Norfolk-Newport News, VA-NC MSA | 107.30% |
$248,126 |
| 8. Fayetteville, NC MSA | 103.70% |
$174,716 |
| 9. Washington-Arlington-Alexandria, DC-VA-MD-WV MSA | 102.30% |
$398,350 |
| 10. Chicago-Naperville-Joliet, IL-IN-WI MSA | 101.90% |
$247,418 |
| 11. Killeen-Temple-Fort Hood, TX MSA | 100.00% |
$169,756 |
| 12. Atlanta-Sandy Springs-Marietta, GA MSA | 93.80% |
$241,864 |
| 13. St. Louis, MO-IL MSA | 81.30% |
$196,128 |
| 14. Oklahoma City, OK MSA | 79.80% |
$194,254 |
| 15. Dallas-Fort Worth-Arlington, TX MSA | 77.50% |
$263,975 |
| 16. Baltimore-Towson, MD MSA | 73.10% |
$336,330 |
| 17. Savannah, GA MSA | 68.00% |
$217,980 |
| 18. Phoenix-Mesa-Scottsdale, AZ MSA | 66.20% |
$269,597 |
| 19. Seattle-Tacoma-Bellevue, WA MSA | 61.80% |
$371,814 |
| 20. San Diego-Carlsbad-San Marcos, CA MSA | 61.40% |
$488,724 |
| 21. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA | 59.10% |
$284,844 |
| 22. Denver-Aurora, CO MSA | 58.80% |
$385,784 |
| 23. Jacksonville, NC MSA | 56.50% |
$175,197 |
| 24. Houston-Sugar Land-Baytown, TX MSA | 54.80% |
$244,864 |
| 25. Riverside-San Bernardino-Ontario, CA MSA | 54.10% |
$362,697 |
| 26. Kansas City, MO-KS MSA | 42.60% |
$214,586 |
| 27. Omaha-Council Bluffs, NE-IA MSA | 41.00% |
$215,955 |
| 28. Clarksville, TN-KY MSA | 32.20% |
$191,662 |
| 29. Boston-Cambridge-Quincy, MA-NH MSA | 26.50% |
$428,355 |
| 30. Los Angeles-Long Beach-Santa Ana, CA MSA | 24.40% |
$498,423 |
As a result of their education benefits and not being burdened with mountains of student loan debt, more young Veterans have been able to get ahead of the homebuying curve. VA loans have allowed qualified buyers to purchase homes with no down payment, no mortgage insurance and without the need for top-tier credit.
According to Veterans United’s data, average credit scores for millennial homebuyers increased eight points in three years, from 693 in 2015 to 701 in 2018. The average purchase price in 2018 for millennial VA buyers in the Top 30 Cities was $257,076. Average purchase price topped out in Los Angeles at $458,813, with the lowest average purchase price in the Killeen-Fort Hood metro area in Texas.
About Veterans United Home Loans
Based in Columbia, Missouri, the full-service national lender financed more than $10.5 billion in loans in 2018. Its mission is to help Veterans and service members take advantage of the home loan benefits earned by their service. Earlier this year, Veterans United was named No. 23 of the Fortune 100 Best Companies to Work For, according to Great Place to Work® and Fortune Magazine. The company’s employee-driven charitable arm, Veterans United Foundation, is committed to enhancing the lives of Veterans and military families nationwide by focusing on supporting military families and nonprofit organizations that strengthen local communities. Veterans United and its employees have donated more than $50 million to the Foundation since its founding in November 2011. Learn more at EnhanceLives.com. Veterans United is not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency. Equal Opportunity Lender. Mortgage Research Center, LLC. NMLS ID #1907
