U.S. veterans are far more likely to be become homeowners than the rest of the civilian population.
Households headed by veterans have a 79% homeownership rate, significantly higher than the 63% rate for households headed by civilians who’ve never served in the military, according to data released Monday by real-estate website Trulia, which crunched the numbers from the 2013 the Census Bureau’s American Community Survey’s “Public Use Microdata Sample.” That data are based on whether the head of the household is a spouse, unmarried or a veteran.
One obvious reason: Older Americans are more likely to own homes. The median age for a veteran is 64 compared to 45 for the rest of the population, the report found. Although Gulf War veterans are relatively young with a median age of 41, they’re far outnumbered by baby boomers (who are 50 to 68 years old) and members of the Silent Generation (those born during the Great Depression and World War II). Even adjusting for the age gap, however, there is still a 7-percentage point difference.
Another big benefit: Veterans can also utilize Veterans Administration home loans, which don’t require down payments or mortgage insurance, says Holden Lewis, assistant managing editor at personal finance website Bankrate.com. Veterans who are not receiving disability compensation will incur funding fees, which range from 1.25% to 3.30%. For non-veterans, Federal Housing Administration loans have one of the lowest down payments (3.5% of the purchase price) of any major loan program, Lewis adds.
I would like to take this opportunity to thank all the veterans who have served in the past and who are currently serving our country. You are a special breed of Americans that are willing to put your lives on the line everyday to protect our freedoms, and I know that goes for your families as well. My husband was in the Vietnam War, and served for two years, and it was hard on both of us, so I give you my respect and my gratitude for all that you do. I am also very proud to be a certified Veterans Real Estate Specialist, and I hope to have the opportunity to help many of our returning Vets and their families to find homes in my area. So once again Thanks to all Our Vets.