Military households gain significant advantages in top US housing markets

Saving for a down payment was identified as the most challenging part of the homebuying process by 12% of American homebuyers, according to a recent study. The median down payment for U.S. homebuyers from July to September 2024 averaged $30,300.

Military service members and veterans can purchase homes with no down payment through VA loans, providing them with an advantage in today's volatile real estate market.

Among the top 100 metropolitan areas, Myrtle Beach, SC, recorded the highest homeownership rate among military households at 92.9%. New York, despite having one of the lower military homeownership rates at 71.5%, is still considered a leading market where military households have a significant advantage over non-military counterparts. The average homeownership rate among military households in New York is 14.7 percentage points higher than that of their non-military peers.

“Put simply, it’s hard to afford to buy a home in New York for everyone, but the combination of a minimal down payment and competitive mortgage rates has made it easier for military households to access homeownership in some of the nation’s least affordable markets such as this one,” explains Realtor.com® economist Jiayi Xu.

Realtor.com economists have identified locations where military homeownership rates notably exceed those of non-military residents:

1. Stockton, CA: Military household ownership at 80.9%, an 18.8% advantage.

2. Des Moines, IA: Military household ownership at 88.8%, an 18.4% advantage.

3. Buffalo, NY: Military household ownership at 81.9%, a 16.7% advantage.

4. Syracuse, NY: Military household ownership at 84.4%, a 16.4% advantage.

5. Little Rock, AR: Military household ownership at 78.7%, a 15.5% advantage.

6. Fresno, CA: Military household ownership at 71.2%, a 14.9% advantage.

7. New York, NY: Military household ownership at 71.5%, a 14.7% advantage.

8. Memphis, TN: Military household ownership at 79.7%, a 14.3% advantage.

9. Virginia Beach, VA: Military household ownership at 71.6%, a 13.4% advantage.

10 Providence RI: Military household ownership at 77 .8 %, a 13 .4 % advantage.

The Realtor.com Mission Zero campaign in partnership with Veterans United offers information on veteran homebuying benefits including zero-down loans.