The Peach State has a handful of cities that have seen significant growth for millennial homebuyers.
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.
