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Several GA Cities Make List of Top Places for Millennial Veteran Homebuyers

Ten of the Top 30 Cities are in three states, Texas (4), Florida (3) and Georgia (3).

Veterans United Home Loans Releases Study of the Top 30 Cities for Millennial Veteran Homebuyers

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.

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