{"id":82853,"date":"2025-11-10T05:00:46","date_gmt":"2025-11-10T13:00:46","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=82853"},"modified":"2025-11-07T10:37:02","modified_gmt":"2025-11-07T18:37:02","slug":"veteran-homebuying-affordability-2025","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/veteran-homebuying-affordability-2025\/","title":{"rendered":"Affordability Improves Slightly For Veteran Homebuyers, But Most Homes Are Still Out of Reach"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">22% of U.S. home listings are affordable to the typical U.S. military veteran using a VA loan.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Veterans\u2013both those using VA loans and those using conventional loans\u2013can afford slightly more home listings than they could have in 2023, when affordability was at an all-time low. Now, incomes are rising faster than housing payments.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">But veterans can afford half as many listings as they could have a decade ago, before the pandemic-driven homebuying frenzy.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Veterans can afford more than half of homes for sale in Detroit and San Antonio, and almost no listings in expensive California metros.\u00a0<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Nationwide, just over one in five (21.8%) home listings are affordable to the typical U.S. military veteran using a VA loan, while 26.5% are affordable to the typical veteran using a conventional loan.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Affordability has improved slightly over the last two years. Just 20.2% of listings were affordable to the typical veteran using a VA loan in 2023, and 25.5% were affordable to veterans using a conventional loan, the lowest shares on record.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For comparison, a similar share (22.8%) of listings are affordable to the typical U.S. non-veteran household with a conventional loan. That\u2019s a slight improvement from 2024\u2019s low point, when 21.7% of listings were affordable for non-veterans. <\/span><\/p>\n<div id=\"datawrapper-vis-p1KSX\" style=\"min-height: 533px;\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/p1KSX\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-p1KSX\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/p1KSX\/full.png\" alt=\"22% of U.S. Home Listings Are Affordable to Veterans Using a VA Loan (Line chart)\" \/><\/noscript><\/div>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">This is from a Redfin analysis of housing affordability for veterans. It measures median household income for U.S. veterans and non-veterans, and the share of active listings each group is able to afford, based on the rule of thumb that a home is affordable if the estimated monthly mortgage payment is no more than 30% of the median monthly income. We included\u00a0 listings from January-September of 2012-2025. Please see the end of this report for more on methodology.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.redfin.com\/definition\/va-loan\"><span style=\"font-weight: 400;\">VA loans<\/span><\/a><span style=\"font-weight: 400;\">, which are insured by the U.S. government,<\/span> <span style=\"font-weight: 400;\">are available to veterans, service members and their surviving spouses. They require little to no down payment. Here\u2019s <\/span><a href=\"https:\/\/www.redfin.com\/blog\/how-does-a-va-loan-work\/\"><span style=\"font-weight: 400;\">more info<\/span><\/a><span style=\"font-weight: 400;\"> on how VA loans work, and here\u2019s a <\/span><a href=\"https:\/\/www.redfin.com\/blog\/va-loan-myths\/\"><span style=\"font-weight: 400;\">list of common misconceptions<\/span><\/a><span style=\"font-weight: 400;\"> about them. One benefit of VA loans is that they\u2019re assumable; <\/span><a href=\"https:\/\/www.redfin.com\/blog\/are-va-loans-assumable\/\"><span style=\"font-weight: 400;\">here\u2019s what that means<\/span><\/a><span style=\"font-weight: 400;\"> for veterans, homebuyers and sellers.\u00a0<\/span><\/p>\n<p><strong>Homebuying affordability has improved marginally for both veterans and non-veterans over the last two years because monthly housing payments have declined, while incomes have risen:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The average mortgage rate was 6.81% in 2023, and it is <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/MORTGAGE30US#\"><span style=\"font-weight: 400;\">6.66%<\/span><\/a><span style=\"font-weight: 400;\"> today. Home-sale prices have flattened; the median U.S. sale price has posted a sub-2% year-over-year increase since April. The median monthly housing payment is <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-pending-home-sales-barely-budge\/\"><span style=\"font-weight: 400;\">lower now<\/span><\/a><span style=\"font-weight: 400;\"> than it was two years ago.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The median household income for veterans is an estimated $85,955 this year, up roughly 10% since 2023. For non-veterans, it is an estimated $81,078, also up roughly 10% over that period.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Veterans using VA loans are consistently able to afford fewer listings than homebuyers who take out conventional loans. Even though the typical veteran earns more than the typical non-veteran\u2013and VA loans come with a slightly <\/span><a href=\"https:\/\/www.rocketmortgage.com\/learn\/va-mortgage-rates\"><span style=\"font-weight: 400;\">lower mortgage rate<\/span><\/a><span style=\"font-weight: 400;\"> and no private mortgage insurance\u201390% of VA loan users make <\/span><a href=\"https:\/\/www.va.gov\/housing-assistance\/home-loans\/loan-types\/\"><span style=\"font-weight: 400;\">no down payment<\/span><\/a><span style=\"font-weight: 400;\">, which inflates monthly payments.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cVA loans provide a great opportunity for first-time veteran homebuyers to purchase a home without the <\/span><a href=\"https:\/\/www.redfin.com\/news\/all-cash-down-payments-2025\/\"><span style=\"font-weight: 400;\">substantial down payment<\/span><\/a><span style=\"font-weight: 400;\"> that\u2019s required of most buyers these days,\u201d said Redfin Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/grishma-bhattarai\/\"><span style=\"font-weight: 400;\">Grishma Bhattarai<\/span><\/a><span style=\"font-weight: 400;\">. \u201cIt allows them to get their foot in the homeownership door and start building equity, but it comes with the tradeoff of a bigger loan and higher monthly costs. That tradeoff is likely the reason why <\/span><a href=\"https:\/\/news.va.gov\/31825\/ten-things-veterans-dont-know-va-home-loans\/\"><span style=\"font-weight: 400;\">some veterans<\/span><\/a><span style=\"font-weight: 400;\"> choose to take out a conventional loan and make a down payment, even if they qualify for a VA loan.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nationwide, 7.3% of mortgaged homebuyers <\/span><a href=\"https:\/\/www.redfin.com\/news\/va-loans-uptick-2025\/\"><span style=\"font-weight: 400;\">used a VA loan<\/span><\/a><span style=\"font-weight: 400;\"> in August. That\u2019s a small share, but it\u2019s up from 6.5% a year ago and it\u2019s the highest share of any August in six years. More people are taking out VA loans because in today\u2019s <\/span><a href=\"https:\/\/www.redfin.com\/news\/buyers-vs-sellers-september-2025\/\"><span style=\"font-weight: 400;\">buyer\u2019s market<\/span><\/a><span style=\"font-weight: 400;\">, more sellers are open to accepting buyers coming with no down payment.\u00a0<\/span><\/p>\n<h3>Veterans Using a VA Loan Could Have Bought 53% of U.S. Listings in 2015, Before Housing Affordability Eroded<\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Veterans (and non-veterans) can afford far fewer listings than they could have a decade ago. A veteran using a VA loan could afford more than half (53%) of home listings nationwide in 2015, more than double the share they can afford today. A veteran using a conventional loan could afford roughly 57% of listings in 2015, and a non-veteran using a conventional loan could afford about 52%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It has become much more difficult to afford a home because sale prices skyrocketed during the pandemic, then rising mortgage rates pushed monthly housing payments to new heights.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The hike in housing costs has far outpaced income increases over the last 10 years. The median U.S. home-sale price has roughly doubled over that period, with the biggest jump in 2021, when record-low mortgage rates and remote work caused a homebuying frenzy. The typical veteran\u2019s household income has increased by 48% over that period, roughly half the rate of home prices. The typical non-veteran\u2019s income has increased 54%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even with access to financial tools like VA loans, the typical veteran is priced out of many listings. A low-down-payment loan can only do so much when home prices and mortgage rates are elevated. The bright side is that homebuying affordability has <\/span><a href=\"https:\/\/www.redfin.com\/news\/income-needed-to-afford-home-august-2025\/\"><span style=\"font-weight: 400;\">started improving<\/span><\/a><span style=\"font-weight: 400;\"> in parts of the country where home prices are declining, including several Florida metros, Phoenix, and Atlanta. And mortgage rates have come down from their peak, with the <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">average 30-year fixed rate<\/span><\/a><span style=\"font-weight: 400;\"> sitting near its lowest level in a year.\u00a0<\/span><\/p>\n<h3>More Than Half of Listings Are Affordable to VA Borrowers in Detroit and San Antonio<\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Three in five (60%) home listings are affordable to a veteran using a VA loan in Detroit, more than any other major U.S. metro area. Next comes San Antonio, where more than half (53.4%) of listings are affordable. It\u2019s followed by Cleveland (48.3%), Pittsburgh (43.6%) and Baltimore (42.7%).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The ranking is the same for veterans using conventional loans, though they can afford a slightly higher share of listings: In Detroit, 64.9% of listings are affordable to that group. Next are San Antonio (61.1%), Cleveland (53.3%), Baltimore (49.9%), and Pittsburgh (49.3%).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the flip side, veterans can afford almost no home listings in California. In San Jose, Los Angeles and San Francisco, a veteran using a VA loan can afford less than 1% of for-sale homes, the smallest shares in the country. Next come San Diego and Anaheim, where they can afford roughly 2% of listings.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Using a conventional loan, veterans can afford 1% or fewer listings in San Jose and Los Angeles, 1.3% in San Francisco, 3.6% in San Diego, and 2.9% in Anaheim.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Veterans, like other homebuyers, can afford a far higher share of homes in places where homes are relatively affordable than in places where homes are expensive. The typical Detroit home sold for $215,000 in September, while the typical San Jose home sold for $1.6 million.\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"4\"><b>Metro-Level Summary: Share of for-sale homes affordable on the median income, by various loan types<\/b><\/p>\n<p><i><span style=\"font-weight: 400;\">50 most populous U.S. metro areas<\/span><\/i><\/td>\n<\/tr>\n<tr>\n<td><b>U.S. metro area<\/b><\/td>\n<td><b>Share of home listings affordable to veterans, w\/ VA loan<\/b><\/td>\n<td><b>Share of home listings affordable to veterans, w\/ conventional loan<\/b><\/td>\n<td><b>Share of home listings affordable to non-veterans, w\/ conventional loan<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Anaheim, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">49.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">43.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">44.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">46.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">48.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">53.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">54.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbus, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">60.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">64.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">59.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Lauderdale, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Worth, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">43.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">45.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indianapolis, IN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">46.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">46.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Kansas City, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Milwaukee, WI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Montgomery County, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nassau County, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Brunswick, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Newark, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Oakland, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">43.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">49.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">55.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Antonio, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">53.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">61.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">St. Louis, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">44.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">48.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Virginia Beach, VA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Warren, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">43.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">48.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, DC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">West Palm Beach, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>National<\/b><\/td>\n<td><b>21.8%<\/b><\/td>\n<td><b>26.5%<\/b><\/td>\n<td><b>22.8%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Methodology<\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">This report is based on a Redfin analysis that uses MLS listing data and county-level median household income by veteran status from IPUMS microdata, aggregated to the county level for metro and national analysis. A person is considered a veteran if they were on active duty in the U.S. military in the past, but not now. For two metros in our top 50, where IPUMS does not publish county identifiers (Denver and Miami), we used metro-level IPUMS data to impute county values.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The analysis measures the share of <\/span><i><span style=\"font-weight: 400;\">active listings,<\/span><\/i><span style=\"font-weight: 400;\"> i.e. homes that were for sale at any point between January and September of each year that were affordable to veteran and non-veteran households, nationwide and for the 50 most populous U.S. metro areas.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A home is considered affordable if the estimated monthly mortgage payment is no more than 30% of the group\u2019s median monthly income. Monthly payments include mortgage principal and interest, property taxes, insurance, and PMI.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Loan assumptions:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Veteran (VA loan): 0% down, 2.15% VA funding fee, no PMI, Mortgage News Daily VA 30-year rate.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Veteran (Conventional loan): 15% down, 0.3% annual PMI, Freddie Mac PMMS 30-year fixed rate.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Non-veteran (Conventional loan): 15% down, 0.3% annual PMI, Freddie Mac PMMS 30-year fixed rate.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>22% of U.S. home listings are affordable to the typical U.S. military veteran using a VA loan.\u00a0 Veterans\u2013both those using VA loans and those using conventional loans\u2013can afford slightly more home listings than they could have in 2023, when affordability was at an all-time low. Now, incomes are rising faster than housing payments.\u00a0 But veterans [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":82856,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8],"tags":[20,623,116],"dashboard":[],"coauthors":[124,688],"class_list":["post-82853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-housing-affordability","tag-national","tag-veterans"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Affordability Improves Slightly For Veteran Homebuyers, But Most Homes Are Still Out of Reach<\/title>\n<meta name=\"description\" content=\"22% of U.S. home listings are affordable to the typical U.S. military veteran using a VA loan, and 26.5% are affordable to the typical veteran using a conventional 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