This Veteran’s Day we honor those who have served our country, and those who are actively serving in the military, or have a spouse who is currently or has served in the past. Looking at data from the recently released 2017 Profile of Home Buyers and Sellers, we can see home buying trends among active duty military and veteran home buyers.
- Recent home buyers who were active-duty service members made up three percent of all recent buyers and veterans made up 18 percent of all recent home buyers. Fifty-seven percent of active-duty service member buyers, and 20 percent of veteran buyers are first-time home buyers.
- Active-duty service member buyers were typically 34 years old, and veteran buyers were 59 years old.
- Seventy-five percent of active-duty service member buyers were married couples, five percent single males, 10 percent unmarried couples, and 10 percent single females. Seventy-six percent of veteran buyers were married couples, 10 percent single males, and single females and unmarried couples were both six percent.
- The most commonly purchased home type was a detached single-family home at 84 percent for active-duty service member buyers and 85 percent for veteran buyers. Ten percent of active-duty service member buyers and four percent of veteran buyers purchased a townhouse/row house.
- Prior to purchasing, 67 percent of active-duty service member buyers rented an apartment or house. Thirty-four percent of veteran buyers owned their previous home prior to buying.
- The main reason for their recent purchase was the desire to own a home of their own, for both active-duty service member buyers (40 percent) and veteran buyers (21 percent).
- Eighty-eight percent of active-duty service member buyers and 85 percent of veteran buyers found photos to be very useful when searching for homes online.
- When searching for their home 90 percent of active-duty service members and 84 percent of veteran home buyers bought their home through a real estate agent or broker.
For more information on active military and veteran home buyers view the Veteran’s Day infographic, the Recent Home Buyer and Seller Profiles, and highlights from the 2017 Profile of Home Buyers and Sellers.