On Veterans Day each year, homeowners around the country proudly display the U.S. flag to honor those who’ve served the country. For many of those service members and former service members, ironically, owning a home of their own can feel out of reach. That’s why the 0% down payment VA home loan guaranty is such an important program.
Now, a report from the National Association of REALTORS® and Realtor.com® shows that, using the program, eligible veterans can trim more than four years from the time it takes to save for a home purchase.
Researchers used data from NAR’s 2024 Profile of Home Buyers and Sellers, which showed that 74% of first-time VA loan users put 0% down, compared with a 12% median down payment for conventional first-time buyers. Taking closing costs into account, on a typical $430,000 home, a conventional buyer would need roughly $51,600 upfront that a VA loan buyer wouldn't need. The study determined that for a first-time buyer with a median annual gross income of $78,700 and a savings rate of 15%, it would take about 4.4 years to accumulate that amount. A lower 10% savings rate stretches the timeline to 6.6 years, while a more aggressive 20% rate shortens it to 3.3 years.
“The standout benefit of a VA loan is the 0% down payment but without the extra risk,” says NAR Chief Economist Lawrence Yun. “The lower upfront cost makes homeownership more attainable, especially in high-cost markets and amid elevated mortgage rates, giving qualified buyers a critical advantage and the ability to start building equity sooner.”
“For many veterans and service members, a VA loan can be a game changer,” said Danielle Hale, chief economist at Realtor.com®. “By removing the hurdle of a large down payment, these loans open doors to homeownership and financial security years sooner.”
Variation Across Market Areas
Looking at individual U.S. markets, the time savings for VA loan users range from 2.7 years to 10 years. In Akron, Ohio, a VA loan lets buyers reach homeownership 2.7 years sooner than a conventional loan. The time savings are 6.5 years in New York City, 7.5 years in San Diego and up to 10 years in Los Angeles. The data assumes the same 0% down payment for VA loans versus 12% for conventional loans, and a 15% household saving rate for first-time buyers making the local median income and purchasing a home at the local median price.
The report shows that VA loans are underused in some areas—especially high-priced metros like Los Angeles, San Francisco, San Jose, and New York, where home prices, co-op restrictions, and limited awareness all play a role.
Areas with a high concentration of co-ops, such as in New York, have one of the nation’s lowest utilization rates—just 3.8 VA-financed home sales per 1,000 military households. That’s because VA loans can’t currently be used to purchase co-ops—and condo and townhome properties must be VA-approved to qualify.
Conversely, metros near major military bases—such as Virginia Beach, Va., and Colorado Springs, Colo.—show the highest VA loan utilization rates with 42.1 and 43.1 VA-financed home sales per 1,000 military households, respectively.
VA Home Loan Utilization Rates
This table shows use of the VA loans by households in 98 markets, how the 0% down payment can speed purchases in each market, and those markets where there’s a mismatch, signaling potential for greater VA loan use.
| Metro | Utilization Rate: # sales with VA loans per 1,000 military hh | Benefit Intensity: Years sooner to homeownership | VA Loan Utilization Rate | VA Loan Benefit Intensity | If there is a mismatch:
(Low VA utilization and high benefit intensity) | Share of military hh | Avg. Median Price |
| Akron, OH | 9.4 | 2.7 | Low | Low | 13.40% | $232,806 | |
| Albany-Schenectady-Troy, NY | 6.1 | 4.1 | Low | Low | 12.30% | $437,533 | |
| Albuquerque, NM | 17.7 | 4.6 | High | High | 17.60% | $408,479 | |
| Allentown-Bethlehem-Easton, PA-NJ | 9.1 | 4 | Low | Low | 13.70% | $388,913 | |
| Atlanta-Sandy Springs-Roswell, GA | 15.8 | 3.7 | High | Low | 13.70% | $409,920 | |
| Augusta-Richmond County, GA-SC | 33.7 | 3.8 | High | Low | 24.90% | $318,199 | |
| Austin-Round Rock-San Marcos, TX | 18.2 | 4 | High | Low | 12.20% | $508,505 | |
| Bakersfield-Delano, CA | 17.2 | 4.8 | High | High | 12.10% | $400,463 | |
| Baltimore-Columbia-Towson, MD | 18.2 | 3.2 | High | Low | 14.60% | $377,448 | |
| Baton Rouge, LA | 13.7 | 3.6 | Low | Low | 12.00% | $300,796 | |
| Birmingham, AL | 14.4 | 3.3 | Low | Low | 13.90% | $296,398 | |
| Boise City, ID | 19.8 | 5.5 | High | High | 17.00% | $595,852 | |
| Boston-Cambridge-Newton, MA-NH | 5.8 | 6.1 | Low | High | Mismatch | 9.80% | $836,038 |
| Bridgeport-Stamford-Danbury, CT | 3.1 | 5.7 | Low | High | Mismatch | 8.20% | $810,754 |
| Buffalo-Cheektowaga, NY | 4.6 | 3.1 | Low | Low | 14.50% | $272,724 | |
| Cape Coral-Fort Myers, FL | 11.4 | 4.6 | Low | High | Mismatch | 17.40% | $427,193 |
| Charleston-North Charleston, SC | 32.6 | 4.9 | High | High | 22.30% | $519,421 | |
| Charlotte-Concord-Gastonia, NC-SC | 15.8 | 4.3 | High | Low | 13.10% | $434,796 | |
| Chattanooga, TN-GA | 14.2 | 4.5 | Low | High | Mismatch | 16.30% | $406,576 |
| Chicago-Naperville-Elgin, IL-IN | 10.8 | 3.4 | Low | Low | 8.40% | $365,693 | |
| Cincinnati, OH-KY-IN | 11.2 | 3.4 | Low | Low | 13.10% | $337,322 | |
| Cleveland, OH | 9.1 | 3 | Low | Low | 12.40% | $256,469 | |
| Colorado Springs, CO | 43.1 | 4.5 | High | High | 32.60% | $497,170 | |
| Columbia, SC | 28.3 | 3.7 | High | Low | 21.10% | $309,880 | |
| Columbus, OH | 13.1 | 3.7 | Low | Low | 12.10% | $369,660 | |
| Dallas-Fort Worth-Arlington, TX | 22.8 | 3.9 | High | Low | 12.00% | $428,734 | |
| Dayton-Kettering-Beavercreek, OH | 18.3 | 2.8 | High | Low | 19.40% | $243,677 | |
| Deltona-Daytona Beach-Ormond Beach, FL | 19.4 | 4.4 | High | High | 20.20% | $389,564 | |
| Denver-Aurora-Centennial, CO | 16.8 | 4.4 | High | High | 12.50% | $592,295 | |
| Des Moines-West Des Moines, IA | 15.8 | 3.3 | High | Low | 12.90% | $354,895 | |
| Detroit-Warren-Dearborn, MI | 9.1 | 2.9 | Low | Low | 10.00% | $261,956 | |
| El Paso, TX | 37.4 | 4.2 | High | Low | 18.70% | $296,193 | |
| Fayetteville-Springdale-Rogers, AR | 20.3 | 4.6 | High | High | 12.80% | $437,613 | |
| Fresno, CA | 11.7 | 5.3 | Low | High | Mismatch | 10.50% | $474,410 |
| Grand Rapids-Wyoming-Kentwood, MI | 9.9 | 3.8 | Low | Low | 10.50% | $394,015 | |
| Greensboro-High Point, NC | 13.1 | 4.2 | Low | Low | 13.00% | $330,121 | |
| Greenville-Anderson-Greer, SC | 12.4 | 4.4 | Low | High | Mismatch | 15.40% | $373,227 |
| Harrisburg-Carlisle, PA | 10.6 | 3.6 | Low | Low | 14.50% | $349,527 | |
| Hartford-West Hartford-East Hartford, CT | 7.3 | 3.7 | Low | Low | 11.00% | $437,754 | |
| Houston-Pasadena-The Woodlands, TX | 20.5 | 3.7 | High | Low | 10.50% | $365,753 | |
| Indianapolis-Carmel-Greenwood, IN | 16.4 | 3.2 | High | Low | 13.20% | $320,608 | |
| Jackson, MS | 7.9 | 4 | Low | Low | 13.70% | $309,875 | |
| Jacksonville, FL | 25.7 | 3.9 | High | Low | 23.60% | $397,028 | |
| Kansas City, MO-KS | 15.5 | 3.9 | High | Low | 14.70% | $389,016 | |
| Kiryas Joel-Poughkeepsie-Newburgh, NY | 4.4 | 4.7 | Low | High | Mismatch | 12.50% | $538,212 |
| Knoxville, TN | 16.7 | 5 | High | High | 16.20% | $451,078 | |
| Lakeland-Winter Haven, FL | 21.3 | 4.3 | High | Low | 17.00% | $340,821 | |
| Las Vegas-Henderson-North Las Vegas, NV | 24.8 | 5.2 | High | High | 16.80% | $473,693 | |
| Little Rock-North Little Rock-Conway, AR | 23.6 | 3.6 | High | Low | 17.00% | $293,246 | |
| Los Angeles-Long Beach-Anaheim, CA | 4.3 | 10 | Low | High | Mismatch | 7.20% | $1,140,124 |
| Louisville/Jefferson County, KY-IN | 14.1 | 3.5 | Low | Low | 13.80% | $317,372 | |
| McAllen-Edinburg-Mission, TX | 13.9 | 4.3 | Low | Low | 8.70% | $271,472 | |
| Memphis, TN-MS-AR | 16.5 | 4 | High | Low | 14.10% | $336,104 | |
| Miami-Fort Lauderdale-West Palm Beach, FL | 8.8 | 5.5 | Low | High | Mismatch | 8.20% | $513,279 |
| Milwaukee-Waukesha, WI | 7.1 | 4.1 | Low | Low | 10.30% | $384,617 | |
| Minneapolis-St. Paul-Bloomington, MN-WI | 10 | 3.6 | Low | Low | 11.80% | $434,058 | |
| Nashville-Davidson–Murfreesboro–Franklin, TN | 16.4 | 5.1 | High | High | 12.40% | $539,897 | |
| New Haven, CT | 4.9 | 4 | Low | Low | 10.10% | $465,333 | |
| New Orleans-Metairie, LA | 7.3 | 4.1 | Low | Low | 11.80% | $320,519 | |
| New York-Newark-Jersey City, NY-NJ | 3.8 | 6.5 | Low | High | Mismatch | 6.50% | $771,265 |
| North Port-Bradenton-Sarasota, FL | 12.5 | 4.8 | Low | High | Mismatch | 17.90% | $479,698 |
| Oklahoma City, OK | 25.1 | 3.6 | High | Low | 17.50% | $318,721 | |
| Omaha, NE-IA | 20.6 | 3.7 | High | Low | 16.40% | $392,633 | |
| Orlando-Kissimmee-Sanford, FL | 14.4 | 4.5 | Low | High | Mismatch | 14.20% | $423,797 |
| Oxnard-Thousand Oaks-Ventura, CA | 6.9 | 7.5 | Low | High | Mismatch | 13.10% | $1,013,650 |
| Palm Bay-Melbourne-Titusville, FL | 23.4 | 3.9 | High | Low | 25.90% | $384,857 | |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 8.7 | 3.4 | Low | Low | 11.30% | $372,115 | |
| Phoenix-Mesa-Chandler, AZ | 19.1 | 4.7 | High | High | 14.50% | $512,950 | |
| Pittsburgh, PA | 7.8 | 2.7 | Low | Low | 13.70% | $242,702 | |
| Portland-South Portland, ME | 5.9 | 5.6 | Low | High | Mismatch | 14.00% | $641,960 |
| Portland-Vancouver-Hillsboro, OR-WA | 10.6 | 5.1 | Low | High | Mismatch | 12.60% | $602,917 |
| Providence-Warwick, RI-MA | 9.9 | 5.3 | Low | High | Mismatch | 11.90% | $566,817 |
| Raleigh-Cary, NC | 18.4 | 3.7 | High | Low | 12.60% | $451,088 | |
| Richmond, VA | 17 | 4 | High | Low | 16.50% | $439,469 | |
| Riverside-San Bernardino-Ontario, CA | 15.8 | 5.6 | High | High | 13.60% | $599,154 | |
| Rochester, NY | 4.8 | 3.1 | Low | Low | 11.20% | $275,483 | |
| Sacramento-Roseville-Folsom, CA | 9.5 | 5.3 | Low | High | Mismatch | 13.40% | $623,501 |
| Salt Lake City-Murray, UT | 9.4 | 4.7 | Low | High | Mismatch | 10.30% | $578,375 |
| San Antonio-New Braunfels, TX | 36.3 | 3.6 | High | Low | 22.70% | $333,489 | |
| San Diego-Chula Vista-Carlsbad, CA | 13.4 | 7.5 | Low | High | Mismatch | 18.60% | $968,285 |
| San Francisco-Oakland-Fremont, CA | 3.3 | 5.7 | Low | High | Mismatch | 7.30% | $958,645 |
| San Jose-Sunnyvale-Santa Clara, CA | 2.7 | 6.9 | Low | High | Mismatch | 5.80% | $1,359,153 |
| Scranton–Wilkes-Barre, PA | 7.3 | 3.2 | Low | Low | 14.00% | $256,173 | |
| Seattle-Tacoma-Bellevue, WA | 10.8 | 5.4 | Low | High | Mismatch | 13.80% | $762,296 |
| Spokane-Spokane Valley, WA | 16.5 | 5.5 | High | High | 19.90% | $501,225 | |
| St. Louis, MO-IL | 15.9 | 2.9 | High | Low | 15.40% | $291,925 | |
| Stockton-Lodi, CA | 10.6 | 5.3 | Low | High | Mismatch | 12.00% | $584,012 |
| Syracuse, NY | 6.6 | 3.5 | Low | Low | 13.70% | $307,975 | |
| Tampa-St. Petersburg-Clearwater, FL | 18.4 | 4.5 | High | High | 17.20% | $406,643 | |
| Toledo, OH | 13 | 3 | Low | Low | 11.40% | $234,814 | |
| Tucson, AZ | 18.6 | 4.6 | High | High | 19.60% | $391,659 | |
| Tulsa, OK | 11 | 3.9 | Low | Low | 15.50% | $326,973 | |
| Urban Honolulu, HI | 28 | 5.5 | High | High | 28.10% | $678,865 | |
| Virginia Beach-Chesapeake-Norfolk, VA-NC | 42.1 | 4 | High | Low | 31.70% | $402,939 | |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 21.8 | 3.9 | High | Low | 16.10% | $601,948 | |
| Wichita, KS | 21.6 | 3.3 | High | Low | 16.30% | $293,057 | |
| Winston-Salem, NC | 15.9 | 4.2 | High | Low | 14.20% | $346,447 | |
| Worcester, MA | 15 | 4.9 | Low | High | Mismatch | 12.60% | $551,979 |
| Average | 15.0 | 4.4 | 14.6% | $456,477 |
Closing the Awareness Gap
“The VA home loan program has opened the door to homeownership for more than 48 million veterans and service members,” says Yun, who calls it “a shining example of how smart federal policy can expand access to homeownership, strengthen communities and reward those who’ve served our nation.”
Still, a 2025 survey from Veterans United Home Loans showed only about one-third of veterans and active-duty service members today know they can buy a home with no money down.
“As the nation’s largest VA lender, we see every day how this benefit changes lives,” says Chris Birk, vice president of mortgage insight and education for Veterans United. “When veterans understand the power of their VA loan, they can start building equity and stability for their families years sooner.”
The report is part of the Mission Zero campaign, launched two years ago by Realtor.com® in partnership with Veterans United Home Loans to raise awareness of the VA home loan benefit. The 2025 campaign launches Nov. 11 in partnership with Veterans United, NAR, The New York Post, The Wall Street Journal, RE/MAX, Home Depot, Veterans of Foreign Wars, and Homes for Our Troops.
This year, Army veterans Terry Lashley, Shelia Roberts and Ronnie Baldwin have joined Mission Zero to help build awareness. Watch their stories and find out more about VA loans at www.realtor.com/veterans.
