Veterans United Home Loans report also reveals top 10 cities for buyers
Millennials and Generation Z veterans and service members accounted for 45% of the VA purchase loans in the fiscal year 2019 which ended September 30.
They were the only two demographics to post year-over-year growth in purchase lending and helped drive VA purchase loans to their eighth consecutive year of growth.
The stats are revealed in a report from Veterans United Home Loans, the country’s largest VA lender which financed more than $12.8 billion in loans in FY19.
“Younger Veterans and service members don’t have to wait to put down roots thanks to their hard-earned home loan benefit,” said Chris Birk, director of education for Veterans United Home Loans. “The VA loan program means Millennial and Gen Z buyers don’t have to spend years building the credit and savings their civilian counterparts often need. Seventy-five years later, VA loans are still fulfilling their original mission to expand access to homeownership for those who serve our country.”
Top 10 cities for millennial and Gen Z buyers
Veterans United Home Loans compiled a list of the best cities based on the VA’s purchase loan volume for Generation Z and Millennials in FY19 and compared it to the volume from the same demographics for FY18.
Cities are ranked by their percentage increase in VA purchase loan volume. Metro areas needed at least 2,000 purchase loans over the two-year span to be included in the analysis.
- Jacksonville, N.C
- Killeen-Temple-Fort Hood MSA, Texas
- Oklahoma City, Okla.
- El Paso, Texas
- Fort Walton Beach-Crestview-Destin MSA, Fla.
- Austin-Round Rock, Texas
- Jacksonville, Fla.
- Tampa-St. Petersburg-Clearwater MSA, Fla.
- Augusta-Richmond County, Ga.
- Las Vegas, Paradise, Nev.
