A recent study by the National Association of Realtors found that there are significant differences between active-service and veteran home buyers and sellers compared to those who have never served.
Active-service military members are the youngest group by far to buy a home compared to any others. The median age of military buyers was found to be 34, which is much younger than the non-military buyer median age of 42. Active-service buyers are also more likely to be married with multiple children living at home. This may be one reason as to why military families typically buy larger and more expensive homes than those who are either non-military or veterans.
Military homeowners have the benefits of more stable jobs and no down payment financing, resulting in more options for them compared to those who have never served. A whopping 56 percent of active-service and 41 percent of veteran buyers put no money down whatsoever when buying a home, compared to the mere 7 percent of buyers who do the same.
Active military home owners are also buying larger houses than veterans and non-military buyers. The average military home features four bedrooms and two baths, while veteran and non-military home have one less bedroom. Multi-generational homes are also found to be more common among active-service families (17 percent), while these homes are only seen among 12 percent of non-military home owners.
Although the benefits for active military and veteran buyers are substantial, they are the ones with the lowest median household income, at an average of $84,000, compared to the average $90,500 median household income of a non-military buyer.
Active-service military buyers are also found to be the ones who move quicker than others. The main reason why most non-military buyers move is to live in a better neighborhood. On the flip side, a majority (82 percent) of military homeowners move for their job and they also tend to move the farthest away from their previous homes compared to anyone else.