As we honor all of our veterans this Veterans’ Day, we’re highlighting some important facts and figures about veteran home buyers and homeowners in Virginia. 

Did you know…

  1. There are more than 650,000 veterans living in Virginia, according to the U.S. Census Bureau. Veterans account for more than 10% of the state’s population age 18 and older. 
  2. An estimated 15% of Virginia’s veterans are women. However, women make up more than a quarter of veterans under age 35. 
  3. Veterans tend to have higher income than non-veterans. The median household income of veterans in Virginia was $90,000 in 2019, compared to $73,000 for non-veterans. 
  4. An estimated 74% of veterans in Virginia were homeowners in 2019 (latest data available), compared with 69% of non-veterans. 
  5. There were 99,495 VA loans originated in Virginia in fiscal year 2021. About 31% of VA loans were purchase loans, and 60% were loans to refinance to a lower mortgage rate (i.e., an Interest Rate Reduction Refinance Loan, or IRRRL). The rest were cash out refi’s.  
  6. The average VA purchase loan amount in Virginia was $412,474 in 2021. The average home sales price in the state (YTD 2021) is $425,800. 
  7. Virginia ranks 2nd in terms of total VA loan volume; only California has a higher volume of VA loans.  
  8. Virginia Beach consistently ranks in the top ten counties for VA loan originations, including home purchase loans and refi’s. 
  9. Legislation went into effect on January 1, 2020, which eliminated loan limits for most VA borrowers. Prior to this change, VA borrowers who exceeded maximum loan amounts had to make a down payment to bridge the difference. 
  10. Military and veteran status reduces racial and ethnic disparities in access to homeownership, according to a report by the Urban Institute. 

For more information on veteran home buyers, check out the National Association of REALTORS® report on veteran and active duty military home buyers and sellers or contact Virginia REALTORS® Chief Economist.