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…
- 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.
- An estimated 15% of Virginia’s veterans are women. However, women make up more than a quarter of veterans under age 35.
- 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.
- An estimated 74% of veterans in Virginia were homeowners in 2019 (latest data available), compared with 69% of non-veterans.
- 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.
- 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.
- Virginia ranks 2nd in terms of total VA loan volume; only California has a higher volume of VA loans.
- Virginia Beach consistently ranks in the top ten counties for VA loan originations, including home purchase loans and refi’s.
- 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.
- 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.