An Often Overlooked Big Buying Segment

December 4, 2015

Active military and veterans comprised nearly a quarter of all home buyers last year, according to the National Association of REALTORS®’ 2015 Profile of Home Buyers and Sellers report.

To learn more about this growing segment of home buyers, NAR recently highlighted more of its findings in a blog post. Here are some more insights:

  • The median age of this subgroup: 48 (active military were typically 34 years old and veterans were 61)
  • Median price of home they purchased: $223,000 (consistent with all buyers)
  • The percentage who were first-time home buyers: 28%
  • The percentage who had previously owned a home: 81%
  • Most likely to buy: Single-family homes (at 86 percent); also 18 percent purchased multigenerational homes (compared to 13 percent of all buyers)
  • Median income: $79,500 – lower than $86,100 for all buyers
  • Median home size purchased: 2,100 square feet – compared to 1,900 square feet for all buyers
  • One of their favorite marketing tools: Virtual tours. Forty-one percent used virtual tours to aid in their purchase – more so than any other demographic.

Veterans are most likely to live in the following states and regions:

  • West North Central region: North Dakota, South Dakota, Nebraska, Kansas, Minnesota, Iowa, and Missouri

22% veterans and 1% active military

  • East South Central: Kentucky, Tennessee, Mississippi, and Alabama

22% veterans and 4% active military

  • Mountain region: Montana, Idaho, Nevada, Wyoming, Utah, Arizona, Colorado, and New Mexico

22% veterans and 2% active military

The report also finds that only 85 percent of active military and veterans worked with a real estate professional, down from 88 percent compared to all home buyers.

Source: “A Unique Home Buying Demographic: Active Military & Veterans,” National Association of REALTORS® Economists’ Outlook Blog (Dec. 2, 2015)