It’s Memorial Day! This weekend, as the U.S. takes an extra day off work, grills out and maybe even hangs out at the pool, it will also remember all its military members who died during active service.
In memory of those who serve our country, the National Association of Realtors released an infographic which shows how the home buying preferences of service members and veterans differ from the rest of the population.
Military members often face very different lives than the rest of the population, so it stands to reason that their preferences and actions when it comes to buying a home would also be different.
One of the most notable differences is the down payment, or lack thereof, according to NAR’s 2018 Veterans and Active Military Home Buyers Profile. About 56% of active duty members and 41% of veterans take advantage of zero down or 100% financed mortgages, compared to just 7% of non-military members.
Of course, while there are some zero-down mortgage options available to certain homebuyers, it is much easier for military members and veterans to take advantage of these programs through the U.S. Department of Veterans Affairs.
The infographic below reveals more insights to military members’ home buying and financing preferences. Some of the stats will come as no surprise such as the predicted reason to move in the future, where 82% said it would be for their job.