Top cities offer what matters most to current
and former service members, including housing affordability, low
crime rates and a strong Veteran community
COLUMBIA, Mo., May 17, 2024
/PRNewswire/ -- Veterans United Home Loans, the nation's
largest VA lender, today released its 2024 Best Cities for Veterans
to Live list. While each region of the country is represented, the
East Coast and Midwest rank high among the best places for Veterans
and service members to plant roots.
The Top 10 overall markets for Veterans and service members are:
Tampa, Fla., Rochester, Minn.; Wichita Falls, Texas; Fargo, N.D.; Virginia Beach, Va.; Watertown, N.Y.; Charleston, S.C.; Medford, Ore.; Altoona, Pa., and Sioux Falls, S.D. In addition to the overall
list, the complete analysis includes separate rankings of the best
big and small cities based on population size.
"Our in-depth analysis factors in feedback and priorities from
hundreds of Veterans we surveyed, so we can really dig into what
those who serve are looking for when it comes to planting roots and
building communities," said Chris
Birk, vice president of mortgage insight at Veterans United.
"These cities, both big and small, are great places to raise a
family, offer healthy job markets, an abundance of outdoor
activities to enjoy for those kicking off the next chapter after
the military and provide ample opportunities to connect with fellow
Veterans."
Each quarter, Veterans United surveys Veterans to learn which
factors are most important to them when deciding where to live. The
Best Cities to Live list analyzes more than 500 metropolitan
markets based on 25 factors, including cost of living, crime,
housing affordability and a strong Veteran community, which all
rank high among Veterans.
Cost of living: Higher food, gasoline and utility costs
mean less money for savings and discretionary spending. Veterans
United considered the cost of goods and services to measure the
cost of living. A higher composite score means a lower cost of
living. With a composite score of 90.17, Sioux Falls was the most affordable of the Top
10 cities, followed by Wichita
Falls at 90.13. At the other end of the spectrum,
Virginia Beach (85.56) ranked as
the most expensive city in the Top 10, slightly above the national
average of 86.64.
Crime: Veterans and service members consistently
rank crime as one of the most important factors in deciding where
to live. Veterans United analyzed the FBI's local violent and
property crime rates to assign a crime score to each market. A
higher composite score means a lower crime rate. With a composite
score of 90.71, Rochester ranked
No. 1, putting it about 19 points higher than the national average
score of 80.72. Only two cities in the Top 10 had a crime rate that
was slightly above the national average, with Sioux Falls and Charleston–North Charleston
scoring 79.30 and 77.97, respectively.
Median home price: Affordability is a major consideration
for Veteran homebuyers. Half of the markets in the Top 10 –
Altoona, Wichita Falls, Fargo, Watertown and Sioux
Falls – have median home prices that are below the national
median home price of $383,538.
Altoona offered the most
affordable median home price at $129,950. At $415,500, Tampa
has the highest median home price among the Top 10.
Quality of life: To determine what makes a good place to
live, Veterans United looked at a combination of highly rated
quality of life factors for Veterans, such as local air quality,
proximity to essentials like grocery stores, and local amenities,
including outdoor activities and restaurants. The Top 10 markets
rank high in each of these categories. For instance, top-rated
Tampa has plenty of day and
nighttime activities to appeal to all ages, from multiple amusement
parks to museums, theaters and beautiful sandy beaches.
Veteran community: Veterans and service members want to
be near people who share common experiences and beliefs. To assess
a Veteran community score, Veterans United examined both the local
community as well as the state benefits afforded to Veterans.
Wichita Falls (No. 3 on the Best
Cities list) had the highest score of all 500+ cities, with a score
of 166.71, well above the average of 128.1. Wichita Falls is also a beacon to the Veteran
community because of the nearby Sheppard Air Force Base and local
organizations, such as Base Camp Lindsey, which has a mission to
eliminate Veteran homelessness in northern Texas.
Veterans United Best Cities for Veterans to Live
Rank
|
Metro
|
Cost of
Living Score
|
Median Home Price
**
|
Quality of
Life Score
|
Veteran
Community Score
|
Crime
Rate Score
|
Total Composite
Score (25 Factors)
|
1
|
Tampa–St. Petersburg
Clearwater, Fla.
|
87.43
|
$415,500
|
145.50
|
125.98
|
85.09
|
777.02
|
2
|
Rochester,
Minn.
|
86.64
|
$399,950
|
134.67
|
126.56
|
90.71
|
772.35
|
3
|
Wichita Falls,
Texas
|
90.13
|
$214,625
|
128.34
|
166.71
|
80.65
|
770.13
|
4
|
Fargo,
N.D.-Minn.
|
86.54
|
$365,000
|
144.63
|
123.63
|
82.22
|
764.77
|
5
|
Virginia Beach,
Norfolk,
Newport News,
Va.-N.C.
|
85.56
|
$384,504
|
137.56
|
146.56
|
80.45
|
763.31
|
6
|
Watertown–Fort Drum,
N.Y.
|
86.63
|
$225,450
|
138.15
|
132.48
|
88.04
|
762.49
|
7
|
Charleston–North
Charleston, S.C.
|
86.49
|
$494,500
|
151.58
|
129.91
|
77.97
|
762.47
|
8
|
Medford,
Ore.
|
86.22
|
$499,473
|
156.54
|
142.12
|
80.72
|
761.74
|
9
|
Altoona, Pa.
|
86.70
|
$129,950
|
147.32
|
130.26
|
85.81
|
761.39
|
10
|
Sioux Falls,
S.D.
|
90.17
|
$374,975
|
129.94
|
125.05
|
79.30
|
761.33
|
*Scores were weighted to reflect the importance of each
factor to Veterans. Higher scores indicate a greater contribution
to the composite score. Some shown metrics, such as 'Quality of
Life Score,' are a combination of multiple variables.
** Median home prices sourced from Realtor.com.
Veterans and service members have the advantage of using a VA
loan, which doesn't require a down payment or mortgage insurance.
In addition, with large concentrations of Veterans in these
markets, there is potential for obtaining an assumable mortgage,
which allows a buyer to purchase a home by taking over the seller's
mortgage loan, often at a lower interest rate.
To see the full analysis, including individual city profiles,
rankings of the best big and small cities, and a detailed
methodology, visit:
https://www.veteransunited.com/education/best-cities-for-veteran-homebuyers/
About Veterans United Home Loans
Based in Columbia, Missouri,
the full-service national direct lender financed more than
$17 billion in loans in Fiscal Year
2023 and is the country's largest VA lender, according to
the Department of Veterans Affairs Lender Statistics. The
company's mission is to help Veterans and service members take
advantage of the home loan benefits earned by their service.
VeteransUnited.com | 1-800-884-5560 | 550 Veterans United
Drive, Columbia, MO 65201 |
Veterans United Home Loans NMLS # 1907
(www.nmlsconsumeraccess.org). A VA approved lender; Not endorsed or
sponsored by the Dept. of Veterans Affairs or any government
agency. Licensed in all 50 states. For State Licensing information,
please visit http://www.veteransunited.com/licenses/. Equal
Opportunity Lender.
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SOURCE Veterans United Home Loans