Many cities with or near a military base should be proud to celebrate Veterans’ Day this year as their ties to military bases have allowed them to become some of the U.S.’s most affluent cities. High-tech centers, college town, and industrial cities used to be some of the most affluent in the nation, however, out of the 20 fastest growing metro areas today, based on per-capita income, 16 of them have a military base or have one close by providing an excellent opportunity for anyone in the real estate or mortgage industry.
Areas such as Killeen, Texas, which is home to Fort Hood, is now more affluent than the capital city of Austin. Manhattan, Kansas, which is home to Fort Riley and used to be the poorest metro area in Kansas, is now the most affluent. Other cities providing excellent real estate opportunities include Louisville, Kentucky near Fort Knox Army base which houses over 40,000 soldiers and their families.
What makes these areas more affluent, and therefore excellent real estate markets, are the higher levels of stable income provided by military compensation packages. The average income and benefits for military personnel in 2009 were $122,000 which includes an allowance for housing making it easier for them to secure a home loan.
Military members residing in these areas are also more likely to be homeowners, more so than civilians, as they have access to several programs including the VA home loan program and the tax credits for first-time home buyers and existing home buyers.
In fact, 82% of all veterans are homeowners, and with thousands of military members expected to return shortly from duty, the number of soldiers looking for a military home will only increase.
The military real estate market in Louisville is not expected to slow. More civilians are enlisting in the military each day which will only create a further boom for the real estate markets in these areas. Military families also move often, on average once every 3 to 4 years, allowing for an even more stable real estate market as there is a constant stream of new military families who need to sell and purchase homes.
Military cities are full of opportunities for both real estate agents and mortgage brokers. As military compensation and enlistment continue to rise, areas such as Louisville, Kentucky, will experience phenomenal growth. The boom created by these military bases will not only increase the military real estate markets, but also the civilian real estate market as these bases are added numerous civilian jobs. So for the best real estate opportunities available, check out Louisville and other growing military communities across the nation.