A report from Apartment List, The Housing Affordability Struggle of 21st Century Veterans, finds that post-9/11 veterans are more likely to struggle with housing affordability than veterans of previous generations. They are 5% more likely than non-veterans of their own age, race, and gender to be housing cost-burdened, spending more than 30% of their incomes on their housing. Older veterans of previous generations, on the other hand, are less likely to have housing cost burdens than their civilian counterparts.
Compared to non-veterans, veterans generally have higher homeownership rates (76% vs. 62%) and lower housing cost burdens (24% vs. 33%). The story is different for post-9/11 veterans, however, as just 45% are homeowners and 35% are housing cost-burdened. Post-9/11 veterans’ ages partially explain their lower homeownership rate (younger adults are less likely to be homeowners), but their ages do not explain the higher housing cost burdens.
The 2008 housing market crash coincided with the return home of many veterans, leaving young veterans disproportionately affected by tight credit and a volatile market. The authors call for more research to determine the root causes of the affordability challenges of post-9/11 veterans.
The Housing Affordability Struggle of 21st Century Veterans is available at: https://bit.ly/2PSDUlX