According to the latest Veteran Homebuying Report by Veterans United Home Loans, 60% of those planning to purchase a home in the next three years consider the 2024 election as a factor in their buying timeline.
The quarterly report surveys veterans, service members, and civilians with imminent homebuying intentions. This quarter's report was an online survey of 930 veterans, service members, and civilians from June 3-18, 2024.
The report found that more civilians think it’s better to wait until after the election to buy a home than veterans.
“The upcoming election is clearly weighing on the minds of prospective homebuyers,” said Chris Birk, vice president of mortgage insight at Veterans United. “Americans are considering the potential impacts of political changes on the economy and housing market, leading many to adjust their buying timelines accordingly.”
When it comes to key election issues, such as inflation/prices of everyday goods and housing affordability, prospective veteran and civilian homebuyers are mostly in agreement. A focus on veteran benefits is the only real outlier between the two groups, with 75% of veteran respondents highlighting benefits as one of their top five election issues.
Veterans concerned about housing affordability and government spending are more pessimistic about the election outcome than civilians. Despite this, the survey shows increased economic optimism among veterans and service members, with 46% expecting the economy to improve over the next year—up from 42% in the first quarter and higher than the civilian rate. Overall pessimism about the economy has decreased during this period.
In terms of confidence, more veterans (46%) than civilians (43%) feel comfortable with their personal finances and expect to be better off financially in the coming year. Additionally, 57% of veterans feel confident about closing a home loan, the highest in the past 18 months. However, compared to the first quarter, more veterans are now uneasy about their financial plans and are spending more than they did a year ago.
Sixty-seven percent of veteran respondents plan to buy a home in the next three years. However, 40% now aim to purchase within six months, down from 42% last quarter, due to current rate and price conditions.
