Saturday, Nov. 11, is set aside to honor veterans, past and present. Veterans are an important part of the local population and of the local housing economy. 

Although the Census veterans’ status count lags by a year, it offers insights worthy of review today. 

There are 36,867 veterans in the Tri-Cities Combined Statistical Area (CSA). That region includes Carter, Washington, Unicoi, Sullivan, and Hawkins counties in NE TN. Scott and Washington counties in SW VA plus Bristol VA are also part of the region.  

Veterans account for 7.6% of the CSA’s population. That’s an under-count because the numbers for Greene and Johnson counties won’t be available until December. The number is down from the previous level of 10% because the ranks of the World War II, and Korean War vets are rapidly thinning. The death rate for Vietnam Vets is also increasing. The current census lists only 253 of WWII Vets, 1,224 Korean War.  

The counterbalance to this trend is our region is a popular destination for younger vets and those who want to relocate from other areas. 

As a group, vets are older than the local civilian population. About 24.3% of them are 65 or older. That age group accounts for almost 14.8% of the civilian population.  

One of the big differences is vets have a higher median income. The median income of male vets is $37,139. It’s $41,205 for female vets. The civilian median income is $35,255 for males and $26,551 for females.  

They also have a higher homeownership rate, which brings us to their place in the housing market. One of the first things to remember is the Veterans Administration does not make home loans. The loans are made by banks – often at a lower interest rate – and guaranteed by the VA.  

A good place to start is with the basics of how VA loans stack up in the sales and home price data. 

So far this year, 837 homes have been bought with VA loans. That’s 17% of the year-to-data residential sales. 

This year’s veteran home loan sales total $148.8 million. That’s a little better than 9% of the region’s total sales volume. 

The median VA loan sale was $303,000 compared to the median of $285,000 for all sales.  

There’s no way around the fact that working with a VA loan is different than working other loan products. The language, benefits, and requirements are specific to the VA. 

Real estate professionals can honor military veterans by getting educated about how VA financing works. This knowledge will help agents bust pervasive myths that sometimes put military home buyers at a disadvantage in the transaction. The Military Relocation Specialists designation is the industry standard for Realtors® who want to step up their game. 

Since the VA loan program’s inception in 1944, the Department of Veterans Affairs has backed over 21 million loans for veterans, active-duty military members, and their spouses. This program has made buying a home more accessible to those who most deserve the American dream they helped build and protect.