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Top 50 Cities for Millennial and Generation Z VA Buyers in Fiscal Year 2021

Millennial and Gen Z Veterans accounted for more than half of all VA purchase loans in a record year for this historic benefit program. Gen Z in particular is starting to make its presence felt in markets across the country.

Millennial and Generation Z homebuyers helped drive the VA loan program to a record year in Fiscal Year 2021.

The VA backed more than 1.4 million loans in FY21, eclipsing last year's previous all-time high by nearly 200,000 loans. VA purchase loans were up 3.6% from last year, marking the 10th consecutive year of annual increases. With rates still hovering near modern-day lows, refinance remained the story of VA lending this fiscal year.

But younger homebuyers continue to make their mark in a major way.

Millennial and Gen Z Veterans accounted for 52% of all VA purchase loans in FY21, a 6.6% increase from last fiscal year.

While Millennials represent the bulk of VA purchase lending, Gen Z in particular is starting to make its presence felt in markets across the country. VA purchase loans were up 84% year over year for this group.

Key Takeaways for Top 50 Metro Areas

  • Virginia Beach again topped the list for most VA purchase loans to Millennial and Gen Z Veterans (10,477), followed by Washington, D.C. (8,099), San Antonio (5,541), Colorado Springs (5,022) and Dallas-Fort Worth (4,515). The Top 5 were the same five cities as the previous two years, with Colorado Springs jumping ahead of Dallas this year.
  • Nearly half of the Top 50 metro areas came from Texas (six), Florida (six), Georgia (five), North Carolina (four) and Washington (three).
  • 22 markets saw a year-over-year increase of 10% or more, while seven markets experienced a 20%+ increase.
  • Fayetteville, N.C., jumped four spots from last year to round out the Top 10.

Top 50 Cities for Millennial and Gen Z VA Buyers

MSA FY 2020 VA Purchase Loans FY 2021 VA Purchase Loans % Difference
Virginia Beach-Norfolk-Newport News, VA-NC 8,532 10,477 22.8%
Washington-Arlington-Alexandria, DC-VA-MD-WV 6,969 8,099 16.2%
San Antonio, TX 4,919 5,541 12.6%
Colorado Springs, CO 4,770 5,022 5.28%
Dallas-Fort Worth-Arlington, TX 4,791 4,515 -5.76%
San Diego-Carlsbad-San Marcos, CA 4,368 4,308 -1.37%
Houston-Sugar Land-Baytown, TX 3,433 3,752 9.29%
Riverside-San Bernardino-Ontario, CA 3,260 3,702 13.5%
Phoenix-Mesa-Scottsdale, AZ 3,928 3,688 -6.11%
Fayetteville, NC 2,951 3,588 21.5%
Jacksonville, FL 3,297 3,399 3.09%
Clarksville, TN-KY 2,859 3,293 15.2%
Killeen-Temple-Fort Hood, TX 2,786 3,278 17.6%
Atlanta-Sandy Springs-Marietta, GA 3,130 3,232 3.26%
Jacksonville, NC 3,034 3,187 5.04%
Seattle-Tacoma-Bellevue, WA 3,138 3,141 0.10%
Baltimore-Towson, MD 2,536 2,982 17.5%
Tampa-St. Petersburg-Clearwater, FL 2,666 2,779 4.24%
Las Vegas-Paradise, NV 2,466 2,722 10.4%
Chicago-Naperville-Joliet, IL-IN-WI 2,473 2,721 10%
Pensacola-Ferry Pass-Brent, FL 1,982 2,261 14.1%
Denver-Aurora, CO 2,312 2,240 -3.11%
Fort Walton Beach-Crestview-Destin, FL 1,917 2,213 15.4%
St. Louis, MO-IL 1,840 2,081 13.1%
Honolulu, HI 1,651 1,975 19.6%
Augusta-Richmond County, GA-SC 1,685 1,970 16.9%
El Paso, TX 1,629 1,929 18.4%
Oklahoma City, OK 1,843 1,821 -1.19%
Los Angeles-Long Beach-Santa Ana, CA 1,667 1,799 7.92%
Charleston-North Charleston, SC 1,565 1,615 3.19%
Minneapolis-St. Paul-Bloomington, MN-WI 1,594 1,584 -0.63%
Kansas City, MO-KS 1,413 1,504 6.44%
Columbia, SC 1,271 1,492 17.4%
Savannah, GA 1,173 1,479 26.1%
Tucson, AZ 1,407 1,433 1.85%
Austin-Round Rock, TX MSA 1,601 1,394 -12.9%
Miami-Fort Lauderdale-Pompano Beach, FL 1,300 1,359 4.54%
Olympia, WA 1,265 1,337 5.69%
Orlando-Kissimmee, FL 1,270 1,315 3.54%
Portland-Vancouver-Beaverton, OR-WA 1,224 1,282 4.74%
Columbus, GA-AL 1,013 1,258 24.2%
Sacramento-Arden-Arcade-Roseville, CA 1,234 1,245 0.89%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 1,170 1,241 6.07%
Richmond, VA 1,008 1,213 20.3%
Hinesville-Fort Stewart, GA 734 1,210 64.8%
Nashville-Davidson-Murfreesboro-Franklin, TN 1,252 1,208 -3.51%
Anchorage, AK 931 1,194 28.3%
Omaha-Council Bluffs, NE-IA 1,236 1,154 -6.63%
Detroit-Warren-Livonia, MI 1,113 1,136 2.07%
Charlotte-Gastonia-Concord, NC-SC 1,164 1,128 -3.09%