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

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