(Photo: Dean)
Recent research conducted by the RAND Epstein Family Veterans Policy Research Institute reveals that Veterans in the United States, while more likely to be homeowners than the general population, also face an increased risk of housing instability.
According to the study, about 79 percent of Veterans are homeowners, compared to 62 percent of non-Veterans. The main reason for this is the accessible home financing programs provided through the U.S. VA, which offer lower down payment requirements and more favorable interest rates compared to the commercial market. These home financing options significantly reduce the initial barriers to homeownership for Veterans.
Nevertheless, while Veterans enjoy higher homeownership rates, the research also indicates that they are more likely to experience homelessness compared to non-Veterans. Homelessness among Veterans is associated with behavioral health concerns, such as post-traumatic stress disorder, depression, psychotic disorders, and substance use disorders. Veterans who have a history of military misconduct or dishonorable discharge are at a higher risk of homelessness. Combat-experienced Veterans, on the other hand, are less likely to face housing instability.
Veterans who served after September 11, 2001, experience higher housing cost burdens than non-Veterans, partly due to increasing housing and rent prices. Women Veterans, whose population is expected to increase in the coming years, face lower incomes and lower homeownership rates than their male counterparts. The location where Veterans reside also plays a significant role, as overheated housing markets increasingly make homeownership unattainable for both Veterans and Non-Veterans alike.
The research emphasizes the need for targeted support and policy interventions to bridge the gap between successful and struggling Veterans, particularly among vulnerable groups. Educational efforts regarding financial resources and support programs could provide a path toward more equitable housing outcomes for those who have served their country.
Author: Rikki Almanza
Rikki is a Web Content Coordinator for the American Legion, Department of California. With a deep-rooted connection to the military, a spouse who is a Navy veteran, a father who served in the Air Force for 25 years, and a grandfather who proudly served, Rikki is committed to using her skills and knowledge to provide valuable assistance and resources to servicemembers and veterans.
