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Optimism about the economy is boosting confidence in homebuying among prospective homebuyers, but especially for those using a Veterans Affairs (VA) Home Loan, according to the latest Homebuyer Readiness Index from loan servicer Veterans United. The index, which measures the likelihood of Americans to purchase a home, shows that veterans and service members scored a 70, while civilians scored slightly lower at 64. Both scores, however, are record highs since the index began in early 2023.
While the number of veterans and service members planning to buy a home in the next three years slightly decreased, the percentage intending to buy within the next year rose from 70% in Q2 2024 to 74% in Q3 2024. Meanwhile, civilian interest in homebuying dropped, with 40% planning to buy within three years, and only 69% aiming to purchase in the next year, down from 75% in Q2 2024.
A surge in optimism about the U.S. economic outlook was the primary driver of homebuying readiness in the third quarter. More than half of all respondents – military and civilian – said the economy will be better off in the coming year, marking the first time a majority have expressed the sentiment.
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