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Millennials Making Waves: Top Cities for Millennial Veteran Purchase & Refinance Midway Through FY 2021

Younger Veterans and service members continue to have an outsized impact on VA lending. Here's a look at cities where they're making a difference during what looks like another record year.

Halfway through Fiscal Year 2021, the historic VA loan program is poised to smash last year's record number of loans.

Millennial and Generation Z Veterans and service members are a big reason why.

These two demographics accounted for 52% of all VA purchase loans in the first half of FY21, up from 47% in the first half of last fiscal year, according to Department of Veterans Affairs data.

Younger Veterans and service members are also refinancing in waves, seizing on lingering low rates to lock in lower payments or even tap into their home equity.

A few stats that help highlight the outsized role Millennial and Gen Z Veterans are playing in what may be another historic year for this benefit program:

  • VA purchase loans for Generation Z Veterans were up a whopping 123% year over year.
  • VA purchase loans for Millennial buyers were up 16%.
  • VA refinance loans for Millennials were up 84% year over year.

Younger Veterans and service members continue to drive the growth of VA lending nationwide.

Here's a closer look at the top metro areas for VA purchase and refinance loans among Millennial and Generation Z Veterans and service members.

Top 35 Cities for Millennial and Gen Z VA Buyers

MSA FY20 Total Purchase Loans FY21 Total Purchase Loans % Difference
Virginia Beach-Norfolk-Newport News, VA-NC MSA 3,533 4,761 34.76%
Washington-Arlington-Alexandria, DC-VA-MD-WV MSA 2,685 3,650 35.94%
San Antonio, TX MSA 2,107 2,571 22.02%
Colorado Springs, CO MSA 1,994 2,329 16.80%
San Diego-Carlsbad-San Marcos, CA MSA 1,790 2,165 20.95%
Dallas-Fort Worth-Arlington, TX MSA 2,090 2,129 1.87%
Phoenix-Mesa-Scottsdale, AZ MSA 1,772 1,900 7.22%
Riverside-San Bernardino-Ontario, CA MSA 1,339 1,849 38.09%
Jacksonville, FL MSA 1,351 1,672 23.76%
Houston-Sugar Land-Baytown, TX MSA 1,466 1,645 12.21%
Fayetteville, NC MSA 1,183 1,631 37.87%
Atlanta-Sandy Springs-Marietta, GA MSA 1,388 1,602 15.42%
Clarksville, TN-KY MSA 1,280 1,546 20.78%
Seattle-Tacoma-Bellevue, WA MSA 1,433 1,517 5.86%
Killeen-Temple-Fort Hood, TX MSA 1,156 1,488 28.72%
Jacksonville, NC MSA 1,266 1,412 11.53%
Las Vegas-Paradise, NV MSA 1,078 1,381 28.11%
Tampa-St. Petersburg-Clearwater, FL 1,118 1,358 21.47%
Baltimore-Towson, MD MSA 1,091 1,317 20.71%
Chicago-Naperville-Joliet, IL-IN-WI MSA 963 1,247 29.49%
Pensacola-Ferry Pass-Brent, FL MSA 833 1,082 29.89%
Denver-Aurora, CO MSA 978 1,025 4.81%
St. Louis, MO-IL MSA 740 991 33.92%
Fort Walton Beach-Crestview-Destin, FL MSA 892 974 9.19%
El Paso, TX MSA 682 954 39.88%
Honolulu, HI MSA 726 948 30.58%
Los Angeles-Long Beach-Santa Ana, CA MSA 730 893 22.33%
Augusta-Richmond County, GA-SC MSA 734 876 19.35%
Oklahoma City, OK MSA 794 866 9.07%
Charleston-North Charleston, SC MSA 663 815 22.93%
Tucson, AZ MSA 581 760 30.81%
Minneapolis-St. Paul-Bloomington, MN-WI MSA 712 736 3.37%
Columbia, SC MSA 534 706 32.21%
Austin-Round Rock, TX MSA 693 702 1.30%
Kansas City, MO-KS MSA 613 677 10.44%

Top 35 Cities for Millennial and Gen Z VA Refinance

MSA FY20 Total Refinance Loans FY21 Total Refinance Loans % Difference
Washington-Arlington-Alexandria, DC-VA-MD-WV MSA 3,203 6,757 110.96%
Virginia Beach-Norfolk-Newport News, VA-NC MSA 2,666 5,564 108.70%
San Diego-Carlsbad-San Marcos, CA MSA 2,986 4,981 66.81%
Phoenix-Mesa-Scottsdale, AZ MSA 2,282 3,563 56.13%
Colorado Springs, CO MSA 2,222 3,458 55.63%
Riverside-San Bernardino-Ontario, CA MSA 2,138 3,331 55.80%
Seattle-Tacoma-Bellevue, WA MSA 1,878 3,121 66.19%
San Antonio, TX MSA 1,356 2,847 109.96%
Dallas-Fort Worth-Arlington, TX MSA 1,542 2,726 76.78%
Baltimore-Towson, MD MSA 1,130 2,430 115.04%
Denver-Aurora, CO MSA 1,514 2,240 47.95%
Los Angeles-Long Beach-Santa Ana, CA MSA 1,309 2,239 71.05%
Honolulu, HI MSA 994 2,056 106.84%
Houston-Sugar Land-Baytown, TX MSA 991 2,045 106.36%
Atlanta-Sandy Springs-Marietta, GA MSA 1,179 1,915 62.43%
Chicago-Naperville-Joliet, IL-IN-WI MSA 1,061 1,902 79.26%
Las Vegas-Paradise, NV MSA 1,198 1,886 57.43%
Jacksonville, FL MSA 830 1,780 114.46%
Tampa-St. Petersburg-Clearwater, FL 885 1,620 83.05%
Minneapolis-St. Paul-Bloomington, MN-WI MSA 884 1,577 78.39%
Fayetteville, NC MSA 639 1,489 133.02%
Portland-Vancouver-Beaverton, OR-WA MSA 784 1,301 65.94%
Sacramento-Arden-Arcade-Roseville, CA MSA 786 1,288 63.87%
St. Louis, MO-IL MSA 633 1,216 92.10%
Clarksville, TN-KY MSA 577 1,137 97.05%
Jacksonville, NC MSA 504 1,133 124.80%
Tucson, AZ MSA 606 1,092 80.20%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA 505 1,072 112.28%
Kansas City, MO-KS MSA 563 989 75.67%
Olympia, WA MSA 590 967 63.90%
Miami-Fort Lauderdale-Pompano Beach, FL MSA 617 965 56.40%
Indianapolis-Carmel, IN MSA 513 962 87.52%
Detroit-Warren-Livonia, MI MSA 570 956 67.72%
Charleston-North Charleston, SC MSA 548 951 73.54%
Nashville-Davidson-Murfreesboro-Franklin, TN MSA 564 938 66.31%