A career in the military can be an incredibly rewarding experience. But at some point, or another, service members have to put their duties aside and transition into retirement.
If you’re a service member or military Veteran, you may be wondering where you should purchase a home when you retire. While there are many great places to retire in the U.S., some offer benefits exclusively reserved for former military. Below, we’ve listed the top states to buy a home for retired military members.
Top 7 Places to Buy a Home after Military Retirement
If you’re like most people, you may have mixed feelings about putting your military career behind you. But retiring from the military doesn’t have to be the end. Instead, try to look at it as the beginning of something new. Military retirement is the chance to start a whole new chapter of your life. You can start a new career, pursue a hobby, go back to school, or simply spend time with your family.
Not to mention, there are several states that offer benefits that cater to retired military. Here are the top five places for retired military to purchase a home in the U.S.
1. Virginia
Virginia is well-known as a good place to retire for military Veterans. Veterans interested in pursuing a new career can join the Virginia Transition Assistance Program. Virginia also offers a free lifetime hunting and fishing license to residents who are permanently and service-connected disabled as well as free admission and parking at Virginia state parks.
2. South Carolina
South Carolina is another great place for retired military to settle down. Like Virginia, South Carolina also offers a free hunting and fishing license to disabled Veterans. Additionally, there are three different nursing homes that Veterans can choose to live in so long as they meet requirements.
3. Florida
Florida is home to 1.5 million Veterans. In Florida, Veterans have access to 67 different Veteran service offices that can help them with obtaining employment, finding housing, and benefits assistance.
4. South Dakota
South Dakota makes the list because of the amazing education opportunities the state offers to Veterans. Honorably discharged Veterans who served after August 1, 1990, and received a campaign, expeditionary, or service medal are eligible for free tuition at the state college of their choice.
5. Alaska
Alaska also offers excellent opportunities for Veterans interested in going back to school. Qualifying Veterans, as well as their spouses and dependents, may be able to receive tuition waivers. The Alaska Housing Finance Corporation also runs some great programs, including the Veterans Interest Rate Preference Program and the Veterans Mortgage Program, that help Veterans overcome the financial challenges of purchasing a home.
6. Colorado
While the cost of living may be slightly higher in Colorado, the many benefits that the state offers for Veterans make it a worthwhile destination for military retirement. Qualifying retirees may be able to exclude a portion of their pay from income tax. Furthermore, there are five Veterans Community Living Centers in the state that military retirees can choose from. There are also several programs available through the Colorado Housing Finance Authority that can help make it more financially feasible for qualifying individuals to purchase a home.
7. Texas
Texas is an exceptional place for military retirees to settle down. There are nine different Veteran communities in the state. In addition to VA home loans, qualifying Veterans can also pursue options through the Texas Veterans Land Board to make the transition to retirement, including home improvement loans and land loans.
Learn About VA Loan Benefits
Are you a current or retired military member that’s thinking about purchasing a home? Call Mortgage Solutions Financial today to learn more about VA loan benefits.
