By Master Sergeant (Ret.) Adam Boccher, USAF
In 2024, the Veteran community continues to grapple with mental health challenges that significantly impact their journey toward homeownership. The already daunting task of securing a home in a competitive market is further complicated by the unique psychological hurdles Veterans face. According to the Department of Veterans Affairs, over 1.7 million Veterans received treatment for mental health issues in 2023, including PTSD, depression, and anxiety. These conditions often stem from the stress and trauma of Military service and can influence every aspect of a Veteran's life, including financial stability and housing aspirations.
Financial instability is a common issue among Veterans dealing with mental health challenges. Symptoms of PTSD and depression can interfere with maintaining steady employment, leading to inconsistent income and difficulties in budgeting and saving for a home. The National Alliance on Mental Illness® notes that Veterans with untreated mental health conditions are at higher risk for homelessness, which further complicates their path to homeownership.1
The competitive housing market in 2024 adds another layer of complexity. With housing prices soaring, inventory remaining low, and interest rates elevated relative to the past decade,2 Veterans often find themselves unable to make the numbers word to achieve homeownership. Despite the benefits of VA loans, such as no down payment and competitive interest rates, Veterans must still demonstrate financial stability and a healthy credit score—areas where mental health struggles can have a negative impact.
In the face of a challenging housing market, addressing mental health is paramount for Veterans aspiring to own homes. This is why it’s critical that organizations commit to support Veteran Service Organizations through community investment. These organizations often provide services that Veterans need to reintegrate and prosper in daily living. By seeking the necessary support and leveraging available resources, Veterans can improve their mental well-being and financial readiness, ultimately paving the way to successful homeownership.
The National Alliance on Mental Illness® is a registered trademark of NAMI National and is not affiliated with Newrez LLC.
References:
1 Finding Stable Housing | NAMI
2 ‘Stuck’: Housing market malaise may last for years - POLITICO