Many military members today don't think about buying a home because they are never certain exactly how long they will be stationed at that post. But they will give all of their BAH on a house that shares a wall with their neighbor and completely overpay for what the military offers. (Note: this may not apply to the Air Force) A married E-6 at Fort Campbell brings in $1113/month. With current mortgage rates hovering around 4%, that same money will buy a $145,000 house including $200/mo for utilities, which is a little more than average. Crunch the numbers for an E-4 and you are still looking at a $120,000 home, which can still get a lot of home around here. (These assume a VA loan with 0% down)
With the vast majority of assignments to Ft. Campbell being 4 year assignments, buying a home will be a wise investment and possibly the beginning of a real estate investment career. Holding and renting out homes can serve multiple purposes for the military. First, it can be another way to save for retirement. Even with a 30-year loan, most people can rent easily cover their mortgage when renting. Second, it can serve as a place to live if you ever PCS back to Ft. Campbell. By the way, this will work around any post.
If you have any questions or comments about any of my posts, please post them here, e-mail me at dhubbard@realtracs.com, or call me at (931)802-0222.
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