Can A Single Soldier Buy A House? What To Know

Mar 5, 2024

9-minute read

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Can a single soldier buy a house? The short answer: yes. But, that’s not the most important question. The most important question is whether it’s the right choice for you.

Buying a home is a significant financial investment that requires a lot of forethought and planning. For single soldiers, it involves a variety of moving parts which we’ll examine and break down. As you read on, consider not only your financial situation but whether you feel you’re ready to take on the responsibilities that accompany home buying and ownership.

Factors To Consider Before Buying A House As A Single Soldier

There are several factors that should be considered when deciding whether to buy a house as a single service member, like the length of your assignment, current income, the cost of renting and the housing market.

How Long You’ll Be Stationed At A Base

Buying a house is a huge financial commitment, with most mortgages lasting 15 – 30 years. As such, it’s important to weigh your decision carefully.

The first thing to consider is the length of time you’ll be living in your home. If you’re going to be stationed at a base for more than 2 years, buying a house may be less expensive than renting. You should also consider whether the base is in an area you would want to move back to after you’re no longer on active duty.

Your Current Income Level

Most experts recommend that the price of your home be around 2 to 2.5 times your annual income and that no more than 28% of your income should be put toward housing costs. Cost can be a huge factor for single soldiers looking to buy a home since they only have one source of income: themselves. While soldiers who live off base are eligible to receive a Basic Allowance for Housing (BAH) it might not be able to fully cover your mortgage since it’s calculated to cover rent.

Additionally, the cost of a home is more than its purchase price. It encompasses things like property taxes, insurance, maintenance and repair costs, utilities and potentially even homeowner’s association (HOA) fees.

The Cost Of Rent In Your Area

Depending on the cost of rent in your area, buying a home might be less expensive. It could also help build equity. However, it’s important to remember that as a renter, you don’t need to cover the everyday maintenance problems, homeowners insurance and property taxes that come with owning a home.

The Housing Market in Your Area

As a member of the military, you may get new orders and have to move quickly. If you close on a house and are ordered to move, you may end up paying rent on a new apartment and a mortgage. This would obviously be a huge financial burden, especially if you don’t have another income to help cover some of the costs.

With this risk in mind, looking at the housing market in your area can help you decide if you would be able to easily sell your house if you needed to move suddenly. Remember, you still have to make mortgage payments if you’re trying to sell your home.