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Rushmore State News

Thursday, October 31, 2024

South Dakota ranked 32nd in average VA home loan amount in Q1

Realestate077

With $322,170 in home loans issued, South Dakota ranked 32nd in average loan amount for VA home loans in the first quarter of fiscal year 2024, according to the Veterans' Affairs Home Loans Index.

The Veterans Affairs (VA) assists service members, veterans, and eligible surviving spouses in achieving homeownership through loans that are provided by banks and mortgage companies, offering financial support and benefits unique to those who have served in the military.

A portion of the loan is guaranteed by the VA, enabling lenders to provide better rates.

Several VA housing programs are available to help members buy, build, or repair their homes, each tailored to meet different needs, including those of veterans with service-connected disabilities.

The VA's fiscal year is from Oct. 1 to Sept. 30.

Average VA Home Loan Value (Q1 2024)
RankStateAvg. VA Home Loan
1Hawaii$709,963
2District of Columbia$644,635
3California$567,133
4Utah$484,026
5Washington$481,880
6Colorado$478,433
7Guam$465,164
8Maryland$455,805
9Massachusetts$449,032
10Virgin Islands$438,401
11Nevada$430,898
12Rhode Island$419,663
13Virginia$415,824
14New Hampshire$410,167
15Oregon$405,496
16New Jersey$404,547
17Montana$394,356
18Arizona$394,021
19Idaho$393,645
20Alaska$388,747
21Florida$382,124
22Texas$365,451
23Delaware$363,719
24Connecticut$362,539
25Wyoming$340,230
26Tennessee$339,788
27South Carolina$329,130
28Georgia$328,443
29Minnesota$326,543
30New Mexico$325,707
31Maine$325,535
32South Dakota$322,170
33New York$320,705
34North Carolina$317,638
35Vermont$307,043
36Nebraska$300,561
37Alabama$298,842
38Illinois$282,632
39Wisconsin$279,590
40Pennsylvania$277,641
41Missouri$273,105
42Oklahoma$272,285
43Kentucky$272,060
44West Virginia$269,622
45North Dakota$269,380
46Mississippi$267,617
47Indiana$265,957
48Ohio$264,816
49Louisiana$264,120
50Kansas$262,499
51Michigan$258,335
52Arkansas$257,091
53Iowa$255,276
54Puerto Rico$223,407

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