Throughout the country, families have been trying to tweak their budgets, and adjust to the increase in gas prices, food prices, etc..Military families have been trying to deal with the Basic Allowance for Housing for rates that took effect in January 2012.
BAH rates have increased for most of the military as of January 1, 2012. The average annual BAH increase nationwide has been 2%. BAH allows the military a certain amount to use towards your home mortgage, or rent. Buying a home is not ideal for every service member, and can be used accordingly. Even though, the national average of increase was 2%, some areas were much higher.
Big BAH Increases:
Minot, N.D – Minot Air Force Base – 40%
San Francisco has the highest – increase not reported
Washington D.C – 9.9z5
Fort Bragg, NC and Pope Air Force Base – 9.6%
Cherry Point Marine Corps Air Station, NC – 9.5%
However, some areas were not as fortunate and have had a decrease in BAH. It has been reported that even though the rates have dropped for the following areas, the current residents will not be affected and will keep their current BAH. New families moving in, will be affected by the lower BAH rates.
Areas with sizeable BAH decreases:
Fort Irwin, CA – 8.5%
Beale Air Force Base, CA – 5.2%
Sheppard Air Force Base, TX – 7.5%
Holloman Air Force Base, New Mexico – 5.7%
Buying a new home can be a great investment, so know your market before you buy. Call Crystal today to go over your home buying options. 910-545-2689 or email to CampLejeuneRealtor@gmail.com.
Home buying isn’t for everyone, and sometimes it makes more sense to rent. However, if you are in a position to buy, capitalizing on using your BAH is a great idea. Don’t over extend yourself. The greatest situation is to look for homes where your BAH is above the median cost of living in your area.
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BAH information from Future Military Homeowners