The Department of Defense just released the 2020 Military BAH Rates.
You can use this BAH Calculator to determine your housing allowance for 2020.
Rates for the Colorado Springs area have increased for the upcoming year.
For example, an E7 with dependents received $1698 per month for BAH in 2019. However, in 2020 they will receive $1896– almost $200 more per month!
Did you know that means you could actually live off post, buy your own home, and potentially save some of your BAH? You could also afford a lot more home with the increased BAH rates, meaning you may have more choices when it comes to buying.
When renting, there are a variety of fees that go along with it. For example, there are application fees (typically $50 per applicant) to apply for a rental. In addition, there is often a security deposit equal to one month’s rent required up front. There are also pet deposits and pet rent (can run anywhere from $200-$500 per pet). As a homeowner, there are no fees associated with pets and no one can dictate which breed of animals you can have. This means that a renter will need several thousand dollars up front just to move into a rental. Did you know that if you are eligible to use your VA loan, that you could move in with no money down?! Moving into a rental could cost you more than simply buying a home!
If you would like to decide how you decorate your home, what pets/breeds you’d like to have, and just simply not answer to military housing, then contact our team today! We would love to make this happen for you!
Mary Barkley, Buyer Specialist, Veteran (719) 421-9360