Housing Options – On or Off Installation?
Housing Options – On or Off Installation?
My husband and I were living on base in California when we knew we were PCSing to Maryland. We debated for some time if we should stick with on base since it was so convenient and adored having military neighbors (as well as our street parties!).
My tip would be to get on the same page as your spouse! To do this, both of you need to make a list of pros and cons and order them by priority, talk to people who have been to the area you are moving to and join ALL the local military groups on social media to get a sense of what the area is like. It gave me and my spouse a great sense of what neighborhoods to avoid and where the great schools were at our new duty station. Ultimately, we chose to live off-base because we wanted the option to use our BAH the way we wanted to – which was to buy a home to invest/build home equity! We were also able to choose our home, decorate and renovate as desired, and pick a location close to great schools!
MilSpouse Money
Mission Response:
Thank you for sharing your experience Patty! Open communication between you and your spouse is critical to making good financial decisions. We love your tip to make a list of pros and cons for your housing options, and then rank by priority. It can be hard to make a housing decision from afar so do as much research as possible on the factors that are most important to your family’s needs and objectives. This could include researching BAH rates, housing costs, schools, community features, and factoring in your long-term plans. Consider how your spending plan and BAH will change from one duty station to the next. Use our Spending Plan Worksheet to get started and visit our Create a Budget page for more information. Make sure you know what you can afford and what you will be responsible for financially whether you end up living on or off-installation and if you rent or purchase a home. Financial experts recommend that you limit your housing expenses to 25% of your pre-tax pay or BAH. And remember, housing costs are more than rent or mortgage. You may also need to account for utilities, maintenance, taxes and/or insurance.
