US military personnel Owning property?

Question

How likely is it that a single female US naval academy graduate would purchase a condo in LA whilst attending the postgraduate school in monterey for two years. Don't most personnel live in military accomodation? How much alowances would she get for the mortgage?

Answer 1

Your assuming that all her income comes from the Navy.

There are quite a few well off people in the military.

Who knows, she may have paid cash for the condo.

Answer 2

Ok one at a time.

It is likely that an Officer would purchase a condo in LA while attending post graduate school in Monterey, however such a purchase would be for investment since LA and Monterey are way too far apart for commuting.

Most Enlisted personnel that are not married and junior live in military barracks, and family housing when available. Single officers sometimes will stay in Bachelor Officers' Quarters however it is not mandatory.

An officer in the Naval Post Graduate Program in Monterey is likely an O-3 or O-4 (LT or LT CDR) which means they would receive either 1800 or 2000 dollars a month in housing allowance in Monterery.

Anyone in the military over the past 5 years that has spent a year deployed and saved their money, could easiliy have saved enough to finance a condo depending on its cost.

Answer 3

Are you going to pay for 2 places to live while in Monterey? I certainly doubt you will be commuting the 5-6 hours between LA and Monterey? You can't recieve BAH and live in the BOQ at the same time. Current BAH rates for a single O-1 is around 1600/month for the Monterey area.

Answer 4

It's possible, and even likely. Most don't live in military accoomodations - especially in L.A. where there really aren't any bases.
Basic pay and housing allowances are public knowledge, and I've provided a link. However, living in L.A. would mean even greater entitlements, since the cost of living is so high.
You might also want to take into consideration that she may have money from sources other than the Navy - as in, her parents, an inheritence, etc.

Answer 5

That is not unusual. It is highly likely. The US military pays it's officers well. She's smart (obviously if she's an USNA graduate). There is no formula for contributing to her mortgage payments, but she does get a housing allowance which she is free to decide how to use.

Many US military personnel live on base, especially if they have families, but it is only a requirement if the nature of their job requires it, i.e. security, alert (rapid deployment), etc.

Answer 6

That's a heck of a commute involving considerable expense these days. Were I still on active duty I would be "vetting" her financial records before ever granting her a security clearance higher than "Rumor-Modified Handling".
She would be getting a Basic Ållowance for Housing at the unmarried officer rate and that wouldn't even cover the monthly mortgage payment on a condo in L.A. Something is fishy here.

Answer 7

Its possible to buy a home and still live in military housing, especially if you're stationed away from where your purchased home is. We owned a home in Virginia while we were stationed at NPS in Monterey. I lived in the barracks.

Answer 8

My next door neighbor is a single mother Air Force O3. Guess she can afford a 150k house.

Answer 9

You don't say whether she is doing so on her military pay alone, or if she has outside finances (parents, previous bank account....) that allow her to do so.

As long as she can handle the finances, she is pretty much allowed to do what she pleases.

What's the real problem?



g-day!

Answer 10

She'd get whatever she was entitled to for her rank....I bought a foreclosure as an E-3, fixed it up and made a tidy profit....no reason why she can't do the same.