New Housing Rates For 2014
The 2014 Basic Allowance for Housing rates are out. On average, Soldier should expect to see a 5% increase or about ($79 extra) for housing. The highest increase is Hawaii with about a 15% increase, Fort Gordon with a 11.5% increase and Fort Hood with a 11.4% increase. Fort Drum Sergeants and Second Lieutenants without dependents will receive 15% increase. The lowest is Fort Leonard Wood with a negative 4.7% increase and Fort Leavenworth with a negative 1.6% increase. To check your new housing rates use this handy calculator.
BAH rate are to cover 100% of the cost to live off post to include rent, utilities and insurance rates. All these go into determining the current BAH rate for each location. To find out what your actual breakdown of BAH is for your location see the chart here. For example, Fort McClellan, AL BAH is made up of 66% for rent, 33% for utilities and 2% for insurance.
Once you find out your BAH rate use this calculator to see what type of mortgage you can afford using only your BAH as monthly payments.
Not sure if you want to live on or off post yet? Check out my other article “What Is BAH And Chosing To Live On Or Off Post. Also Check out my free rental property evaluator which will help you calculate just about everything that has to do with buying a house or rental property.