This report explores how serving in the US military or the presence of a large military institution can ease racial and ethnic disparities in homeownership and income. We find that veterans have higher homeownership rates and incomes than the general population, even within racial or ethnic and age groups. Active-duty service members generally have lower homeownership rates but higher incomes. Using a regression analysis, we also find that veteran status and active-duty military status shrink racial and ethnic homeownership and income gaps. We find that although the effects are smaller than the effects of military status, the presence of a large military base further narrows the differences in homeownership and income between racial and ethnic groups.