The Asian American and Pacific Islander community is among the country’s fastest growing demographics. Now more than ever, Asian Americans are moving throughout the U.S. and purchasing homes. Their impact on our housing market and society is evident, and that is why the Asian American Real Estate Association (AAREA) released its newest report: State of Asia America.
The detailed report uncovers the demographics, data, values and trends of Asian American buyers and sellers. Below are a few of the biggest takeaways from the report:
- Currently have 25.7 million AAPIs in the US. AAPI community is fastest growing demographic in the U.S.
- AAPI U.S. homeownership rate is 58.1%
- By 2055, AAPI will be the largest minority group in the country
- Top 5 Asian countries for inbound investment: China, Singapore, Hong Kong, South Korea and Japan
- The Midwest is the second fastest growing region in the country (compared to coastal locations).
- Chicago is the #1 top city for midwestern relocation. Illinois is home to 3M Asian Americans.
- AAPIs are becoming more multiracial and integrated into American culture
- AAPIs emphasize high value on education and have a higher average household income ratio than their counterparts.
- LEP (Limited English Proficiency) is a major obstacle hindering AAPI homeownership due to gaps in communication, education and understanding needed throughout the homebuying process. “For many businesses, simple translations can be the difference between no business and lifelong customers.”
- Top Three Policy Points to increase the homeownership rate
- Language Access (Advocacy efforts towards FHFA to require a centralized collection of resources to assist lenders & housing counselors in servicing LEP borrowers).
- Alternative Credit Models
- Increase Governmental Diversity and Inclusion of AAPI Public Office Holders
CAR is proud to call AAREA Chicago an Industry Partner. To learn more about AAREA Chicago and to get involved, click here!