Our industry partner the Asian Real Estate Association of America (AREAA) has released its annual State of Asia America report. This report provides a snapshot of what homeownership looks like for Asian American and Pacific Islanders (AAPIs) in the United States.
Here are the top takeaways you need to know from the report:
- In the Chicago-Naperville-Elgin area:
- There are 90,000 credit visible AAPI individuals (those who have a credit record with the National Consumer Reporting Association). This is the highest concentration of credit visible AAPI individuals in the Midwest.
- There are 277,000 mortgage ready AAPI individuals.
- There is a 54% share of AAPI individuals who are mortgage ready.
- There is a 23.5% share of AAPI individuals who are mortgage ready.
- And throughout the Midwest as a whole:
- The average median home value for AAPI homeowners is $208,500.
- The homeownership rate for the AAPI community is 69.4%.
- The median monthly rent of AAPI renters is $943.