May is Asian American and Pacific Islander Heritage Month! According to History.com, “The month of May was chosen for AAPI Heritage Month because it commemorates the immigration of the first Japanese people to the United States on May 7, 1843. May is also a significant month because it recognizes Golden Spike Day, May 10, 1869, which marks the completion of the transcontinental railroad that was built with significant contributions from Chinese workers.”
We continue to celebrate the strength and diversity of our industry and organization. Find out how we’re celebrating the month, honoring our Asian American leaders and how to get involved.
MEET OUR AAPI LEADERS
Treasurer Vicky Silvano
Real Broker LLC
Director Amy Wu
Keller Williams Success Realty
2018-2019 President Tommy Choi
Keller Williams ONEChicago
2005-2006 President Nancy Suvarnamani
CENTURY 21 S.G.R., Inc.
Ways To Celebrate Around Town
Celebrate with AREAA Chicago!
Our Industry Partner, AREAA Chicago, will host their Installation Gala on May 1st at the Sheraton Grand Chicago Riverwalk. Attend this event to celebrate the achievements of our dynamic real estate community, welcome new leadership and network with top industry professionals.
Stop By Asian-Owned Businesses
Meet the people behind a James Beard Award-winning restaurant, a bookstore dedicated to Asian art and history, a group showcasing Chinese culture and more.
Enjoy Chicago’s AAPI Restaurants Week
From May 16-25, you can sample various cuisines, learn about the history of the AAPI community in Chicago and support local businesses by eating at AAPI restaurants around the city and suburbs. Check out all the participating restaurants here.
Take A Virtual Tour
Take an immersive look at Sightlines: Chinatown & Beyond, an exhibition presented by the Smithsonian Asian Pacific American Center.
Attend the 28th Annual Asian American Showcase
Throughout May, the Annual Asian American Showcase will be celebrating emerging Asian American creative talent at a variety of events throughout the month of May. Check them out here.
Looking For More Events?
Visit the Chicago Asian Network for a full list.
Insights On AAPI Homeownership
Here’s what you need to know about the AAPI population in the United States and locally. This data was gathered from the 2023 State of Asia America report, which is released by the Asian Real Estate Association of America.
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.
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.
AAPI homeownership barriers include:
- Homeownership gaps by race and ethnicity
- Credit thin population and credit access
- Mortgage-ready population – older millennials are more likely to be mortgage-ready than any other generation
- Home affordability
AREAA’s three-point plan through legislation, advocacy and policy:
- Downpayment Toward Equity Act. For the second year in a row, AREAA is supporting the Downpayment Toward Equity Act. This legislation would provide down payment assistance to first-time, first-generation homebuyers to address multigenerational inequities in access to homeownership.
- Real Estate Valuation Fairness and Improvement Act. This legislation would create an Interagency Task Force, consisting of representation of the 14 regulatory bodies and government agencies that currently preside, in one form or another, over real estate lending practices and the valuation of real estate collateral for mortgage lending purposes.
- Advancing Equity, Justice and Opportunity for AANHPI | EXECUTIVE ORDER 1401. One of the overarching goals of the Executive Order is to examine and assess opportunities for data disaggregation. This point is of utmost importance to the AANHPI community; on a governmental level, there continues to be a limited amount of disaggregated data on specific subgroups. This makes public and private initiatives and policies to address inequalities and disparities much more difficult to effectively develop and execute.
Access Fair Housing Resources
Ensure you’re upholding fair housing practices and equal treatment to all, especially prospective and future clients. Access our Fair Housing resources, featuring training, classes and videos to ensure your knowledge and compliance with the Fair Housing Act.
Get Involved with our Industry Partner, AREAA Chicago!
AREAA is dedicated to promoting sustainable homeownership opportunities in Asian American communities by creating a powerful national voice for housing and real estate professionals that serve this dynamic market. The Chicago chapter is one of our Industry Partners! Visit their webpage to find out how to get involved.