Homeownership rates among Asian American and Pacific Islanders (AAPI) are well below the U.S. average, according to a report from the Asian Real Estate Association of America and RE/MAX LLC. AAPI homeownership is almost 8 percent lower than the national average and 17 percent lower than the homeownership among non-Hispanic whites.
According to the "State of Asia America" report, the AAPI population has grown steadily in the past decade, jumping 15 percent in the last five years and 46 percent between 2000 and 2010. There are currently more than 21 million AAPI residents.
“Since 2000, the Asian American and Pacific Islander community has been the fastest growing in the U.S. and Asia is now the largest source immigrants moving into the United States annually,” the report stated. “Many demographers are already predicting that well before the end of this century, AAPIs will be the largest minority group in the US.”
The AAPI community is projected to more the double by 2050, the report stated. This presents a unique opportunity for those in the housing industry, according to Mike Reagan, Senior Vice President of Business Alliances at RE/MAX.
“The data in this report suggests untapped potential in the AAPI community,” Reagan said, “and we believe it will better prepare real estate professionals to help AAPI clients achieve the dream of homeownership."
Reports like this one, AREAA National President Angie Lee said, are crucial to moving the AAPI population toward homeownership.
“As the AAPI community continues to grow, it is important to have accurate and reliable data to help us better understand the unique set of challenges facing this group when it comes to homeownership,” Lee said. “We must find out why this gap exists, and work with our partners to close it.”
Data from HMDA and the American Housing Survey will help guide how to best close this gap, according to the report.
“The upcoming roll out of HMDA and American Housing Survey reports on subpopulation data is critical,” the report stated, “and the fact that the unique experiences of various AAPI communities will be showcased separately is a monumental step forward. Starting next year, more information about how different nationalities within the AAPI community are experiencing homeownership will be available. With this information, we will better understand where the real estate and mortgage industry’s focus needs to be and which institutions are truly serving all of our community well.”
AREAA and RE/MAX hosted a panel discussion of the report Friday in Houston.