Asian-Americans and Pacific Islanders (AAPI) are the fastest-growing demographic in this country, with numbers exceeding 25 million by some projections. Yet, the group suffers from misrepresentation that leads to missed economic opportunities, according to the Asian Real Estate Association of America (AREAA).
The nonprofit, which is dedicated to promoting sustainable homeownership opportunities in Asian American communities, along with sponsors RE/MAX LLC and Freddie Mac, released its 2019 State of Asia America report to examine important trends among this demographic.
“AAPI communities are buying and investing in real estate like never before,” said Tom Truong, AREAA president. “The AAPI demographic is highly educated, highly interested in homeownership, and have become the fastest-growing demographic in the United States. AAPIs have been contributing to our nation’s economy for over 150 years, despite various cultural and discriminatory challenges.”
Highlights of the report include:
• AAPIs continue to make the largest gains amongst any other group of Americans when it comes to homeownership. • According to HMDA’s (Home Mortgage Disclosure Act) 2017 data, AAPI families applied for the most applications for conventional home-purchase loans, in terms of both the highest number and dollar value, out of any minority group. • Buying power has increased by 257% between 2000 and 2017 for the AAPI community. AAPI buying power is expected to reach over $1.3 trillion by 2022. The 257% increase in economic power surpasses the economic growth of all other segments of Americans. • AAPIs are expected to outnumber Hispanic-Americans by 2055 and will become the largest minority group in the country, not only because of immigration but also because of domestic growth. • The South is the fastest-growing AAPI region in the country, with the vast growth of Asian-American populations. The Midwest is the second fastest-growing region.