{"id":3773,"date":"2022-12-09T18:55:29","date_gmt":"2022-12-09T18:55:29","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2022\/12\/09\/opinion-aapi-community-ready-to-buy-but-obstacles-persist\/"},"modified":"2025-03-13T02:48:15","modified_gmt":"2025-03-13T02:48:15","slug":"opinion-aapi-community-ready-to-buy-but-obstacles-persist","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2022\/12\/09\/opinion-aapi-community-ready-to-buy-but-obstacles-persist\/","title":{"rendered":"Opinion: AAPI community ready to buy but obstacles persist"},"content":{"rendered":"\n

I can\u2019t tell you how excited I am to be President of the Asian Real Estate Association of America (AREAA)<\/a>. We recently shared the findings of AREAA\u2019s AAPI Opportunity Index<\/a> at our AREAA Unplugged event that shows the growth and how \u201chomebuyer ready\u201d the AAPI (Asian American Pacific Islander) community is. <\/p>\n\n\n\n

The report also highlights a concern. Why does the financially secure AAPI community have a homeownership rate of only 61% compared to 74% for non-Hispanic whites?<\/p>\n\n\n\n

The AAPI community has continued to boom and become an integral part of the U.S. population. Not only is the AAPI demographic growing in numbers \u2014 now 21 million and expected to reach 46 million by 2055 \u2014 but it is also growing financially as well.<\/p>\n\n\n\n

High income, good credit support readiness to buy<\/h3>\n\n\n\n

The report showcased AAPI homebuyer readiness by looking at a few different factors. AAPIs have a median income of over $94,000, 32.4% higher than the national mark of $71,000. Hispanics followed with a household income of $55,000 with Black Americans earning $45,000. AAPIs also have excellent credit with the CFPB reporting the community has an average FICO score of 764.<\/p>\n\n\n\n

While AAPIs only represent 6.3% of the American population, we over index in wealth as showcased by the AAPI community<\/a> contributing more than 8% of all U.S. income tax. The AAPI community has a buying power of over $1.3 trillion dollars, a figure that is larger than the GDPs of most countries. Perhaps even more notably, this figure has more than doubled since 2010, at a rate that is faster than every other demographic in the U.S.<\/p>\n\n\n\n

Our economic impact is even greater in numerous states including California, New York, and Texas. In California, for example, AAPIs are responsible for over $439 billion dollars of the state\u2019s economy, while over 910,000 Californians are employed by AAPI-owned businesses.<\/p>\n\n\n\n

Increased participation in government supports change<\/h3>\n\n\n\n

The AAPI Opportunity Index found that Asian Americans are also becoming much more prominent in local and national government. In 2020, a record 158 AAPIs ran for state legislatures and there was also a 47% increase in AAPI voter turnout. <\/p>\n\n\n\n

Additionally, over 13 million Asian Americans were projected to be eligible to vote in the recent midterm elections, according to Pew Research<\/a>, as non-Hispanic Asian Americans are the fastest growing racial or ethnic group in the U.S. electorate.<\/p>\n\n\n\n

These are positive developments, but we can do more. Politco reported last year<\/a> that despite our increased population size, the AAPI community makes up only 0.9% of all elected leaders across all levels of U.S. government. Growing our \u201cseat at the table\u201d can influence policy that would positively impact the AAPI and other underserved communities. The more involved we become in politics, the more our needs will be met.<\/p>\n\n\n\n

AAPI buying power is immense<\/h3>\n\n\n\n

Here is a look at the state\u2019s where members of the AAPI community have the most buying power:<\/p>\n\n\n\n