By Staff
NORTHWEST ASIAN WEEKLY
Homeownership rates among Asian American and Pacific Islanders (AAPIs) 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-Latino 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 U.S.”
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.”