Despite being the fastest-growing racial or ethnic group in the U.S., Asian Americans and Pacific Islanders continue to lag behind the U.S. average when it comes to home ownership, with anti-Asian racism impacting housing decisions. That’s according to the Asian Real Estate Association of America (AREAA), who recently released its 2022 State of Asia America report, a comprehensive review of the housing trends and associated issues facing the AAPI community.
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The report includes some key findings, such as:
- AAPI home ownership is at 61 percent, versus the U.S. average of 64 percent.
- More than half of homebuyers and real estate professionals surveyed said they were concerned about specific neighborhoods or communities due to anti-Asian sentiments.
- One-third of homebuyers surveyed said that getting away from prejudice and discrimination was a major reason for a recent move.
- Plummeting affordability in specific markets is leading to AAPI migration to the Midwest and South. Two-thirds of prospective AAPI buyers say moving to an area with a lower cost of living is a top factor in their decision making.
- San Jose-Sunnyvale-Santa Clara, Los Angeles-Long Beach-Anaheim, San Francisco-Oakland-Berkeley, Boston-Cambridge-Newton, and New York-Newark-Jersey City are among the least affordable places for AAPIs to live.
- Minneapolis-St. Paul-Bloomington and Houston-The Woodlands-Sugarland are two of the most affordable major housing markets for AAPIs.
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AREAA’s report includes comprehensive breakdowns of each major market, including home ownership of Asian Indian, Chinese, Filipino, Japanese, Korean, and Vietnamese sub-populations, as well as breakout sections about Native Hawaiians and Pacific Islanders and Asians in Canada. Founded in 2003, the Asian Real Estate Association of America (AREAA) is a national nonprofit trade organization dedicated to improving the lives of the Asian American and Pacific Islander (AAPI) community through homeownership. Visit areaa.org for more information.