Members of the AAPI community are carrying an undue burden in their quest to build financial wealth through homeownership. As members of the real estate community, it is our job to support homeownership for all.
In our quest to increase homeownership rates for the AAPI community, AREAA relies heavily on data to lobby for changes that will benefit the community.
Facts are very important in changing people’s minds. Indeed, facts form the foundation of persuasion. And that is why every year, AREAA collects data, reports and facts related to AAPI homeownership and publishes them in the State of Asia American report.
In that vein, this year we commissioned a professional survey to uncover Asian American homebuying preferences in a period of rising anti-Asian xenophobia since the beginning of the COVID-19 pandemic. The survey data reveals the devastating and increasingly alarming trend of Asian hate on AAPI homeownership.
Discrimination, prejudice and violence against AAPI people is having a detrimental effect not only right now, but it is also impacting people’s futures by its effect on AAPI homebuying behaviors.
Consider the facts:
- The U.S. Census just reported AAPI homeownership rates lag behind non-Hispanic Whites, 59.4 percent versus 74 percent, respectively. That is down nearly 2 percentage points from Q2 2020, before COVID-fueled Asian hate emerged.
- 68 percent of AREAA members report that safety and security is the most important current factor influencing homebuying considerations.
- AREAA studies have found that increasing the inventory of available homes or lending opportunities for the AAPI community does not result in an increase in AAPI homeownership if the safety component is not addressed first.
- 30 percent of members have personally experienced anti-Asian discrimination or prejudice. Additionally, 52 percent of AREAA members have had friends and/or neighbors share instances of it while 49 percent report that it has happened to someone close to them.
- Nearly one-half of all survey respondents believe anti-Asian sentiments are getting worse overall — and just 15 percent believe it is getting better.
This is simply untenable. Members of the AAPI community are carrying an undue burden in their quest to build financial wealth through homeownership. As members of the real estate community, I implore you to become an advocate for AAPI homeownership, to be vigilant in uncovering and reporting prejudice and discrimination and to have a zero-tolerance policy for Asian hate in any form.
The AAPI population is the fastest-growing demographic in the United States and has grown from 11.9 million in 2000 to over 22 million individuals today. This growth rate of 81 percent is higher than the 71 percent growth rate for Hispanics, 20 percent growth in the Black population, and little to no change in the White population. According to Pew Research, the number of AAPIs is expected to hit 46 million by 2060.
Our community is not going away. And AAPI demand for housing is at an all-time high: 65 percent of real estate professionals working with Asian buyers say demand for housing is greater that pre-pandemic.
As the largest AAPI trade group in the U.S., we take our responsibility as a leader seriously as we identify, educate and address the critical issues affecting the AAPI community. But we need your help.
I encourage you to connect with a local AREAA chapter in your community and work with us to secure unfettered access to the American Dream. No matter what sector of the real estate industry you work in, that’s why we’re all here: to support homeownership for all.
The 2022 State of Asia America report was created in partnership with RE/MAX and Freddie Mac and utilized findings from more than 30 sources including a survey conducted by TDW+Co, an Asian American research and advertising agency, through a self-administered online survey of self-identified Asian Americans, 21 years of age or older who recently bought a home or are prospective buyers looking to purchase a home in the next 18 months.
Tim Hur is president of the Asian American Real Estate Association of America (AREAA), a national nonprofit trade organization dedicated to improving the lives of the Asian American and Pacific Islander (AAPI) community through homeownership. Hur is the managing broker and president of Point Honors and Associates, a boutique real estate firm in Metro Atlanta. Follow him on Facebook and LinkedIn.