The Asian Real Estate Association of America (AREAA) released its 2019-20 State of Asia America report as a resource for industry professionals and decision makers, including Illinois REALTORS® members.
Among key findings, the report reveals AAPI homeownership rate took a small dip from 58.1 percent to 57.6 percent, respectively.
The report especially breaks down data nationally and by region. The Illinois, Indiana and Wisconsin region includes:
- 56 percent: The AAPI Homeownership rate in the Midwest,
- 158,460 mortgage-ready Asian American Pacific Islanders (AAPI),
- 96,385 AAPIs who can afford single-family homes,
- 3.37 AAPI percentage of total Midwestern population,
- $77,073 median Asian American household income compared to $59,149 median household,
- $271,100 median Asian American house value compared to $170,900 median house value,
- 23 percent AAPI population that is LEP (Limited English Proficiency).
Other facts about AAPI include:
- A rising homeownership rate and a rising conventional loan count since the financial crisis,
- 4.1 million are considered “mortgage ready,”
- Greater likelihood of three or more borrowers compared to non-Hispanic whites, indicating multi-generational households,
- Tend to be younger, with higher credit scores and income than the overall population (median household income is $87,243).
The report also provides three opportunities to meet the needs of AAPI:
- 800,000 who lacked sufficient credit histories to generate credit scores represent opportunity for credit education,
- Translations of financial documents into preferred languages could help remove language barriers.
- The preference of AAPI buyers to save cash for down payments represents opportunity for development of more down payment assistance programs. For more information, go to the AREAA 2019-20 State of Asia America report.
Note: AREAA Greater Chicago (the local chapter for AREAA National) is an Industry Partner of Illinois REALTORS®.
Webinar scheduled for Fri., May 29
Join AREAA Greater Chicago and the Global Real Estate Council of the Chicago Association of REALTORS® (CAR) at 2 p.m., Fri., May 29 for an hour-long webinar titled, “The State of Asia America Homeownership.”
2020 AREAA National President James Huang of Sperry Commercial Global Affiliates will be the featured presenter. Co-hosts will be Jakeeva Lee, Illinois REALTORS® Industry and Global Relations Manager/External Affairs Manager CAR, and Peter DeJong, AREAA Greater Chicago President-elect.
