1、STATE OF ASIAAMERICAChanging Lives Through Real EstatePresented by RE/MAX,LLC&Freddie Macpresented byTABLE OF CONTENTSEditorJordan FanManaging EditorVanessa ShieldsArt DirectorJazz MirandaContributorsJaya Dey,Freddie MacGeorge Ratiu,RSTATE OF ASIA AMERICA20232404Foreword05Letter from the Founders06A

2、REAAs History14AREAA in the Midwest12AREAA in the West16AREAA in the Northeast18AREAA in the South20AREAA in Canada21Emerging AREAA Chapters 22Beyond Average:Why AANHPI Data Must be Disaggregated38AAPI Homeownership and Barriers40Affordability42Sources10AREAA ChaptersKurt Nishimura 2023 AREAA Presid

3、entI started off my term as AREAAs National President by showing you my silly side and sentimental side.I danced and rapped on stage,then shed tears reminiscing about growing up.In return,I received an unbelievable amount of love and support from the AREAA family.This is what AREAA is.An organizatio

4、n full of people who will be by your side through thick and thin,parties and panics,pitfalls and prosperity.This organization has changed countless lives over the past 20 years,and we guarantee it can do the same for you.At our 20th anniversary National Convention in Chicago,you will make new busine

5、ss connections,learn from great thinkers,and have the best time with the best company.Help us change lives.Put yourself out there.See you in Chicago!Join mein Chicago2023 AREAA NATIONAL CONVENTIONOctober 12-14,2023|Swisstel,ChicagoSPRING 20234Over the past fifty years,Freddie Mac has been focused on

6、 making home possible by expanding the approach to sustainable and equitable housing,strengthening communities and promoting business growth across the housing industry.To overcome some of the nations greatest affordability and accessibility challenges,we rely on strong alliances throughout the hous

7、ing ecosystem.Through our All For HomeSM approach,we believe that collaboration and a focus on insightful data with organizations like the Asian Real Estate Association of America(AREAA),which serves diverse communities,is essential to reducing barriers and providing hope to Asian Americans and Paci

8、fic Islanders(AAPIs).Theres power in collaboration and our collective insights,solutions and resources make us even better.Freddie Mac salutes AREAAs two-decade commitment to changing lives and building sustainability for AAPI families.For twenty years,AREAA has been creating homeownership opportuni

9、ties,contributing research,education and thought leadership for real estate professionals serving the AAPI community.Weve collaborated with AREAA on the annual State of Asia America report.The information in this report is a valuable resource for real estate,lending and housing professionals who see

10、k to understand and connect with AAPI communities.Actionable key takeaways include the case for disaggregating AAPI population data,emerging migration to Midwestern regions which boast higher affordability rankings,and barriers of entry for AAPI mortgage ready borrowers.The 2023 State of Asia Americ

11、a report is AREAAs latest effort to help real estate professionals better serve AAPI communities.By collaborating with AREAA,we are bringing research and thought leadership to build a better home for AAPI families.20 Years ago.The AAPI community barely received any media coverage outside of ethnic n

12、ews sources,AAPI celebrities were an infrequent sight,most federal data relegated Asians to the“other”category,and national efforts to uplift and support this community were rare in the public consciousness.Xenophobia,ignorance,and stereotypes were highly prevalent in mainstream portrayals of AAPIs,

13、and cultural phenomena like KPop and anime that are now regularly consumed by many Americans were considered strange and foreign.It was during this time that AREAAs three founders,Allen Okamoto,John Wong,and Jim Park along with others,made the bold decision to create a national organization dedicate

14、d to helping AAPIs reach their homeownership goals.They knew that this effort would be fought on more fronts than just the housing market;cultural acceptance,language translations,credit access,and social support structures were all issues that AREAA was created to handle.AREAA began growing as more

15、 members of all racial and ethnic backgrounds continued to join,united in their passion for serving their local AAPI community.This eventually led to the formation of AREAAs first chapter,Chicago,in 2007.Although advocacy and outreach were two important goals of AREAA,the organization and founders n

16、ever lost sight of the most important part:the members.Professional development opportunities,CE credit courses,referrals,education,and connections to top level professionals were all incorporated into AREAA.To deliver these to an ever growing national organization of thousands of members,AREAA held

17、 its first National Convention in Long Beach in 2005.TodayMany things have changed,many things have stayed the same.AREAA has grown to over 18,000 members and 44 chapters across the country.Our annual National Convention brings in over 1200 attendees,and our Diversity and Fair Housing Summit in DC b

18、rings us before lawmakers in Congress,Federal Agencies,and the Senate.Discrimination,ignorance,and stereotyping continues to be an issue,although there is a much greater and more organized national effort to combat this blight.Homeownership rates for the AAPI community have risen from the low fiftie

19、s to over sixty percent,although the affordability crisis is threatening these gains.“Asian”data has been disaggregated from the“Other”category as a successful result of AREAAs No Other Campaign,but incredibly dissimilar groups from Hmong to Indian to Samoan continue to be grouped into large,amorpho

20、us,categories.Incredible progress has been made thanks to the members,leaders,and partners who have made AREAA possible.But there is so much more for us to do,and it starts here.This is the 2023 State of Asia America Report.For 50 years,RE/MAX agents have been creating homeownership opportunities fo

21、r all people of every heritage,ethnicity,nationality and language.The best agents are those who understand their clients,know the local market,and have the skills,experience and drive to find a solution to every challenge.Serving buyers and sellers in the Asian American and Pacific Islander(AAPI)com

22、munity is a critical part of this mission.The past three years in the U.S.housing market have included a bit of everything,from a sudden drop in activity due to the arrival of COVID to record sales driven by the evolution of remote work.Now,as we head deeper into this year,were seeing a rebalancing

23、market with interest rates higher than theyve been for some time.Through it all every high and every low two things have remained constant:(1)People continued to seek the comfort and security that comes with homeownership.And(2)skilled real estate professionals helped them find it.To that end,RE/MAX

24、 is honored to support the Asian Real Estate Association of America and once again present its 2023 State of Asia America Report.This report is easily the most comprehensive compilation of Asian American and Pacific Islander real estate,demographic and economic data available today.Its a crucial res

25、ource for any professional who serves the AAPI community.Dive into the reports insights,put them to use and share them with others.In the 2023 market,buyers and sellers need every advantage they can get.A smarter,prepared real estate agent is one of the biggest of all.Abby LeeSenior Vice PresidentMa

26、rketing&CommunicationsRE/MAX,LLCDanny GardnerSenior Vice President,Single-Family Mission and Community EngagementFreddie MacFOREWORDFROM THE FOUNDERSAllen M.OkamotoFounding Chairman/Chairman EmeritusJohn Yen WongFounding Chairman/Chairman EmeritusJim ParkChairman EmeritusSPRING 20236AREAAS HISTORY20

27、 YEARS OF CHANGING LIVESAfter initially considering forming an Asian American subgroup of NAR,AREAA Founders John Wong and Allen Okamoto along with others decided to form AREAA.They could not have predicted that it would grow to the size and scope that it has today.AREAA began its first National pub

28、lication,A|R|E Magazine,as a means of communicating with the membership and highlighting the great achievements of our chapters and members.Through AREAAs first sponsor,Freddie Mac,AREAA commissioned a study with UCLA AASC to study Asian American housing challenges.Finally,there was concrete data ab

29、out specific barriers to AAPI homeownership,and this allowed government agencies and news organizations to assess these challenges more accurately.AREAA held their first International Trade Mission in Korea,allowing the AREAA family to expand its welcoming arms beyond the United States.AREAA held it

30、s first National Convention in Long Beach,kicking off an annual tradition that continues to bring together an incredible number of like-minded real estate professionals.AREAA Foundation was formed by Allen Chiang and Allen Okamoto with an initial mission to provide disaster relief to communities abr

31、oad that were tied to AAPIs here.The scope and goals of the foundation continued to expand into the philanthropic organization that it currently is today.As AREAA grew in size and influence,the need for a full-time staff member became apparent,and this year marked the creation of the official AREAA

32、National Team.AREAAs first two chapters were formed starting with Chicago then Las Vegas.Both chapters have flourished throughout the years and retained many of the same original members.20042005200620032009201020112007SPRING 20238AREAA partnered with RE/MAX to create a national report on issues,sta

33、tistics,and opportunities pertaining to the AAPI community;the State of Asia America Report.This report was one of the first of its kind and shined a national spotlight on issues that were not getting press coverage.During the pandemic,AREAA chapters like AREAA Greater East Bay helped their communit

34、ies in meaningful ways from delivering food to front line workers,educating AAPI small business owners on relief,and promoting unity to counter Anti-Asian hate crimes.AREAA worked with the Census on the No Other campaign;up until that point,AAPIs were lumped into the othercategory on the quarterly U

35、S Census homeownership report,but groups like AREAA helped to lead the charge to haveAAPIs separated into their own category.AREAAs presence in Washington D.C.grows as a member of NCAPA(National Coalition of Asian and Pacific Americans)including a shared office with the AAPI Collective.AREAA also pu

36、rchases a permanent office headquarters in San Diego.AREAA supported the removal of the 1%rule from the FHFA Guidelines,allowing more homebuyers to reach their homeownership goals.Just in time for AREAAs 15th Anniversary,AREAA worked with the FHFA to include a preferred language field on the URLA,as

37、 part of AREAAs policy initiatives to increase language access to LEP(Limited English Proficiency)Americans.20152016TIMELINE CONTINUESAREAA Global,an organization that has provided many of our members with referrals,global investment opportunities,and business connections,was formed.AREAA celebrated

38、 its tenth Anniversary at the Hyatt Regency Century Plaza in Los Angeles and released their tenth anniversary video on YouTube.Many original founders and members spoke on the deep impact that AREAA had on their lives,and their excitement for the opportunity to help their communities.20023

39、20172018SPRING 20231 0AREAAAREAA CHAPTERS-20-2022Years AREAA Chapters Were EstablishedCanada ChaptersVancouverGreatter SeattlePortlandGreater East BayNapa Solano CountyGreater SacramentoSan Francisco PeninsulaSilicon ValleyInland EmpireVentura CountyLA CoastalNorth Los An

40、gelesTri CountyCentral ValleyCA Orange CountySan DiegoGreater Los AngelesLas VegasGreater PhoenixGreater BirminghamGreater JacksonvilleAtlanta MetroAlohaCharlotte MetroD.C MetroCentral New JerseyGreater PhiladelphiaGreater ChicagoTwin CitiesGreater DenverColumbusNorthern New JerseyBostonBrooklynNew

41、York EastNew York ManhattanGreater OrlandoGreater Tampa BayGreater MiamiDallas/Fort WorthAustinHoustonSan AntonioGreater TorontoFor 20 years,AREAA has been forming chapters around the country to serve,educate,and support the community in promoting AAPI housing.While many of the initial chapters were

42、 created in high profile coastal areas,the AREAA family,just like the AAPI community,has expanded and grown beyond the coasts.Each chapter has dedicated time and resources to serving their local AAPI communitys housing needs as well as fostering an encouraging and safe environment for real estate pr

43、ofessionals who believe in a more racially equitable housing market.Reflecting the growth and migration of the AAPI CommunitySPRING 20231 2TOP STATES WITH POSITIVE AAPI NET MIGRATION11AREAA has a significant presence in the West,in which 19 of our chapters are located.This region includes four Best

44、of AREAA 2022 winners:AREAA CA Orange County for Social Media,AREAA Greater East Bay for Community Outreach,AREAA Ventura County for Rising Star,and AREAA Silicon Valley for Best Gala.All our chapters work hard to serve a broad range of AANHPI clientele;from those struggling to attain homeownership

45、in an area with low affordability to wealthy buyers looking to obtain a high-end home on the West Coast.In terms of affordability,the West is still seeing very low affordability numbers,causing some to relocate to more affordable parts of the country and bringing net migration down.Nonetheless,the c

46、ultural diversity and opportunityfor high-paying jobs in areas like Seattle and Silicon Valleycontinue to attract new AANHPI immigrants from abroad.78,667,134$92,9658,790,9798,334,292$120,020456,687$81,100Total Regional PopulationMedian Family IncomePOPULATION5REGIONAL HOMEOWNERSHIP5Total Regional A

47、ANHPI PopulationAsian AloneAsian Alone$733,800Asian Alone62.7%Asian Alone$1826Asian AloneNHPI Regional PopulationNHOPI Alone$470,800NHOPI Alone43.7%NHOPI Alone$1632NHOPI Alone11.1%$480,70061.3%$1523AAPI Percentage of Total Regional PopulationMedian Home ValueRegional Homeownership RateMedian Monthly

48、 RentAAPI Population that is LEP23.8%Estimated AAPI Population Growth 201022Asian AloneNHOPI Alone31%11.8%High School Graduate or higherBachelor Degree or Higher88.9%53.5%AREAA IN THE WESTHOMEOWNERSHIP RATE BY SUB-POPULATION11AAPI CREDIT VISIBILITY CONCENTRATION11FAMILY INCOME AND HOMEOWNERSHIP11MOR

49、TGAGE READINESS IN THE WEST12Japanese72%Chinese68%Vietnamese65%Filipino62%Los Angeles-Long Beach-Anaheim,CASan Francisco-Oakland-Berkeley,CAASan Jose-Sunnyvale-Santa Clara,CASeattle-Tacoma-Bellevue,WAUrban Honolulu,HISan Diego-Chula Vista-Carlsbad,CA506k274k172k153k101k90kFamily IncomeHomeownership

50、RateWashington24.9KOregon5.3KColorado3.1KHawaii2.1KCalifornia0.5KLos Angeles-Long Beach-Anaheim,CASan Francisco-Oakland-Berkeley,CASan Jose-Sunnyvale-Santa Clara,CASeattle-Tacoma-Bellevue,WA56%Share of AAPI who are Mortgage Ready57%Share of AAPI who are Mortgage Ready62%Share of AAPI who are Mortgag

51、e Ready53%Share of AAPI who are Mortgage Ready847KNumber of Mortgage Ready AAPI460KNumber of Mortgage Ready AAPI308K304KNumber of Mortgage Ready AAPINumber of Mortgage Ready AAPI2.2%Share of Mortgage Ready who can afford0.5%Share of Mortgage Ready who can afford0.1%3.9%Share of Mortgage Ready who ca

52、n affordShare of Mortgage Ready who can afford(Asian Alone)Educational AttainmentCounts comprised of top 4 AAPI sub-populations in this regionFor Mortgage Ready definition see page 42Source:11.Freddie Mac calculations using American Community Survey 2021Source:11.Freddie Mac calculations using Ameri

53、can Community Survey 2021Source:11.Freddie Mac calculations using American Community Survey 2021Source:11.Freddie Mac calculations using American Community Survey 2021Source:12.Freddie Mac calculations at the CBSA-level using anonymized credit bureau data(2022)Source:5.Bureau,U.S.Census.“Selected Po

54、pulation Profile In The United States.”Explore Census Data,American Community Survey 2021SPRING 20231 4AREAA IN THE MIDWESTHOMEOWNERSHIP RATE BY SUB-POPULATION11AAPI CREDIT VISIBILITY CONCENTRATION11AREAA has four chapters in the Midwest,including one of our newest chapters,AREAA Columbus.In the Mid

55、west,AREAA is working hard to identify and meet the needs of rapidly growing,new AANHPI communities that require housing.Furthermore,as AANHPIs are a greater minority in these areas as opposed to the rest of the country,community outreach and education is a top priority for these AREAA chapters.The

56、Midwest has the highest rates of affordability in the country according to Freddie Mac data,and has comparably high rates of homeownership among AANHPI subgroups when compared to the South.There is work to be done from a local government perspective in terms of providing in-language counseling,down

57、payment assistance,and financial planning,but trends indicate that the AANHPI community will continue to grow quickly and maintain a high homeownership rate in this region for years to come.68,347,268$84,4422,434,7342,318,037$105,175$310,80060.9%$1,170116,697$73,418$207,60055.6%$943Total Regional Po

58、pulationMedian Family IncomePOPULATION5HOMEOWNERSHIP5Total Regional AANHPI PopulationAsian AloneAsian AloneAsian AloneAsian AloneAsian AloneNHPI In Combination with one or more race.NHPI In CombinationNHPI In CombinationNHPI In CombinationNHPI In Combination3.5%$208,50069.4%$943AANHPI Regional Popul

59、ation PercentageMedian HomeValueRegional Homeownership RateMedian Monthly RentAAPI Population that is LEP40.5%Estimated AAPI Population Growth 201022Asian AloneNHPI In Combination28.5%8.1%Vietnamese73%Filipino72%Hawaiian66%Chinese61%Chicago-Naperville-Elgin,IL-IN-WIMinneapolis-St.Paul-Bloomington,MN

60、-WIDetroit-Warren-Dearborn,MISt.Louis,MO-ILColumbus,OHAnn Arbor,MI90k27k21k16k15k9kFAMILY INCOME AND HOMEOWNERSHIP11Family IncomeHomeownership RateTOP STATES WITH POSITIVE AAPI NET MIGRATION11Kansas8.3KOhio6.9KWinsconsin5.5KIowa1.5KMORTGAGE READINESS IN THE MIDWEST12Chicago-Naperville-Elgin,IL-IN-WI

61、54%Share of AAPI who are Mortgage Ready277KNumber of Mortgage Ready AAPI23.5%Share of Mortgage Ready who can affordHigh School Graduate or higherBachelor Degree or Higher87.8%58.3%(Asian Alone)Educational AttainmentCounts comprised of top 4 AAPI sub-populations in this regionFor Mortgage Ready defin

62、ition see page 42Source:11.Freddie Mac calculations using American Community Survey 2021Source:5.Bureau,U.S.Census.“Selected Population Profile In The United States.”Explore Census Data,American Community Survey 2021Source:11.Freddie Mac calculations using American Community Survey 2021Source:11.Fre

63、ddie Mac calculations using American Community Survey 2021Source:11.Freddie Mac calculations using American Community Survey 2021Source:12.Freddie Mac calculations at the CBSA-level using anonymized credit bureau data(2022)SPRING 20231 6AREAA IN THE NORTHEASTHOMEOWNERSHIP RATE BY SUB-POPULATION11AAP

64、I CREDIT VISIBILITY CONCENTRATION1157,159,838$97,3473,975,5653,888,328$114,603$540,80058%$171387,237$65,074$307,10042.2%$1395Total Regional PopulationMedian Family IncomePOPULATION5HOMEOWNERSHIP5Total Regional AANHPI PopulationAsian Alone(Asian Alone)Asian AloneAsian AloneAsian AloneAsian AloneNHPI

65、In Combination with one or more race.NHPI In CombinationNHPI In CombinationNHPI In CombinationNHPI In Combination7%$328,80063.2%$1307AANHPI Percentage of Total PopulationMedian Home ValueRegional Homeownership RateMedian Monthly RentAAPI Population that is LEPEducational Attainment25.2%Estimated AAP

66、I Population Growth 201022Asian AloneNHPI In Combination34.1%12.3%AREAA has seven chapters in the Northeast including the Best of AREAA 2022 winners for Policy,AREAA Boston.In recent years,the AANHPI population in the Northeast has grown,particularly in cities like New York,Boston,and Philadelphia,a

67、ttracting new immigrants and second-generation AANHPIs seeking opportunities and a higher quality of life.This has contributed to the growth of Asian American communities and the demand for homeownership in the region.Despite these gains,some challenges persist for AANHPI homeowners in the Northeast

68、,including discrimination and language barriers,which can make the process of buying a home more difficult.Additionally,the high cost of living in cities like New York and Boston can also pose a challenge for Asian American families seeking to purchase a home.For these reasons,AANHPI homeownership r

69、ates have lagged even as the population has grown.Vietnamese68%Filipino63%Chinese62%Asian Indian61%New York-Newark-Jersey City,NY-NJ-PAPhiladelphia-Camden-Wilmington,PA-NJ-DE-MDBoston-Cambridge-Newton,MA-NHPittsburgh,PAHartford-East Hartford-Middletown,CTBridgeport-Stamford-Norwalk,CT713k114k44k28k2

70、5k17kFAMILY INCOME AND HOMEOWNERSHIP11Family IncomeHomeownership RateTOP STATES WITH POSITIVE AAPI NET MIGRATION11Connecticut7.8KMassachusetts3.8KMORTGAGE READINESS IN THE NORTHEAST12New York-Newark-Jersey City,NY-NJ-PABoston-Cambridge-Newton,MA-NH60%Share of AAPI who are Mortgage Ready55%Share of A

71、API who are Mortgage Ready1MNumber of Mortgage Ready AAPI228KNumber of Mortgage Ready AAPI5.0%Share of Mortgage Ready who can afford3.6%Share of Mortgage Ready who can affordHigh School Graduate or higherBachelor Degree or Higher84.8%58.4%Counts comprised of top 4 AAPI sub-populations in this region

72、For Mortgage Ready definition see page 42Source:11.Freddie Mac calculations using American Community Survey 2021Source:5.Bureau,U.S.Census.“Selected Population Profile In The United States.”Explore Census Data,American Community Survey 2021Source:11.Freddie Mac calculations using American Community

73、Survey 2021Source:11.Freddie Mac calculations using American Community Survey 2021Source:11.Freddie Mac calculations using American Community Survey 2021Source:12.Freddie Mac calculations at the CBSA-level using anonymized credit bureau data(2022)SPRING 20231 8TOP STATES WITH POSITIVE AAPI NET MIGRA

74、TION11AREAA IN THE SOUTHHOMEOWNERSHIP RATE BY SUB-POPULATION11AAPI CREDIT VISIBILITY CONCENTRATION11AREAA has 12 chapters in the South,including two Best of AREAA 2022 winners;AREAA Houston for Membership and AREAA Atlanta.AREAA has continued to expand in the South,especially in states like Florida

75、and Texas.Chapters in these areas make it a priority to serve the AANHPI community by providing access and resources to clients with limited English proficiency.This is incredibly important in areas where AANHPIs are a small minority and may struggle to find in-language resources and connections.The

76、 South has higher affordability and greater representation from certain AANHPI subgroups like Vietnamese and Asian Indian Americans.Despite having a lower income than many other subgroups,Vietnamese Americans in the South have the highest homeownership rate at 78%.While certain MSAs like Houston hav

77、e seen decreases in affordability as a result of increased housing demand,the South remains a highly viable and affordable option for the AANHPI community.127,225,329$78,9534,712,7534,616,631$110,674$373,20067.5%$1,40396,122$75,477$282,80043.8%$1,172Total Regional PopulationMedian Family IncomeTotal

78、 AAPI PopulationAsian AloneAsian AloneAsian AloneAsian AloneAsian AloneNative Hawaiian and Other Pacific Islander Alone(NHOPI)NHOPI AloneNHOPI AloneNHOPI AloneNHOPI Alone3.7%$242,40066.5%$1,123AAPI Percentage of Total Regional PopulationMedian HomeValueRegional Homeownership RateMedian Monthly RentA

79、API Population that is LEP32.8%Estimated AAPI Population Growth 201022Asian AloneNHOPI Alone28.1%13%pg8Vietnamese75%Filipino71%Chinese71%Asian Indian65%Dallas-Fort Worth,TXHouston-The Woodlands-Sugar Land,TXWashington-Arlington-Alexandria,DC-VA-MD-WVAtlanta-Sandy Springs-Alexandria,GAAustin-Round Ro

80、ck-Georgetown,GABaltimore-Columbia-Towson,MD222k170k115k76k71k49kFAMILY INCOME AND HOMEOWNERSHIP11Family IncomeHomeownership RateFlorida19.0KVirginia17.9KGeorgia2.0KMORTGAGE READINESS IN THE SOUTH12Dallas-Fort Worth-Arlington,TX54%Share of AAPI who are Mortgage Ready295KNumber of Mortgage Ready AAPI

81、11.9%Share of Mortgage Ready who can affordHouston-The Woodlands-Sugar Land,TX54%Share of AAPI who are Mortgage Ready227KNumber of Mortgage Ready AAPI27.2%Share of Mortgage Ready who can affordWashington-Arlington-Alexandria,DC-VA-MD-WV53%Share of AAPI who are Mortgage Ready281KNumber of Mortgage Re

82、ady AAPI7.0%Share of Mortgage Ready who can afford(Asian Alone)Educational AttainmentHigh School Graduate or higherBachelor Degree or Higher88.2%59.4%Counts comprised of top 4 AAPI sub-populations in this regionFor Mortgage Ready definition see page 42POPULATION5HOMEOWNERSHIP5Source:11.Freddie Mac c

83、alculations using American Community Survey 2021Source:5.Bureau,U.S.Census.“Selected Population Profile In The United States.”Explore Census Data,American Community Survey 2021Source:11.Freddie Mac calculations using American Community Survey 2021Source:11.Freddie Mac calculations using American Com

84、munity Survey 2021Source:11.Freddie Mac calculations using American Community Survey 2021Source:12.Freddie Mac calculations at the CBSA-level using anonymized credit bureau data(2022)SPRING 20232 0TOP 5 ASIAN CANADIAN SUBGROUPS14RACIALIZED GROUPS LIVING IN A DWELLING OWNED BY ONE OR SOME MEMBERS OF

85、THEIR HOUSEHOLD,BY GROUP,2016 AND 202113TOP 5 ASIAN CANADIAN MULTIRACIAL POPULATIONS14AREAA IN CANADAEMERGING AREAA CHAPTERS$336,975 Median Listing Price3.4%AAPIOKLAHOMA CITY,OK9%Median YoY%Chg48,476AAPI Population$552,330 Median Listing Price5.9%AAPISALT LAKE CITY,UT-1%Median YoY%Chg73,949AAPI Popu

86、lation$224,950 Median Listing Price4.8%AAPIDETROIT-WARREN-DEARBORN,MI10%Median YoY%Chg213,317AAPI Population$402,225 Median Listing Price4.2%AAPIMILWAUKEE-WAUKESHA,WI44%Median YoY%Chg66,930AAPI Population$504,950 Median Listing Price3.1%AAPINASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN,TN11%Median YoY%Ch

87、g62,543AAPI Population$319,950 Median Listing Price6.4%AAPIBALTIMORE-COLUMBIA-TOWSON,MD8%Median YoY%Chg181,840AAPI PopulationAs last years State of Asia America report highlighted in the Beyond the Coasts cover story,the AAPI story is one that is baked into American history and has permeated through

88、 many aspects of American culture.While the large coastal AAPI populations have gained increased visibility over the years,many robust AAPI communities remain understated by mainstream media.In looking at emerging AREAA chapters,the same narrative remains.For a variety of reasons,including a destina

89、tion for refugees,religion,education and work opportunities,these six markets have captured a larger AAPI community and are in consideration as a future AREAA chapter.AREAAs presence in Canada is significantly smaller at only two chapters,but each is still filled with motivated individuals who are c

90、ommitted to raising homeownership for their local Asian communities.Similar to the United States,the story of Asian Canadians is one filled with nuance and variety,and presenting the group as a monolith does a disservice to each subgroups issues.Fortunately,the Canadian Census disaggregates a signif

91、icant amount of collected data,which provides a few notable conclusions.Korean Canadians have the second highest proportion of people in core housing need at 18.7%13.Furthermore,within racial groups,the housing needs of recent immigrants were more dire than those of their non-immigrant counterparts,

92、especially in groups like the Chinese community.However,there are still signs of significant success among Asian Canadians;among racial groups,Chinese,South Asian,and Southeast Asian Canadians had the highest homeownership rate.2,496,000South Asian1,625,010Chinese359,235Southeast Asian206,085Korean6

93、1,675Japanese89,750White and Chinese74,400White and South Asian36,950White and Japanese30,855White and Southeast Asian18,680Chinese and Filipino20162021Total Canadian population73.2%71.9%Total racialized population66.4%64.7%South Asian74.7%70.3%Chinese83.8%84.5%Black46.0%45.2%Filipino63.7%65.2%Latin

94、 American51.7%48.6%Arab47.9%48.0%Southeast Asian72.4%71.9%West Asian56.7%57.8%Korean61.8%63.9%Japanese71.5%69.8%Racialized groups,n.i.e.66.0%68.2%Multiple racialized groups69.2%67.7%Sources:13.Government of Canada,Statistics Canada.“Housing Conditions among Racialized Groups:A Brief Overview.”The Da

95、ily14.Government of Canada,Statistics Canada.“Visible Minority and Population Group by Generation Status:Canada,Provinces and Territories,Census Metropolitan Areas and Census Agglomerations with Parts.”Government of Canada SPRING 20232 2The AAPI Population is multifaceted and diverse,with subgroup c

96、ommunity sizes varying from millions to thousands.The lives,experiences,and challenges faced by each group are as varied as their foods and languages.The term average has been used to sweep AAPI issues under the rug countless times;average median income,average life expectancy,average educational at

97、tainment.At AREAA,we strive to report beyond average.By providing disaggregated data and supporting federal efforts to provide more data of this quality,we hope to address the specific issues faced by different subgroups and accurately serve our communities.4.5M2.5M500KCHINESEASIAN INDIANJAPANESEFIL

98、IPINOVIETNAMESEKOREANAAPI SUB-POPULATION*This photo was taken from AREAAs 2022 Diversity&Fair Housing Summit and showcases the diversity of our membership.WHY AANHPI DATA MUST BE DISAGGREGATEDSPRING 20232 4ASIAN INDIAN AMERICANSCredit Visible-309K|Mortgage Ready Count-181K Share of Mortgage Ready Wh

99、o Can Afford-6.3%Credit Visible-140K|Mortgage Ready Count-82K Share of Mortgage Ready Who Can Afford-12.3%Credit Visible-124K|Mortgage Ready Count-68K Share of Mortgage Ready Who Can Afford-0.7%Credit Visible-110K|Mortgage Ready Count-69K Share of Mortgage Ready Who Can Afford-0.1%Credit Visible-104

100、K|Mortgage Ready Count-58K Share of Mortgage Ready Who Can Afford-25.7%TOP 5 MSAS FOR ASIAN INDIAN AMERICANS111.New York-Newark-Jersey City,NY-NJ-PA2.Dallas-Fort Worth-Arlington,TX3.San Francisco-Oakland-Berkeley,CA4.San Jose-Sunnyvale-Santa Clara,CA5.Chicago-Naperville-Elgin,IL-IN-WIDallas-A recent

101、ly commissioned study by the Indian American CEO Council found that 16%of new businesses are AAPI-owned and startups have an 80%survival rate.This success is also reflected in the income statistics which indicate Asian Indians have earned on average over$20,000 above the median income.21San Jose-Ind

102、ian Americans dominate the tech space,featuring prominent CEOs of companies like Google,Microsoft,Adobe,and Twitter,and as Silicon Valleys largest city,San Jose is home to a significantly high number of Indian Americans with advanced degrees.24,398,37355,550$498,767$622,793$5,2742.98%$153,050685,000

103、51%33%14%2%54%25%15%6%53%30%15%2%46%33%13%8%49%31%13%7%62%Population Size11OriginationsAverage Loan AmountAverage Property ValueAverage Loan CostsAverage Interest RateMedian Income11Top 10 MSAs Mortgage Ready Count11Extremely ImportantHomeownership Rate11ASIAN INDIAN AMERICAN LOAN STATISTICS3VOTING-

104、ISSUES OF IMPORTANCE1HOLIDAYSAccording to R,Hindi,Punjabi,and Sindhi,were the second,seventh,and eighteenth,most spoken AAPI languages by REALTORS.Hindi is the tenth most spoken language among AREAAs membership,while Urdu and Gujarati come in at sixteenth and twentieth.19 AsiaFest in Plano Asian Fes

105、tival,UTSA Institute of Texan Cultures in San Antonio Asian Festival in Dallas Dallas Muslim Festival Diwali Festival celebrated in the fall across Texas Festival of Joy held in Dallas Festivals of India in Houston Holi Festival celebrated in the spring across Texas Houston Rath Yatra Festival India

106、 Republic Day(January 26,1950),celebrated across Texas Indian Independence Day(August 15,1947)celebrated across Texas Pohela Boishakh,or“South Asian New Year Festival,”in Austin Puranava Indian Culture Fest in PearlandSome major Indian festivals held across Texas include:IN DEPTHJobs&EconomyGun Cont

107、rolEducationRacism&Racial DiscriminationInflationVery ImportantSomewhat ImportantNot ImportantFor Mortgage Ready definition see page 42Sources:2.Admin.“Indian-Born Tech CEOS That Dominate Silicon Valley:Their Profiles.”Business Compiler,Blogger,29 Dec.202111.Freddie Mac calculations using American C

108、ommunity Survey 202119.Real estate data from R(January 2023)21.Skores,Alexandra.“Indian Americans Are Thriving in D-FWs Workforce,New Study Says.”Dallas News,15 Aug.2022Sources:1.“2022 Asian American Voter Survey-Apiavote.org.”Apiavote.org,APIA Vote,25 July 20223.Alexandra Dobre and Young Jo.“Challe

109、nging the Model Minority Myth:A Closer Look at Asian American and Pacific Islanders in the Mortgage Market.”Consumer Financial Protection Bureau,1 July 2021SPRING 20232 6CHINESE AMERICANSCredit Visible-363K|Mortgage Ready Count-228K Share of Mortgage Ready Who Can Afford-4.3%Credit Visible-276K|Mort

110、gage Ready Count-159K Share of Mortgage Ready Who Can Afford-2.1%Credit Visible-186K|Mortgage Ready Count-111K Share of Mortgage Ready Who Can Afford-0.5%Credit Visible-100K|Mortgage Ready Count-61K Share of Mortgage Ready Who Can Afford-0.1%Credit Visible-90K|Mortgage Ready Count-49K Share of Mortg

111、age Ready Who Can Afford-3.2%TOP MSAS FOR CHINESE AMERICANS111.New York-Newark-Jersey City,NY-NJ-PA2.Los Angeles-Long Beach-Anaheim,CA3.San Francisco-Oakland-Berkeley,CA4.San Jose-Sunnyvale-Santa Clara,CA5.Boston-Cambridge-Newton,MA-NHNew York-New York has the largest Chinese population outside of A

112、sia,but Census data shows that Chinese Americans in New York are on average lower income,less educated,and more likely to live in crowded housing than the citys median.18San Francisco -San Francisco has the highest percentage of Chinese Americans out of any major U.S.city,and has historically served

113、 as a cultural hub for Chinese American films,music,and other cultural phenomena.84,094,99432,047$522,271$740,583$5,57724,161211.23.13%$103,500772,00066.3%Population Size11OriginationsAverage Loan AmountAverage Property ValueAverage Loan CostsChinese Restaurants Businesses in the US in 2023Chinese R

114、estaurants in the USChinese Restaurants in the US Business Growth in 2023Chinese Restaurants in the US Annualized Business Growth 20182023Average Interest RateMedian Income11Top 10 MSAs Mortgage Ready Count11Extremely ImportantVery ImportantHomeownership Rate11CHINESE AMERICAN LOAN STATISTICS3VOTING

115、-ISSUES OF IMPORTANCE1JOBS16According to R,out of all AAPI languages,Chinese and Mandarin were the first and third most commonly spoken AAPI languages by REALTORS.It is also the most spoken language other than English among AREAA members.19IN DEPTHJobs&EconomyGun ControlEducationRacism&Racial Discri

116、minationInflation45%50%34%52%48%39%23%42%10%32%14%21%18%27%15%2%6%6%11%6%Somewhat ImportantNot Important05,00020020202210,00015,00020,00025,000A recent study found Asian restaurants lost$7.4 billion in revenue due to anti-Chinese stigma in 2020.Anti-China discrimination during 2020 spille

117、d over into non-Chinese Asian restaurants as well.A recent study found Asian restaurants lost$7.4 billion in revenue due to anti-Chinese stigma.For Mortgage Ready definition see page 42Sources:8.“Chinese Immigration.”FOUNDSF 11.Freddie Mac calculations using American Community Survey 202118.“Profile

118、 of New York City S Chinese Americans-Asian American Federation.”AAFederation,Asian American Federation19.Real estate data from R(January 2023)Sources:1.“2022 Asian American Voter Survey-Apiavote.org.”Apiavote.org,APIA Vote3.Alexandra Dobre and Young Jo.“Challenging the Model Minority Myth:A Closer

119、Look at Asian American and Pacific Islanders in the Mortgage Market.16.“Industry Market Research,Reports,and Statistics.”IBISWorld,IBISWORLDSPRING 20232 8FILIPINO AMERICANSCredit Visible-67K|Mortgage Ready Count-35K Share of Mortgage Ready Who Can Afford-1.2%Credit Visible-42K|Mortgage Ready Count-2

120、2K Share of Mortgage Ready Who Can Afford-0.3%Credit Visible-42K|Mortgage Ready Count-18K Share of Mortgage Ready Who Can Afford-0.3%Credit Visible-38K|Mortgage Ready Count-20K Share of Mortgage Ready Who Can Afford-4.6%Credit Visible-27K|Mortgage Ready Count-13K Share of Mortgage Ready Who Can Affo

121、rd-1.1%TOP MSAS FOR FILIPINO AMERICANS111.Los Angeles-Long Beach-Anaheim,CA2.San Francisco-Oakland-Berkeley,CA3.Urban Honolulu,HI4.New York-Newark-Jersey City,NY-NJ-PA5.San Diego-Chula Vista-Carlsbad,CASan Diego-37 percent of Filipinos work in health care and management,one of the highest-paying sec

122、tors.San Diego represents one of the largest and most highly revered cities for healthcare in the United States.Honolulu-The Filipino community in Hawaii traces its roots to 1906 when contract laborers were recruited from the Philippines by the Hawaiian Sugar Planters Association(HSPA)to work on the

123、 sugar plantations in the then US Territory of Hawaii.Today,Filipinos are the fastest growing ethnic minority in Hawaii,due to continuous immigration from the Philippines and high birth rates in the Filipino community.2,990,07921,267$381,878$430,620$7,1893.16%$107,000149,00064.3%Population Size11Ori

124、ginationsAverage Loan AmountAverage Property ValueAverage Loan CostsAverage Interest RateMedian Income11Top 10 MSAs Mortgage Ready Count11Extremely ImportantHomeownership Rate11FILIPINO AMERICAN LOAN STATISTICS3VOTING-ISSUES OF IMPORTANCE1A HISTORY OF SERVICE10According to R,Tagalog was the fourth m

125、ost spoken AAPI language REALTORS.Tagalog is the eighth most spoken language among AREAA members.19Filipino Americans have a history with the U.S.Navy as far back as the civil war,but enlistment began increasing after the U.S.ceded the Philippines from Spain in 1898.As the American Navy states,The P

126、hilippines gained independence in 1946,and an agreement negotiated the next year allowed the U.S.Navy to recruit Filipino nationals.Over the next four decades,about 35,000 Filipinos served in the Navy,initially as stewards and mess attendants.Eligible to serve in all enlisted and officer positions b

127、y the 1970s,they later rose to the Navys highest ranks.Filipino American communities often developed near naval bases.Filipino Americans continue to have the highest representation of AAPI active duty military as well as veterans.Notably,there are active efforts to support and advocate for Filipino

128、WW2 veterans that fought for America,but did not receive the promised compensation or recognition from the American government.IN DEPTHJobs&EconomyGun ControlEducationRacism&Racial DiscriminationInflation65%49%68%51%65%24%23%22%24%25%9%12%7%14%8%16%3%12%2%2%Very ImportantSomewhat ImportantNot Import

129、antFor Mortgage Ready definition see page 42Sources:11.Freddie Mac calculations using American Community Survey 202119.Real estate data from R(January 2023)Sources:1.“2022 Asian American Voter Survey-Apiavote.org.”Apiavote.org,APIA Vote3.Alexandra Dobre and Young Jo.“Challenging the Model Minority M

130、yth:A Closer Look at Asian American and Pacific Islanders in the Mortgage Market.10.“Filipinos in the U.S.Navy Honored with Historical Highway Marker in Virginia Beach.”United States Navy,United States GovernmentSPRING 20233 0VIETNAMESE AMERICANSCredit Visible-273K|Mortgage Ready Count-72K Share of

131、Mortgage Ready Who Can Afford-1.2%Credit Visible-111K|Mortgage Ready Count-30K Share of Mortgage Ready Who Can Afford-0.05%Credit Visible-110K|Mortgage Ready Count-28K Share of Mortgage Ready Who Can Afford-22.4%Credit Visible-76K|Mortgage Ready Count-20K Share of Mortgage Ready Who Can Afford-10.2%

132、Credit Visible-64K|Mortgage Ready Count-19K Share of Mortgage Ready Who Can Afford-0.3%TOP MSAS FOR VIETNAMESE AMERICANS111.Los Angeles-Long Beach-Anaheim,CA2.San Jose-Sunnyvale-Santa Clara,CA3.Houston-The Woodlands-Sugar Land,TX4.Dallas-Fort Worth-Arlington,TX5.San Francisco-Oakland-Berkeley,CAHous

133、ton-Following the war in Vietnam,many Vietnamese resettled in the Houston area for the warm climate and fishing trade,both of which were familiar to them.They faced tough living conditions and opposition from local fisherman,this included altercations with members of the Ku Klux Klan.However,the ref

134、ugees prevailed through these circumstances and created many successful businesses and a thriving Vietnamese community.Orange County-Orange Countys Little Saigon is the oldest and largest of any American Vietnamese community.The substantial Vietnamese community of over 189,000 played a pivotal role

135、in the most recent Congressional election in which both candidates made significant efforts to court their vote.1,875,06114,809$349,342$446,243$5,4173.14%$82,900233,00069.2%Population Size11OriginationsAverage Loan AmountAverage Property ValueAverage Loan CostsAverage Interest RateMedian Income11Top

136、 10 MSAs Mortgage Ready Count11Extremely ImportantHomeownership Rate11VIETNAMESE AMERICAN LOAN STATISTICS3VOTING-ISSUES OF IMPORTANCE1MULTI GENERATIONAL4According to R,Vietnamese was the fifth most spoken AAPI language REALTORS.Vietnamese is the fourth most spoken language among AREAA members.19Viet

137、namese Americans have the highest homeownership rate out of all AAPI subgroups in the United States.Interestingly,this does not coincide with a higher median family income than other subgroups,most notably Asian Indian and Filipino Americans.This indicates that housing rates and access are a result

138、of more factors than simply income.One of the most notable stats comes from Pew Research,which found that while AAPIs live in multigenerational housing at an above average rate of 27%,Vietnamese surpass this rate significantly at 34%.This factor in addition to the greater affordability of MSAs in wh

139、ich many Vietnamese Americans reside may contribute to their higher homeownership rates.IN DEPTHJobs&EconomyGun ControlEducationRacism&Racial DiscriminationInflation58%24%48%31%50%33%42%36%38%35%7%17%13%17%11%17%11%13%4%2%Very ImportantSomewhat ImportantNot ImportantFor Mortgage Ready definition see

140、 page 42Sources:11.Freddie Mac calculations using American Community Survey 202119.Real estate data from R(January 2023)Sources:1.“2022 Asian American Voter Survey-Apiavote.org.”Apiavote.org,APIA Vote3.Alexandra Dobre and Young Jo.“Challenging the Model Minority Myth:A Closer Look at Asian American

141、and Pacific Islanders in the Mortgage Market.4.Budiman,Abby.“Vietnamese in the U.S.Fact Sheet.”Pew Research Centers Social&Demographic Trends Project,Pew Research CenterSPRING 20233 21,454,425752,216$100,000$102,300168,000104,00054.2%65.5%Population Size11Population Size11Median Income11Median Incom

142、e11Top 10 MSAs Mortgage Ready Count11Top 10 MSAs Mortgage Ready Count11Homeownership Rate11Homeownership Rate1113,7674,700$441,411$409,402$581,531$529,166$5,743$6,2873.09%3.11%OriginationsOriginationsAverage Loan AmountAverage Loan AmountAverage Property ValueAverage Property ValueAverage Loan Costs

143、Average Loan CostsAverage Interest RateAverage Interest RateCredit Visible-96K|Mortgage Ready Count-57K Share of Mortgage Ready Who Can Afford-2.6%Credit Visible-44K|Mortgage Ready Count-27K Share of Mortgage Ready Who Can Afford-2.8%Credit Visible-67K|Mortgage Ready Count-41K Share of Mortgage Read

144、y Who Can Afford-7.6%Credit Visible-36K|Mortgage Ready Count-19K Share of Mortgage Ready Who Can Afford-1.2%Credit Visible-25K|Mortgage Ready Count-13K Share of Mortgage Ready Who Can Afford-7.8%Credit Visible-30K|Mortgage Ready Count-18K Share of Mortgage Ready Who Can Afford-5.8%Credit Visible-19K

145、|Mortgage Ready Count-10K Share of Mortgage Ready Who Can Afford-4.8%Credit Visible-15K|Mortgage Ready Count-9K Share of Mortgage Ready Who Can Afford-0.7%Credit Visible-17K|Mortgage Ready Count-10K Share of Mortgage Ready Who Can Afford-10.9%Credit Visible-12K|Mortgage Ready Count-7K Share of Mortg

146、age Ready Who Can Afford-6.0%1.Los Angeles-Long Beach-Anaheim,CA1.Los Angeles-Long Beach-Anaheim,CA2.New York-Newark-Jersey City,NY-NJ-PA2.Urban Honolulu,HI3.Washington-Arlington-Alexandria,DC-VA-MD-WV3.New York-Newark-Jersey City,NY-NJ-PA4.Seattle-Tacoma-Bellevue,WA4.San Francisco-Oakland-Berkeley,

147、CA5.Atlanta-Sandy Springs-Alpharetta,GA5.Seattle-Tacoma-Bellevue,WAKOREAN AMERICANSJAPANESE AMERICANSKOREAN AMERICAN LOAN STATISTICS3JAPANESE AMERICAN LOAN STATISTICS3D.C-The first Koreans who came to the nations capital were political envoys,sent to expand Koreas global influence and connection.The

148、 first Korean graduate of a U.S.college,Byun Su,graduated from Maryland University in 1887.Most Korean immigrants came following immigration law changes in the 1960s,and worked hard labor and manufacturing jobs.22Los Angeles-Los Angeles has historically been a destination for Japanese immigrants,man

149、y of whom came after the passing of the Chinese Exclusion Act to work low-wage jobs that had been previously been filled by Chinese immigrants.This led to the formation of Little Tokyo;a haven for Japanese restaurants,culture,and museums,which has become the nations top spot for learning about the J

150、apanese American experience.17Seattle-Prior to World War II,Seattle had the second largest Japantown on the West Coast.Despite the devastating impact Executive Order 9066 had on the Japanese community,homeownership and business ownership,Seattle remains a significant city for Japanese Americans.20At

151、lanta-Atlanta became one of the nations hot spots for Korean immigration as those in DC who were looking for a warmer climate and cheaper rent could found it easy to relocate to this area.From 1990 to 2000,Georgias community grew by 88.2%,outpacing the rest of the country.Today,major Korean companie

152、s like Hyundai,Kia,and LG have established American quarters nearby.19TOP MSAS FOR KOREAN AMERICANS11TOP MSAS FOR JAPANESE AMERICANS11IN DEPTHIN DEPTHFor Mortgage Ready definition see page 42For Mortgage Ready definition see page 42Sources:3.Alexandra Dobre and Young Jo.“Challenging the Model Minori

153、ty Myth:A Closer Look at Asian American and Pacific Islanders in the Mortgage Market.11.Freddie Mac calculations using American Community Survey 202119.Real estate data from R(January 2023)22.Sun,Lena H.“Book Traces the History of Areas Korean Americans.”The Washington Post,WP CompanySources:3.Alexa

154、ndra Dobre and Young Jo.“Challenging the Model Minority Myth:A Closer Look at Asian American and Pacific Islanders in the Mortgage Market.11.Freddie Mac calculations using American Community Survey 202117.“Los Angeles Conservancy.”Japanese American Heritage|Los Angeles Conservancy22.Sun,20.“Seattle

155、Chinatown Historic District(U.S.National Park Service).”National Parks Service,U.S.Department of the InteriorSPRING 20233 43622402PACIFIC ISLANDER AMERICANS191,6254,161,0884,161,0884,161,088$78,00013,73955%Population Size11Population SizePopulation SizePopulation SizeMedian Income11Top 10 MSAs Mortg

156、age Ready Count11Homeownership Rate111,1043.17%3.25%3.27%$366,305$345,008$376,136$306,671$408,0607226312,443$8,205$7,491$8,072$6,7613.21%$322,513$352,262$306,671OriginationsAverage Interest RateAverage Interest RateAverage Interest RateAverage Loan AmountAverage Property ValueAverage Property ValueA

157、verage Property ValueAverage Property ValueOriginationsOriginationsOriginationsAverage Loan CostsAverage Loan CostsAverage Loan CostsAverage Loan CostsAverage Interest RateAverage Loan AmountAverage Loan AmountAverage Loan AmountCredit Visible-3K|Mortgage Ready Count-1K Share of Mortgage Ready Who C

158、an Afford-2.5%Credit Visible-17K|Mortgage Ready Count-6K Share of Mortgage Ready Who Can Afford-0.7%Credit Visible-3K|Mortgage Ready Count-1K Share of Mortgage Ready Who Can Afford-2.8%Credit Visible-4K|Mortgage Ready Count-1K Share of Mortgage Ready Who Can Afford-0.1%Credit Visible-2K|Mortgage Rea

159、dy Count-1K Share of Mortgage Ready Who Can Afford-0.3%Credit Visible-2K|Mortgage Ready Count-1K Share of Mortgage Ready Who Can Afford-1.0%Credit Visible-2K|Mortgage Ready Count-362 Share of Mortgage Ready Who Can Afford-2.2%Credit Visible-1K|Mortgage Ready Count-1K Share of Mortgage Ready Who Can

160、Afford-0.6%1.Los Angeles-Long Beach-Anaheim,CA1.Urban Honolulu,HI2.Seattle-Tacoma-Bellevue,WA2.Kahului-Wailuku-Lahaina,HI3.San Francisco-Oakland-Berkeley,CA3.Kapaa,HI4.Salt Lake City,UT5.San Diego-Chula Vista-Carlsbad,CANATIVE HAWAIIAN AMERICANSNATIVE HAWAIIAN LOAN STATISTICS3GUAMANIAN LOAN STATISTI

161、CS3LOAN TYPES3SAMOAN LOAN STATISTICS3OTHER PACIFIC ISLANDERS LOAN STATISTICS3CFPB data shows that Pacific Islanders are much more likely to take FHA loans than other AAPI subgroups aside from Native Hawaiians.Guamanians have the highest percentage of VA loans at 40%,and Samoans are still greatly abo

162、ve the AAPI average at 27%.This demonstrates the persistent need for disaggregated data,and these loan profiles do not resemble those of other AAPI subgroups.Salt Lake City-The first Native Hawaiians to permanently settle in Utah arrived in 1872 as Latter-Day Saint converts.In August of 1889,46 Paci

163、fic Islander settlers arrived in Utah,establishing the Iosepa settlement in Tooeles Skull Valley.Many converts would go on to return to Hawaii and spread their faith,gradually bringing more immigrants back to their communities in Utah.Today,nearly 50,000 Native Hawaiians and Pacific Islanders live i

164、n Utah,with the majority living in Salt Lake and Utah Counties.TOP MSAS OUTSIDE HAWAII11TOP MSAS IN HAWAII11IN DEPTHIN DEPTH0%ConventionalFHAVAFSA/RHSGuamanianSamoanOther Pacific Islander25%3455352927133250%75%100%For Mortgage Ready definition see page 42Sources:3.Alexandra Dobre and Young Jo.“Chall

165、enging the Model Minority Myth:A Closer Look at Asian American and Pacific Islanders in the Mortgage Market.11.Freddie Mac calculations using American Community Survey 2021Sources:3.Alexandra Dobre and Young Jo.“Challenging the Model Minority Myth:A Closer Look at Asian American and Pacific Islander

166、s in the Mortgage Market.SPRING 20233 6SOUTHEAST ASIAN AMERICANSEAST ASIAN AMERICANSSOUTH ASIAN AMERICANSMULTI-RACIAL ASIAN AMERICANSBURMESEMONGOLIANBANGLADESHICAMBODIANTAIWANESEBHUTANESEHMONGNEPALESELAOTIANSRI LANKANINDONESIANSPAKISTANIMALAYSIANSTHAI189,00027,000208,000339,000161,000/260,00024,0003

167、27,000198,00254,00056,000129,000554,00038,000343,00046%*45%57%*52%33%62%52%55%54%*58%$44,000*$59,500$67,000*$68,000$55,000$61,000$85,000$80,000$78,000*$63,000Population SizePopulation SizePopulation SizePopulation SizePopulation SizePopulation SizePopulation SizePopulation SizePopulation SizePopulat

168、ion SizePopulation SizePopulation SizePopulation SizePopulation SizeHomeownership RateHomeownership RateHomeownership RateHomeownership RateHomeownership RateHomeownership RateHomeownership RateHomeownership RateHomeownership RateHomeownership RateHomeownership RateHomeownership RateHomeownership Ra

169、teHomeownership RateIncomeIncomeIncomeIncomeIncomeIncomeIncomeIncomeIncomeIncomeIncomeIncomeIncomeIncomeIN DEPTHIN DEPTHIN DEPTHIN DEPTHAccording to the US Census,approximately 17%of AAPIs are multiracial in combination with at least one other racial group.The number of multiracial AAPIs has increas

170、ed from 2.6 million in 2010 to 4.1 million in 2020.As Pew States,Of the 19 origin groups included in this analysis,Japanese Americans are most likely to identify as multiracial non-Hispanic(32%do so).Around one-in-five Filipinos(18%)and 15%of Koreans also identify as multiracial non-Hispanic.23The s

171、ymbol*indicates insufficient number of observations to provide a reliable estimate.Sources:Pew research social trends fact-sheetSources:pew research social trends fact-sheetSources:23.Budiman,Abby,and Neil G.Ruiz.“Key Facts about Asian Americans,a Diverse and Growing Population.”SPRING 20233 8AAPI H

172、OMEOWNERSHIP&BARRIERS0%10%20%30%40%50%60%70%80%90%100%All IncomeHigh IncomeMiddle IncomeLow IncomeHomeownership by Race and EthnicityNon-Hispanic White AmerciansBlack AmericansLatino AmericansAsian Americans and Pacific Islanders0%10%20%30%40%50%60%70%80%AAPIAsian IndianChineseVietnameseKoreanFilipn

173、oJapaneseHawaiianCredit Thin PopulationGen ZYounger MillennialsOlder MillennialsGen XSenior0%5%10%15%20%25%30%35%40%45%50%AAPIChineseAsian IndianVietnameseFilipinoKoreanJapaneseHawaiianGen ZYounger MillennialsOlder MillennialsGen XHomeownership rates by race reveals two very important issues.First,w

174、hile it is true that the overall homeownership rate is higher than Black Americans and Latino Americans,it is still lagging noticeably behind that of White Americans.Second,close inspection indicates a lagging middle income bracket in the AAPI community.This disparity is important because it indicat

175、es significant opportunity for expansion within the middle-income bracket for AAPIs and shows where there still is need for assistance.Among credit visible consumers who are 45 or younger,older millennials are more likely to be mortgage ready.AREAA has been focused on increasing homeownerships for t

176、he AANHPI community since its inception in 2003.This has taken the form of commissioning studies through partners,working with and advocating to government entities to shape public policy,and providing educational tools about the diversity and issues faced by the AANHPI community.Listed below are so

177、me of the wins AREAA has seen on homeownership,and where our initiatives will be looking to the future.Credit Access-AREAA has been a longtime strong advocate for expanding credit access,and there have been two recent victories in this area.Freddie Mac and Fannie Mae announced programs to help rente

178、rs build credit by reporting on-time payment history,utility payments,and other factors.Furthermore,the FHFA approved usage of FICO 10T and VantageScore 4.0 by the GSEs,creating a more comprehensive credit model that allows more AANHPIs with thin credit files to qualify for loans.#NoOther-One of ARE

179、AAs most prominent wins,the#NoOther campaign was an effort to encourage the US Census to include data on Asian Americans in quarterly homeownership reports,rather than just as a part of the Other Category.This information is extremely valuable as it allows lawmakers and businesses to see more accura

180、te data on this community.Data Disaggregation-While there have been wins on this front,the fact remains that data on AANHPIs is frequently only reported as an aggregate.This obscures critical information on healthcare,homeownership rates,income,and more.While it is true that organizations like AREAA

181、 represent and advocate for all different subgroups,we simultaneously recognize that these communities are vastly different.Unfortunately,this does not receive the same treatment in typical media publications.High median income and above average educational attainment for AANHPIs is used as a justif

182、ication that there is no need for assistance.Meanwhile,groups like Mongolian Americans and Bhutanese Americans suffer from homeownership rates under 40%and low levels of college attendance.HOMEOWNERSHIP BY RACE AND ETHNICITY11MORTGAGE READY POPULATION BY GENERATION11CREDIT THIN POPULATION11 In gener

183、al,racial gap in homeownership rate is smaller with higher income.However,White-AAPI homeownership gap is the highest among the middle-income group.Across generations,older millennials and Gen X are less likely to have a thin file.AREAA ON HOMEOWNERSHIPSource Homeownership rate calculated using Amer

184、ican Community Survey of 2021 estimates www.ipums.org.Low-income levels refers to family income 140%AMI.Homeownership rate calculated as number of homes that are owner-occupied divided by total number of occupied households.Freddie Mac calculation using anonymized credit bureau data with individuals

185、 aged 45 and younger as of September 2022.As of 2022,Gen Z is age of 19-24 years,Millennials are 25-41 years old.Older millennials are 32-41 years old.Younger millennials are 25-31 years old.Gen X is 42-60 years old.Mortgage ready percentage calculated using mortgage ready population based on genera

186、tion by its total population.Freddie Mac calculation using anonymized credit bureau data as of September 2022.Thin file refers to those credit visible consumers with less than three open accounts reported in the last 6 months.Credit thin file percentage calculated using thin file population as a per

187、cent of total credit visible population.Sources:11.Freddie Mac calculations using American Community Survey 2021SPRING 20234 00%5%10%15%20%25%30%NortheastMidwestSouthWestHome Affordability by RegionChineseFilipnoHawaiianJapaneseKoreanVietnamese17%4%12%7%18%10%8%0%2%4%6%8%10%12%14%16%18%20%$0$20,000$

188、40,000$60,000$80,000$100,000$120,000$140,000$160,000$180,000Asian IndianFilipinoChineseJapaneseKoreanVietnameseHawaiianMedian Family Income20212019Percentage ChangeAFFORDABILITYTHREE-POINT PLANAffordability is a major issue faced by the AAPI community that can be obscured by aggregate data.It is ina

189、ccurate to merely state that,on average,AAPI median family can afford the to put a down payment on the average American home.The most important factor to recognize is that the American West is home to a very high concentration of AAPIs,meaning that many within this community are in some of the least

190、 affordable MSAs in the country.This holds true for the Northeast as well,in which top AAPI MSAs like New York are located.Migration patterns have shown that there are growing AAPI populations in the Mid-West and South,but the coastal populations continue to be hot spots for AAPI immigrant communiti

191、es.MEDIAN FAMILY INCOME11HOME AFFORDABILITY BY REGION11 Highest family income increase are among Korean and Asian Indian population in the past two years.Low affordability rate in West and Northeast regions among all ethnic groups.FAIR HOUSINGDOWNPAYMENT TOWARD EQUITY ACTFor the second year in a row

192、,AREAA is supporting the Downpayment Toward Equity Act.This legislation would provide down payment assistance to first-time,first-generation homebuyers to address multigenerational inequities in access to homeownership,with the goal to narrow and ultimately close the racial homeownership gap in the

193、United States,and for other purposes.Furthermore,this bill includes conditions within that are designed to make this a sustainable and viable effort.Recipients of this grant are required to complete a financial literacy course to better understand the housing market and are required to repay a certa

194、in amount in the event of a foreclosure.Moreover,financial assistance provided from grants from this program are required to remain in the community,helping to uplift the intended communities while keeping the focus of the assistance on those who need it most.Low-income immigrants and refugees from

195、Asian countries,Native Hawaiians and Pacific Islanders make up a large block of the AAPI community,and this bill would promote generational homeownership for this demographic.APPRAISAL EQUITYREAL ESTATE VALUATION FAIRNESS AND IMPROVEMENT ACTEvidence has been mounting that there is bias within the ap

196、praisal industry.Whether conscious or subconscious,properties owned by communities of color continue to be undervalued when adjusted for factors compared to white neighborhoods,which creates a barrier to the creation of generational wealth within these communities.To address this,AREAA is supporting

197、 the Real Estate Valuation Fairness and Improvement Act.This legislation would create an Interagency Task Force,consisting of representation of the 14 regulatory bodies and government agencies that currently preside,in one form or another,over real estate lending practices and the valuation of real

198、estate collateral for mortgage lending purposes.This task force would be charged with conducting studies and generating reports on bias within the appraisal industry.It is important to understand that conducting high profile studies like these is often the crucial first step toward creating a succes

199、sful game plan to address discrimination,after which effective legislation can be drafted and carried out.ADVANCING EQUITY,JUSTICE,AND OPPORTUNITY FOR AANHPIEXECUTIVE ORDER 14031The current administration has passed Executive Order 14031 to establish the Presidents Advisory Commission on Asian Ameri

200、cans,Native Hawaiians,and Pacific Islanders and the White House Initiative on Asian Americans,Native Hawaiians,and Pacific Islanders(WHIAANHPI).The goal of the Executive Order is to advance equity,justice,and opportunity for AA and NHPI communities in the United States.One of the overarching goals o

201、f the Executive Order is to examine and assess opportunities for data disaggregation.This point is of utmost importance to the AANHPI community;on a governmental level,there continues to be a limited amount of disaggregated data on specific subgroups.This makes public and private initiatives and pol

202、icies to address inequalities and disparities much more difficult to effectively develop and execute.Although there is not an associated bill with this point,it is crucial to bring issues like this forward to our policymakers,so that they can incorporate these issues into their own policy plans,and

203、have greater awareness for any future legislative efforts.This will also increase accountability for the administration to deliver on its commitments to the AANHPI community.Freddie Mac calculation using anonymized credit bureau data with individuals aged 45 and younger as of September 2022.Note:Acc

204、ording to National Association of Realtors methodology,if a consumers quarterly household income is greater than or equal to the annual mortgage payment on a median priced house(under the assumption of 3%down payment,6.9%mortgage rate as of October 2022,30-year contract),then that house is affordabl

205、e for him/her/them.Affordability percentage calculatedas percent of total mortgage ready population who can afford a median priced house in their area.Sources:11.Freddie Mac calculations using American Community Survey 2021SPRING 20234 2Unstoppable Starts HereRESIDENTIAL|COMMERCIAL|LUXURY2023 RE/MAX

206、,LLC.Each Office Independently Owned and Operated.23_170RE/MAX associates average more sales than other real estate agents.If you are looking to maximize your success and work alongside some of the best in the business,this is the right place for SOURCES1.“2022 Asian American Voter Survey-Apiavote.o

207、rg.”Apiavote.org,APIA Vote,25 July 2022,https:/apiavote.org/wp-content/uploads/2022-Asian-American-Voter-Survey-Report.pdf?emci=1c16c3fa-100d-ed11-b47a-281878b83d8a&emdi=9656c4f6-c00d-ed11-b47a-281878b83d8a&ceid=4434265.2.Admin.“Indian-Born Tech CEOS That Dominate Silicon Valley:Their Profiles.”Busi

208、ness Compiler,Blogger,29 Dec.2021,https:/ Dobre and Young Jo.“Challenging the Model Minority Myth:A Closer Look at Asian American and Pacific Islanders in the Mortgage Market.”Consumer Financial Protection Bureau,Consumer Finance Protection Bureau,1 July 2021,https:/www.consumerfinance.gov/about-us/

209、blog/challenging-model-minority-myth-asian-american-pacific-islanders-mortgage-market/?_gl=1%2A1xrhksb%2A_ga%2AMTY5MjY4MTQxNy4xNjY4NDU1OTcz%2A_ga_DBYJL30CHS%2AMTY2ODQ1NTk3My4xLjEuMTY2ODQ1NTk5MS4wLjAuMA.4.Budiman,Abby.“Vietnamese in the U.S.Fact Sheet.”Pew Research Centers Social&Demographic Trends P

210、roject,Pew Research Center,24 May 2022,https:/www.pewresearch.org/social-trends/fact-sheet/asian-americans-vietnamese-in-the-u-s-fact-sheet/.5.Bureau,U.S.Census.“Selected Population Profile In The United States.”Explore Census Data,American Community Survey 2021,https:/data.census.gov/table?q=S0201&

211、g=0200000US3.6.Bureau,US Census.“2020 Census.”Census.gov,29 Nov.2022,https:/www.census.gov/programs-surveys/decennial-census/decade/2020/2020-census-main.html.7.“Census Profile:San Diego,CA.”Census Reporter,https:/censusreporter.org/profiles/16000US0666000-san-diego-ca/.8.“Chinese Immigration.”FOUND

212、SF,https:/www.foundsf.org/index.php?title=Chinese_Immigration#:text=Immigrants%20from%20China%20first%20arrived,construction%2C%20mining%2C%20and%20agriculture.9.Choi,Jennifer Hope.“Why Did My Mother and I React so Differently to the Atlanta Shootings?”The New York Times,The New York Times,22 Mar.20

213、21,https:/ in the U.S.Navy Honored with Historical Highway Marker in Virginia Beach.”United States Navy,United States Government,6 June 2022,https:/www.navy.mil/Press-Office/News-Stories/Article/3053349/filipinos-in-the-us-navy-honored-with-historical-highway-marker-in-virginia-bea/.11.Freddie Mac c

214、alculations using American Community Survey 202112.Freddie Mac calculations at the CBSA-level using anonymized credit bureau data(2022)13.Government of Canada,Statistics Canada.“Housing Conditions among Racialized Groups:A Brief Overview.”The Daily-,23 Jan.2023,https:/www150.statcan.gc.ca/n1/daily-q

215、uotidien/230123/dq230123b-eng.htm.14.Government of Canada,Statistics Canada.“Visible Minority and Population Group by Generation Status:Canada,Provinces and Territories,Census Metropolitan Areas and Census Agglomerations with Parts.”Government of Canada,Statistics Canada,Government of Canada,Statist

216、ics Canada,26 Oct.2022,https:/www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=9810032401.15.Heritage,Canadian.“Government of Canada.”Canada.ca,/Gouvernement Du Canada,12 May 2022,https:/www.canada.ca/en/canadian-heritage/campaigns/asian-heritage-month/important-events.html.16.“Industry Market Research

217、,Reports,and Statistics.”IBISWorld,IBISWORLD,24 Feb.2022,https:/ Angeles Conservancy.”Japanese American Heritage|Los Angeles Conservancy,https:/www.laconservancy.org/japanese-american-heritage.18.“Profile of New York City S Chinese Americans-Asian American Federation.”AAFederation,Asian American Fed

218、eration,https:/www.aafederation.org/wp-content/uploads/2020/12/2019ch.pdf.19.Real estate data from R(January 2023)20.“Seattle Chinatown Historic District(U.S.National Park Service).”National Parks Service,U.S.Department of the Interior,https:/www.nps.gov/places/seattle-chinatown-historic-district.ht

219、m.21.Skores,Alexandra.“Indian Americans Are Thriving in D-FWs Workforce,New Study Says.”Dallas News,Dallas News,15 Aug.2022,https:/ Ready:Individuals that:Do not have a current mortgage Are 45 years old or younger Have credit scores of 661 or higher Have a back-end debt-to-income ratio not exceeding

220、 25%Have no foreclosures or bankruptcies in the past 84 months Have no severe delinquencies in the past 12 monthsNear Mortgage Ready:Individuals that meet all of the above criteria but with credit scores between 600 and 660.Not Currently Mortgage Ready:Any consumer who doesnt fall into either of the

221、 above categories.Credit visible consumers are those who have a credit record with the National Consumer Reporting Association.However,many AAPI immigrants are“credit invisible”since they dont have any credit histories and are not captured in credit bureau data.DEFINING MORTAGE READYDEFINING CREDIT VISIBLESTATE OF ASIA AMERICA REPORT 202324AN ANNUAL PUBLICATION FROM THE ASIAN REAL ESTATE ASSOCIATION OF AMERICA(AREAA)2333 Camino Del Rio South,Suite 210,San Diego CA 92108 contactareaa.orgareaa.org