May is Asian American and Pacific Islander Heritage Month, when we recognize the contributions and influence of Asian Americans and Pacific Islander Americans. There are more than 700,000 Virginians who are Asian or Pacific Islander, including those who are Asian or Pacific Islander alone or in combination with another race. Asians make up one of the fastest-growing demographic groups in the Commonwealth and reflect a wide range of ethnic and cultural backgrounds. The largest group of Asians living in Virginia are Asian Indians, followed by Chinese, Filipino, Korean, and Vietnamese.
Who Are Asian Homeowners in Virginia?
There are more than 200,000 Asian and Pacific Islander households in Virginia that are homeowners. The number of Asian homeowners has grown significantly over the past two decades, and Asian and Pacific Islanders are an important aspect of Virginia’s residential real estate market.
In 2019, 68.1% of Asian households were homeowners. Asian homeownership increased steadily between 2010 and 2019, even as homeownership rates for other groups declined. Asian households are more likely to be homeowners than are Black or Hispanic households; however, the rate of homeownership is lower than it is for White households.
According to data from the U.S. Census Bureau’s American Community Survey:
Asian homeowners in Virginia are relatively young. In 2019, the average age of Asian homeowners in Virginia was 50, compared to 56 for all homeowners in the Commonwealth.
Asian homeowners have larger household size. The average household size for Asian homeowners in Virginia was 3.17, while the average household size was 2.54 for all homeowners.
Asian homeowners are more highly concentrated in Virginia’s urban markets. Asians are more likely than overall homeowners to own townhomes or condominiums than single-family detached homes. In 2019, 25% of Asian homeowners live in townhomes, compared to 12% of overall homeowners in Virginia. Seven percent of Asian homeowners live in a multifamily unit, compared with just 4% of all homeowners.
Asian home values are higher than overall home values. The average home value for Asian homeowners in Virginia was $525,950. By comparison, the average home value for all homeowners was much lower, $367,243.
What REALTORS® Should Know
The Asian and Pacific Islander population is an important and growing part of the real estate market in Virginia. Meeting the needs of this part of the population will be essential for many REALTORS® to grow their business and expand their impact on their communities.
Virginia REALTORS® has resources for members to increase awareness of the growing diversity in the population, to foster conversations about diversity and inclusion, and to expand homeownership opportunities.
Click here to send any comments or questions about this piece to Virginia REALTORS® Chief Economist Lisa Sturtevant, PhD.