Happy Asian American and Pacific Islander (AAPI) Heritage Month!
According to NAR’s 2022 Snapshot of Race and Home Buying in America, the homeownership rate for Asian Americans and Pacific Islanders (AAPI) is higher than any other minority group. They also had the highest median household income amongst 2021 buyers and sellers. And the wealth gap between Asian Americans and White Americans has decreased over the past decade. Much has changed over the years in terms of buying power, though the AAPI community still faces its challenges. According to NAR’s same report, 39% of 2021 Asian buyers whose purchased offers and were denied felt it was due to discrimination; and 48% of buyers felt they were steered to or away from a particular neighborhood. We still have much to learn about issues impacting the AAPI community and its unique cultures, but how? How do we best meet their needs? Partnerships and continued education are essential steps.
Virginia REALTORS®—along with some local associations in the state—is a proud partner of the Asian American Real Estate Association of America (AREAA). Founded in 2003, AREAA’s mission is to promote sustainable homeownership opportunities in Asian American communities by creating a powerful national voice for housing and real estate professionals that serve this dynamic market. This goal is accomplished through the connections and work by AREAA’s 42 chapters and nearly 18,000 members. Virginia, Maryland, and Washington D.C. real estate professionals who are members of AREAA belong to the DC Metro Chapter. All REALTORS®—regardless of race—can join AREAA.
The AAPI community is dynamic, as its individuals speak several languages and originate from many countries. With that, it can be difficult to best serve this population and its many cultures. AREAA has an abundance of resources for AAPI markets. To learn the ins and outs of AAPI homeownership in the United States, read AREAA’s 2021 State of Asia America Report. Also, AREAA will host its 2022 Policy Conference May 10-12, 2022 in Washington D.C., and we encourage our members to register.
This Asian American and Pacific Islander Heritage Month, take the time out to learn more about the varying histories, attend an AREAA event, and support an AAPI business. You can also learn more about AAPI homeownership by checking out the latest article from Virginia REALTORS®‘ Chief Economist.