There are more than 700,000 Virginians who are Asian American/Pacific Islander (AAPI), and it is one of the fastest growing demographics in the commonwealth. May is Asian American and Pacific Islander Heritage Month, when we celebrate and recognize the contributions and influence AAPIs have made and continue to make to our country. Let’s take a look at how this important demographic is growing around Virginia, and how Virginia stacks up nationally with homeownership of AAPIs.
Asian American and Pacific Islander population is growing fast in Virginia.
Between 2010 and 2020, the AAPI population in Virginia surged by nearly 40%, making it one of the fastest growing demographics in the commonwealth. Most of the population growth of this key demographic was in Virginia’s metropolitan areas, but there were also many smaller communities that had a relatively large increase of AAPI residents over the past decade. The largest influx of AAPI Virginians was in the Northern Virginia region, particularly Loudoun County, where this demographic nearly doubled in size between 2010 and 2020. The greater Charlottesville region also had notable growth, where the AAPI population in Albemarle County surged 77%, and neighboring Greene County had an 85% influx over the last decade.
Virginia ranks third in the nation for Asian American and Pacific Islander homeownership.
In addition to their valuable contributions to our culture and society, AAPIs are a very important and rapidly growing segment of Virginia’s housing market. In fact, Virginia has the third highest homeownership rate of AAPIs in the entire country. As of 2020, approximately 67.7% of AAPI Virginians owned their home. Only Maryland and Florida had slightly higher homeownership rates, at 69.0% and 68.0% respectively. In addition to being higher than 47 other states, this rate is also higher than the homeownership rate of most other ethnicities in Virginia. It’s clear that AAPIs are a key part of the housing market here in the commonwealth, particularly the ownership market. It is so important for REALTORS® to connect with this growing community of Virginians. Virginia REALTORS® has resources for members to increase awareness of growing diversity in the population, foster conversations about diversity and inclusion, and expand homeownership opportunities.