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JOURNEY·ING
AN ANTHOLOGY OF COMING TO AMERICA
ABOUT THE REPORT
The State of Asia America Report is AREAA's annual publication dedicated to sharing the latest and most important trends regarding homeownership in the Asian American, Native Hawaiian, and Pacific Islander (AANHPI) community. The 2024 issue focuses on the immigration stories of many within our community, and their journeys to America.
LAND OF DREAMS
TALE OF THREE CITIES
DISAGGREGATED DATA
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THE LAND OF DREAMS
The home is the cornerstone of the American Dream; a place for family, stability, and community. AREAA’s mission is to extend this dream to the AANHPI community. In many ways, the data is trending in a good direction.
26%
of Asian American adults on their way to achieving the American Dream.
5%
growth in homeownership rate since 2012
7,320,602
AANHPI population in California alone
5.8
million AANHPI population growth in the past ten years
43.6
thousand AANHPI net migration to Washington
2022 - 2023 AANHPI NET MIGRATION BY STATE
One of the core aspects of the American Dream is owning a home. A place where you can feel safe, raise a family, build a life, and host awesome cookouts. It’s been the subject of years of policy, references in media, and is one of the most ubiquitous signs of wealth and success in this country. But for many, this has become increasingly out of reach. Housing affordability and the share of first-time homebuyers are both near historic lows. With these factors in mind, where is the Asian American, Native Hawaiian, and Pacific Islander (AANHPI) community in its journey to attain the American Dream?
DISAGGREGATED DATA
Last year, AREAA discussed the importance of looking beyond average. This year, we are continuing that effort and including detailed disaggregated data on AANHPI subgroups. As can be seen in the first figure in the bottom left, AANHPI average loan costs and interest rate are both quite favorable. It would be easy for a policymaker or media member to see that statistic and write off the community as not in need of assistance. However, a closer look at the data paints a different picture. Filipinos, despite being the third largest subgroup and holding good socioeconomic status, have the highest interest rates on their loans at 3.6%. NHPIs have higher costs and rates across the board, with Samoans having the highest average loan costs at $8,072.
Failure to examine or produce data from a disaggregated standpoint obscures different AANHPI needs for healthcare, language access, credit, down payment assistance, and other barriers. In the coming pages, notice the significant differences in homeownership rate, regional distribution, and population size as we examine AANHPI subgroups in depth.
ASIAN INDIAN
Homeownership Rate: 62.6%
Median Income: $175K
Population Size: 4.77M
CHINESE
Homeownership Rate: 66.2%
Median Income: $125K
Population Size: 5.2M
FILIPINO
Homeownership Rate: 65%
Median Income: $121K
Population Size: 4.44M
VIETNAMESE
Homeownership Rate: 70%
Median Income: $93K
Population Size: 2.29M
AREAA MEMBERS’ JOURNEYS
Beyond the larger subgroups, AREAA Members represent the diversity of the AANHPI community. Learn about their journeys and submit your own JOURNEY story here.
TALE OF THREE CITIES
Although the AANHPI segment is America’s fastest growing major racial and ethnic population, income inquality is also the greatest. Many Asian immigrants have higher levels of education than native-born Americans and settle in at the top of the income distribution. At the same time, the Asian immigrant population includes many with lower levels of education and income. That brings us to consider, what about the middle-income Asians? According to Freddie Mac’s data below, the widest homeownership gap exists in the middle-income range.
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The State of Asia America Report is in brought to you in partnership with Freddie Mac and RE/MAX.
For partnership or sponsorship inquiries email contact@areaa.org or visit areaa.org/sponsors.
PRESIDENT JAMIE TIAN’S JOURNEY
When I started my tenure as AREAA President this year, I shared how my parents first came to America on student visas. Things were not always easy for them, and for the first few years of my life, they had to live separately from each other and me as they both sought a foothold in this country. They worked hard and sacrificed to provide me with a good life and a place to call home. Now, discriminatory laws are being passed and introduced around the country that make the American Dream impossible for people like my parents. AREAA has fought and will continue to fight for AANHPI homeownership. Educational and advocational pieces like this report allow us to share crucial information with our members and partners about barriers that affect our community.