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

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TALE OF THREE CITIES

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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.

  • Prisca Lee, Northern New Jersey

    Former AREAA theEDGE Chair and current Chapter Development Committee Vice-Chair Prisca Lee moved around a lot throughout her childhood and spent the longest time in Northern New Jersey. When her Korean parents moved to the United States, their version of the American Dream was not the traditional path. Her father is a pastor and prioritized helping others over income, so homeownership was not something Prisca experienced growing up. After being in Northern New Jersey for 35 years, Prisca’s father is now a medical missionary in the Dominican Republic. Prisca developed her leadership skills and is now a successful VP in the title industry. Through her career path, Prisca is the first in her family to be a homeowner.

  • Zandra Ulloa, San Diego

    Top producer Zandra Ulloa serves as board member for AREAA San Diego. Zandra was born in Hagatna, Guam, and moved to San Diego in the early 90s. Native Hawaiians and Pacific Islanders are the most likely racial demographic to live in a multigenerational household. Zandra shared that, ”Pacific Islanders have a very strong culture of being ‘one’. As we grow, the torch is handed off by our elders who raise us, and the responsibility of becoming a caretaker as we age is strongly expected and welcomed!”

  • Lor Vang, Greater Milwaukee

    AREAA’s first Hmong American chapter founder Lor Vang is originally from Milwaukee, Wisconsin. Similar to many children of Asian parents, Lor was expected to pursue a medical career. After choosing to be an engineer, working in corporate America and being laid off in 2008, Lor realized he wanted control of his own income. Lor began investing in real estate and found his true calling. Real estate has been a way for Lor to help others on their path to financial independence. Although Hmong Americans are the largest Asian origin group in Wisconsin, they have a 52% national homeownership rate and do not benefit from the in language support that larger AANHPI subgroups receive.

  • Lori Goto, Austin

    AREAA Chapter Development Committee Chair Lori Goto is a top producing agent serving the Austin, Texas market where she’s resided for 25 years. Lori was born and raised in Honolulu, Hawaii. When Japan attacked Pearl Harbor in 1941, nearly 158,000 persons of Japanese ancestry (more than 35% of the population) were living in Hawaii. That population included Lori’s great grandparents and grandparents. Following the attack, Japanese living in Hawaii were under heightened scrutiny, forced into internment camps and pressured to speak only English.

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.

  • LOW INCOME

    Low-income households within the AANHPI community deal with specific barriers. 47% of recent Asian immigrants have limited English proficiency, 25% of AANHPIs are severely cost-burdened by rent, and low-to-moderate income AANHPIs have a 37% homeownership rate.

  • MIDDLE INCOME

    AANHPIs have the highest homeownership gap with the White community at the middle income level. This community has a a high rate of entrepreneurship, and is 8% more likely to live in a multigenerational household.

  • HIGH INCOME

    At the high-income level, AANHPIs have a 6.3% homeownership disparity with the White population. This group of the population has a high rate of educational attainment, and an average household wealth over $1 million. High paying work opportunities also play a role in driving this cohort; AANHPIs are 16.7% and 8.6% overrepresented in “computer and math”, and “life, physical, and social science” occupations, respectively. Despite the highly impressive rates of educational achievement and high median incomes, AANHPIs are still less likely to be promoted to leadership and executive positions when compared to comparable White peers.

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.