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Next Generation Of Asian American And Pacific Islander Homebuyers To Face Challenges

Navi Persaud
May 12, 2020
Asian American Couple

The Asian Real Estate Association of America has published new data that reveals a series of unique challenges that may lie ahead for the next generation of Asian American and Pacific Islander (AAPI) homebuyers. According to the annual "State of Asia America Report," both AAPI homeownership rate and loan count (conventional purchase only) have been rising post-financial crisis. In addition, the report revealed that the time to save for a down payment and housing shortages in desired areas for those borrowers have also posed a challenge.
 
AAPI homebuyers are moving to metropolitan statistical areas in California, Texas and the Northeast. However, some of these areas, California in particular, have been known to struggle with housing supply. This makes it more difficult to find the desired home. In addition, the cost of homes are higher, which means AAPI buyers will have to fork out more money for a larger down payment.
 
"The unique barriers to homeownership for our community loom large—from language barriers, to antiquated credit scoring models and underwriting standards that do not account for the self-employed, entrepreneurial AAPI buyer as well as dire shortages in major housing markets—as we try to move the needle on the AAPI homeownership rate," said James Huang, 2020 president of the Asian Real Estate Association of America. 
 

 
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