Asian American & Pacific Islanders (AAPI) are a rapidly growing demographic in the United States, proving to be an economic force in business and real estate. With consistent population growth and high levels of income and education, AAPI are interested in the real estate and mortgage markets like never before. In response, AREAA creates the annual State of Asia America Report to provide an accurate snapshot of the current state of AAPI today. This year’s report not only includes in-depth analysis of demographic data, AAPI entrepreneurship, and homeownership data, but also includes a new regional component analyzing recent trends highlighting AAPI are resettlement in the Southern and Midwestern housing markets.

The State of Asia America Report is a valuable tool to anyone interested in learning more about the AAPI community or seeking to do business with this growing economic segment. Download the 2018-2019 State of Asia America Report today!


Mike Reagan

Mike Reagan

Sr. Vice President, Global Alliances, RE/MAX LLC

As a global network with a presence in more than 100 countries and territories, RE/MAX understands and respects the cultural differences of diverse populations. We enthusiastically support the Asian Real Estate Association of America and are pleased to present its 2019 State of Asia America report, the most comprehensive compilation of Asian American and Pacific Islander (AAPI) real estate and economic data available today.

The data highlights the growing power and influence of the AAPI community – the fastest growing population in the United States.

Real estate professionals who take time to learn more about the unique needs and challenges of the AAPI community position themselves to provide better service and more value to customers. So, in the spirit of raising the standard for all, and on behalf of over 125,000 RE/MAX associates worldwide, we encourage you to read the report, share it with other real estate professionals, and put its insights to use in your business.

Danny Gardner

Danny Gardner

Senior Vice President of Single-Family Affordable Lending and Access to Credit FreddieMac

Freddie Mac is committed to turning dreams of homeownership into realities, strengthening communities and promoting business growth across the housing industry. We’re proud to partner with members of the housing ecosystem — lenders, loan officers, real estate professionals, housing finance agencies, housing counselors and community organizations — to help us lead the industry forward.

The Asian Real Estate Association of America (AREAA) continues to lead the effort to make the dream of sustainable homeownership a reality for the Asian American and Pacific Islander (AAPI) community. Freddie Mac is also committed to working with organizations such as AREAA to gain a deeper understanding of AAPI communities and the challenges they face.

The truth is that changing demographics, growing consumer expectations and the evolving economic landscape create opportunities for the housing industry to grow and adapt, and we want our clients to take advantage of these opportunities. Freddie Mac plays a key role in helping our clients do that by lowering costs, expanding access to credit and increasing outreach to underserved borrowers. Ensuring affordability and access to credit has long been a priority for Freddie Mac. So, helping our partners and the industry identify and reach the next wave of homebuyers is a natural place for us to bring our expertise and experience.

The data in this annual State of Asia Report provides a unique snapshot into the AAPI community. The information here is intended to be a valuable resource for businesses that seek to connect with this community, and we are proud to be a part of that goal.

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Why We Created This Report

Misrepresentation | Missed Economic Opportunities

Asian American and Pacific Islander (AAPI) communities are buying and investing in real estate like never before. The AAPI demographic is highly educated, highly interested in homeownership, and have become the fastest growing demographic in the United States. AAPIs have been contributing to our nation’s economy for over 150 years, despite various cultural and discriminatory challenges. More recently, AAPIs have been relocating across the country, purchasing mortgage products and real estate at rates higher than other ethnic demographics. Although the last few decades of Asian immigration have significantly boosted the population size of the AAPI community, many often forget that there are generations of AAPI families that have lived in the U.S. for their entire lives.

Increased AAPI homeownership, and expanded opportunities for AAPI to purchase homes and mortgage products directly benefits America’s economy. AAPI can make excellent clients and partners for many business institutions that operate around the real estate and lending markets. However, these advantageous economic opportunities are often missed because of certain challenges that act as barriers to entry for the AAPI community. Lack of credit history and language access, discrimination, and cultural differences all act as barriers hindering greater AAPI homeownership.

Why You Should Care About This Demographic

Closing the gap in AAPI homeownership is possible. The same entities that can support growth in AAPI homeownership can mutually benefit with vast financial opportunities made available with this rapidly growing demographic. The AAPI community is the fastest growing demographic and will continue to contribute to the U.S. economy for decades to come. Today, AAPI families are relocating into all regions of the country, including the Midwest and South, in search of homeownership. It is my hope the 2018-2019 State of Asia America Report will educate the public on the current status of AAPI residents in the U.S., with information on our economic contributions, growing population numbers, and regional trends. Please note that this report is a compilation of several sources, most of which primarily pull information from the U.S. Census Bureau. The information provided in this report is not primary research and is curated to create an accurate snapshot of the AAPI population.

I hope this report inspires greater partnership, so we may continue our mission of supporting greater AAPI representation through greater homeownership and increased quality of life.

Tom Truong

Tom Truong

2019 AREAA President

Demographics & Data

The AAPI community is the fastest growing demographic in the U.S. population. The AAPI demographic has been propelled by consistent levels of immigration through the last few decades. Today, it is estimated that AAPIs have outpaced Mexico on the number of immigrants relocating to this country. Eventually, AAPIs will become the largest minority group in the U.S.

With enticing real estate options, economic opportunities, and the desire to build families – AAPI growth will continue to grow in the decades to come. Analysis of immigration, resettlement, and purchasing habits makes it clear: AAPIs are looking to purchase homes and grow their families. And, the data is there to prove it. In fact, AAPIs relocating in the South are looking to grow their families and are purchasing baby products at a 70% higher rate than the general population1.

AAPIs relocating in the South are looking to grow their families and are purchasing baby products at a 70% higher rate than the general population1.

Population Growth

The U.S. Census projects an estimated 25.7 million AAPIs are currently living in the United States. Between 2000 and 2015, the AAPI population grew by 72%2. U.S. Census and Nielsen reports show that AAPIs will outnumber Hispanic-Americans by 2055 and will become the largest minority group in the country, not only because of immigration but also because of domestic growth. The current AAPI demographic is heterogeneous and culturally diverse. AAPIs are becoming more multiracial and integrated into American culture. Today’s AAPI demographic represents more than 50 ethnicities, with 59% of AAPIs being foreign born4.

Family Focused

Many AAPI families come from collectivist cultures that focus on the group over the individual. As a result, most AAPI cultures are family focused and emphasize high value on education, child-rearing, and growing families. AAPIs today have more married-couple households than the national average of households. Over 63% of AAPI households are occupied by married couples, compared to 50% of all White-American households . Continuing traditions and instilling AAPI values are inherently important to all AAPI families. In a recent Nielsen survey, 69% of AAPI women agreed it is highly important for them to see their children continuing their family’s traditions6.

AAPI women

With a high value placed on the family structure and continuing traditions, it is no surprise that AAPI women are such an important segment to understand when learning about the AAPI community. Within the AAPI family, women play a vital role in organizing their households and making key purchasing decisions. Again, AAPI values and traditions are deeply rooted in collectivism, placing women at the focal point of consumer habits and trends. Not only do AAPI women play a significant role in their homes and families, but have also developed into a dynamic demographic that is entrepreneurial, highly educated, and growing rapidly.

Quickly Growing

AAPI women have the highest immigration percentages of any ethnic or racial group. As a result of their increasing numbers, AAPI women have experienced a 49% increase in population growth since 20057. In 2015, the American Community Survey estimated over 10 million AAPI women resided in the U.S.8 AAPI women are also very young, as 78% of all domestic born women are under the age of 349.

Highly Educated

AAPI women are also the most educated female minority group in the U.S. Over 52% of AAPI women born in the U.S. have acquired a minimum of a bachelor’s degree, compared to 48% of foreign-born female AAPIs. Education is incredibly important to AAPI families and children have the value of education and academics instilled in them at a very young age. In a recent Nielsen report surveying AAPI women, the majority of respondents answered that their household held some sort of college savings plan. In many AAPI family cultures, education is closely tied with societal standings that equate higher academic attainment with higher social status10.

Entrepreneurial Job Creators

Nielsen also reports that AAPI women are highly entrepreneurial. AAPI women are majority owners in over 750K businesses where they produce combined sales of over $139M. Businesses owned by AAPI women are also increasing at nearly 10% greater the rate of their White-American counterparts. AAPI women over the age of 25 are also reported to have the highest average income rates compared to other female groups, with 23% of AAPI women earning $50K or more, compared to the national average of 17%.

Global investment outlook FROM ASIA

Asian outbound capital investment in global real estate continued to surge in 2017, reaching approximately $45.2B USD in the first half of 2017 alone – an increase of 98% year over year.

Despite increased restrictions on outbound investment, China continued to lead the way globally in capital investments with $25.6B USD invested globally, and has even surpassed the US as the top cross border investor worldwide.

Headline making deals became the norm, with transactions of over $250M USD representing 74% of committed investments in 2017, versus 56% in 2016.

The U.S. is still the top destination for Asian capital, with $21.9B USD invested in the first half of 2017.

In fact, 47.2% of all offshore acquisitions in the US originated from Asia, and 7 of the top 10 foreign buyers were based in Asia.

However, geographic diversity is becoming increasingly important to Asian investors, as the top 5 capital destinations represented just 31% of all investment, down from 54% in the H1 2016.

Types of investments

Office space remained the top priority for investors, accounting for 44% of all committed capital in H1 2017


Top International Destinations for Asian Capital through H1 2017

2019 State of Asia America

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