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 2019-2020 State of Asia America Report today!


Mike Reagan

Mike Reagan

Senior Vice President, Industry Relations and
Global Growth & Development, RE/MAX, LLC

As a global network of more than 130,000 associates, our goal at RE/MAX is to help fulfill the dream of homeownership for as many people as possible.

In doing this, we believe things are better when everybody wins. This means being fair, doing the right thing and providing value to buyers and sellers throughout the process.

One of the most important parts of this is understanding and respecting diverse populations and cultures. To that end, we heartily support the Asian Real Estate Association of America and are pleased to present its 2020 State of Asia America Report, far and away the most comprehensive compilation of Asian American and Pacific Islander (AAPI) real estate and economic data available today.

The data is invaluable in highlighting the growing power and influence of the fastest growing population in the United States.

I encourage all real estate professionals to dive into this report to better position themselves to provide unmatched service and value to the AAPI Community. This report raises the standard for all of us regardless of brand. So read it, share it and most importantly use it.

Danny Gardner

Danny Gardner

Senior Vice President, Client and
Community Engagement, Freddie Mac

For nearly 50 years, Freddie Mac has been making home possible for millions of families, strengthening communities and promoting business growth across the housing industry. In order to overcome some of the nation’s greatest affordability and accessibility challenges, we rely on strong partnerships and collaborative efforts throughout the housing ecosystem. We call this approach All For HomeSM, and it is reflected through collaboration and initiatives with organizations such as the Asian Real Estate Association of America (AREAA) that build the communities that they serve.

Freddie Mac provides thought leadership, educational resources and innovative business solutions to enable our partners and clients to reach more Americans who want to own homes. We know that this approach is vital in serving the Asian American and Pacific Islander (AAPI) community.AAPI communities are the fastest growing demographic of Americans, representing a growing purchasing power force in the housing market. We’re proud to do our part in helping the industry understand their unique trends and opportunities for success.

We value our partnership with AREAA and are proud to be a part of their annual State of Asia America Report. The data in this report provides detailed insights that will advance industry perspectives on the future of AAPI homeownership, homebuyer education and solutions that will continue to make a positive community impact.

Presented by


The goal of the Asian Real Estate Association of America’s (AREAA’s) annual State of Asia America report is to provide a snapshot of what homeownership looks like for Asian and Pacific Islanders (AAPIs) and to serve as a resource for industry professionals, leaders, and key decisionmakers in better serving this community. However, in light of the COVID-19 pandemic, much of this data—mostly sourced from 2018—has undoubtedly changed. What we hope this report can provide you is a snapshot of what homeownership, potential, and opportunity looked like pre-crisis, as a way to benchmark where we were, what we may have lost, and chart out a way to move forward, together.

AAPIs are the fastest-growing segment of the U.S. population, but their homeownership rate continues to lag behind the national average. While it has remained steady, the key to moving the needle is to look more closely at what stands in the way.

In aggregate, AAPI borrowers tend to be younger, have income, and higher credit scores (when they have it) than overall population. Despite this, limited credit history is one of the top reasons for AAPI application denial, despite having the lowest delinquency rate of any group. Almost a million AAPIs are considered “mortgage weak” due to their “thin, clean credit files,” meaning they do not have bad credit, but rather, insufficient credit histories to generate a credit score. This presents a huge opportunity, not only in financial education, but also in reaching a market of potential homebuyers who are otherwise well-positioned to buy a home.

This is only half the story. In 2018, millions of AAPIs were potentially ready to buy homes, which would’ve resulted in an unprecedented upsurge in real estate transactions and tens of millions of dollars in potential loans. However, the continued housing shortages in the high cost areas they wish to buy in and the length of time it takes to save enough for a down payment continues to make the goal of homeownership that much more elusive for these buyers.

There is no simple solution to this problem. Even when AAPIs have some of the highest median incomes of any group or apply with multiple borrowers—often 3 or more—it is simply not enough. Until AAPIs look at less expensive areas or more affordable housing is built, the housing shortage and the burden of large down payments will continue to be one of the largest hurdles for our community.

The unique barriers to homeownership for our community loom large—language barriers, antiquated credit scoring models and underwriting standards that do not account for the self-employed, entrepreneurial AAPI buyer, as well as housing shortages in major markets—as we try to move the needle on the AAPI homeownership rate. The 2019-2020 State of Asia America Report, presented by RE/MAX and Freddie Mac will provide AAPI housing information, historical context, and disaggregated demographic, economic, and housing data for our community, pre-COVID-19. We hope this year’s report will serve as a resource and educational tool in helping find solutions to open up access to housing for the next generation of homebuyers.

James Huang

James Huang

2020 AREAA President

About Asian Americans & Pacific Islanders

AAPI “Mortgage Ready” POTENTIAL

2020 State of Asia America

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