In anticipation of the 2020 State of Asia America Report being released this spring, AREAA is starting a new blog series on the various sections that will be featured in the upcoming issue. Each blog article included in this series will explore various sections featured in the annual State of Asia America Report, including analysis of the demographic growth, economic impact, and homeownership trends of the AAPI community.
The Fastest Growing Minority
According to the Census Bureau’s 2018 American Community Survey Estimates findings, AAPIs may now make up 7.21% of the American population. With over an estimated 22.1 million Asian Americans and 1.4 million Native Hawaiian and other Pacific Islanders, the AAPI community is continuing to grow rapidly. The 2010 Census counted nearly 13 million AAPIs. Since then, the AAPI community has grown an estimated 91.5% to approximately 25 million Asian Americans and Pacific Islanders, in counting individual race or in any combination with other multi-racial AAPI individuals.
These findings reveal that the AAPI community has been the fastest-growing demographic in the past decade. However, insights from the Pew Research Center show that AAPIs will continue to be the fastest-growing demographic in the decades to come. In fact, Pew Research writes that “fast population growth suggests [AAPIs] will eventually be the nation’s largest immigrant group” and will outpace Hispanics by 2055.
Diversity in AAPI Subsets
AAPIs will continue to influence all aspects of American life as they continue to grow and eventually become the largest minority group in the country. From homeownership to culture, Asian influences will continue to integrate into modern American culture. However, not all subsets of the larger AAPI community are the same. The various origin groups that make up the Asian American and Pacific Islander communities face various challenges, requiring individual observation and attention.
Within just AREAA alone, our membership organization represents over 51 ethnicities and 26 languages from Asian and Pacific Islander backgrounds. The AAPI demographic is heterogeneous and ethnically diverse, showing nuances in every facet of life, from household income to education levels. These nuances, however subtle, present unique challenges in homeownership that AREAA hopes to address. Although AAPIs lead in education, income, and consumer-spending at an aggregate level, looking at AAPI families from a segmented view allows organizations like AREAA to best serve the unique challenges of each subset.
What To Expect: The 2020 Report
The 2020 State of Asia America Report will provide more detailed insights on the various subsets that make up the whole of the AAPI community. With analysis that will comment on the specific attributes of each subset, we hope that the 2020 Report will provide readers with an advanced insight on how to best serve the AAPI community in homeownership and beyond.
Understanding the growing AAPI demographic is important for many reasons, but one stands out: AAPI families are going to be a significant factor in the real estate markets. AAPIs have become the fastest-growing demographic in the country and will be the largest minority group by 2055. As AAPI families continue to grow and relocate to real estate markets like those in your community, every real estate professional faces an opportunity to serve the AAPI community and close the homeownership gap.
Click on the image below to learn more about AREAA’s annual State of Asia America Report and to find more information about the AAPI community.