Real Estate in the Asian American Community
February 28, 2008
» Asian Americans are less likely than average to be homeowners — although 66.2 percent of households nationally lived in owner-occupied housing, only 53.3 percent of Asian Americans did so, according to the 2000 Census.
» Yet Asian American homeowners tend to occupy property that is more expensive than average: In 2000, the median value for all owner-occupied housing units was $118,800, but for Asian American owner-occupied units, the median was $199,300.
» Forty-nine percent of Asian American homeowners owned property worth $200,000 or more. Among all owner-occupied housing units, however, only 20.2 percent were worth $200,000 and up.
» Asian Americans seem to have a greater propensity for residing in crowded areas: 18.5 percent of Asian American households lived in structures containing 20 or more units, versus 12 percent of both black and Latino households and
6 percent of non-Hispanic white households.
» The homeownership rate among Asian Americans in California is about 59 percent. It is estimated that more than 40 percent of first-time homebuyers in Caifornia are
Hispanic or Asian.
» In 2000, 34 percent (27,037) of single-family, owner-occupied homes in San Francisco County were owned by Asian Americans. The median value of those homes was $361,800, compared to $396,400 for all San Francisco County homes.
» Minority consumers have benefited from nontraditional mortgage choices, such as small cash-down loans that enable immigrants who may not have huge savings to achieve home ownership sooner.
» The Asian consumer market is one of the fastest-growing markets in the United States, growing 69 percent from 1990 to 2000. The buying power of Asians was $117 billion in 1990 and was projected to increase to $579 billion in 2010. The estimated 397 percent gain is expected to be greater than the increase in buying power of Caucasians (164 percent), African Americans (222 percent) and Native Americans (251 percent), and second only to Latinos (413 percent).
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