LOS ANGELES CA – Asian Americans face the same obstacles in buying homes as their Hispanic counterparts – primarily language and cultural barriers – but may not be as well-served by the real estate community, according to a new study.
The study, released Nov. 8, 2004, by UCLA’s Asian American Studies Center and titled “Dispelling the Model Minority Myth,” shows the real estate industry needs specialized programs “designed to reach this under-served population,” says San Francisco Realtor John Yen Wong. Wong is president of the Asian Real Estate Association of America (AREAA), which commissioned the study.
Too many professionals in real estate, including those in insurance and finance, wrongly believe Asian Americans have little need for home buying assistance, the association claims. Part of the problem, it says, is that many Asians both have embraced American society and appear to be prospering.
Some data indicates Asian Americans are doing well, the association acknowledges, particularly when compared to other racial minorities. But the study also shows:
- The home ownership rate for Asians still lags 20 percent behind that of white non-Hispanic Americans.
- Thirty-nine percent of Asians buy their homes with another family member, and 17 percent belong to households of three or more families.
- Asians overall tend to have lower median per capita incomes than the population as a whole.
As a result of the study, Wong says, the association wants to “challenge the real estate industry to create … programs tailored specifically for the Asian real estate community.” He points to the National Association of Hispanic Real Estate Professionals as one of several groups whose “hard work” pioneered similar programs for Hispanics.
Wong contends “the Asian consumer presents a great business opportunity for real estate professionals.” According to the 2000 U.S. Census, Asians remain the nation’s second fastest growing ethnic population, numbering more than 12 million people. The population is expected to triple in size by 2050.
Among Pennsylvania’s 12,365,455 residents in 2003, the Census Bureau estimates, 262,825 (2.1 percent) were of Asian origin. In New Jersey, it estimates 564,802 (6.5 percent) of that state’s 8,638,396 residents as Asians; and in Delaware, the estimate was 20,507 (less than 1 percent) of its 817,491 residents were Asians.
This article was originally published at Joe Zlomek’s Docket
Photo by Andrew Kim via StockXchng