Celebrating Asian American and Pacific Islander Heritage Month

May is Asian American and Pacific Islander (AAPI) Heritage month – a time to recognize and celebrate the many accomplishments of the AAPI Community throughout our history. This community is extremely diverse- its members originate from many countries, speak different languages, and have a wide range of socioeconomic statuses.  According to the 2022 State of Asia America Report, the national Asian population – which is now over 22 million – almost doubled over the last 20 years and is expected to hit 46 million by 2060.

The growth and variety amongst the AAPI community is apparent in real estate as well.  The Asian American Real Estate Association of America (AREAA) is a national nonprofit trade association dedicated to improving the lives of the AAPI community through homeownership. In its nineteenth year history, AREAA has grown tremendously, with 17,000 members and 42 chapters across the U.S. and Canada. Illinois real estate professionals who are members of AREAA belong to the Greater Chicago Chapter. AREAA has an abundance of resources to serve – and help others serve – this dynamic market.  Of note are the State of Asia America reports. To read the latest report, check out the 2022 State of Asia America Report

The Association of South Asian Real Estate Professionals (ASARP) is a local nonprofit trade association dedicated to providing effective outreach and leadership for South Asian Real Estate Professionals – and the first of its kind. Mainstreet holds close ties with ASARP, as their founder, Pradeep Shukla, is a Past President and dedicated member of Mainstreet. ASARP connects the South Asian community to real estate by providing resources and education to help achieve the cherished objective of property ownership inside and outside the United States.

While homeownership amongst Asians is greater than any other minority group – and the median household income and median house values are significantly higher than the national average – this community still faces challenges. According to Pew Research, 55% of AAPIs consider affordability to be a major concern where they live. This problem is exacerbated by a national shortage in housing inventory, an issue that continues to drive the prices of homes up and out of reach for many AAPIs. 

Despite higher average credit scores and income, AAPIs still face higher denial rates than White Americans.  Furthermore, while there have been motions to address the issue, racial bias within the appraisal industry is still an issue. Asian American hate crimes have also been increasing annually, potentially limiting the ability for AAPIs to live in areas in which they feel safe and accepted.

In the Midwest, AAPI communities continue to expand rapidly, leading to an increase in Asian-owned businesses, resources, and demographic shifts.  (2022 State of Asian American Report) 

Mainstreet Organization of REALTORS® recognizes the talents, cultures, and the contributions of the Asian American and Pacific Islander community. Show your support by using some of our "Celebrating Diversity"  social media templates within Photofy.  For details on this member benefit, please visit the Photofy section of our website.