HOUSTON, March 30, 2017 /PRNewswire/ -- The Asian Real Estate Association of America (AREAA), with the support of RE/MAX, LLC, is releasing the only major comprehensive report about Asian American and Pacific Islander (AAPI) housing and economics.
One of the most surprising findings of the report is that AAPI, despite having the highest rates of education and income of any racial demographic in the US, typically having high credit scores, and low debt-to-income and loan-to-value ratios, there are still apparent systemic barriers that cause the community's homeownership rates to fall well below the national average. AAPI homeownership is still nearly 8% lower than the US average and 17% lower than non-Hispanic whites. "As the AAPI community continues to grow, it is important to have accurate and reliable data to help us better understand the unique set of challenges facing this group when it comes to homeownership," says AREAA National President Angie Lee. "We must find out why this gap exists, and work with our partners to close it."
"As a global network, RE/MAX understands and respects the cultural differences of diverse populations and how critical it is to have business analytics to guide you for effective strategies and policies," said Mike Reagan, Senior Vice President Business Alliances, RE/MAX, LLC. "The data in this report suggests untapped potential in the AAPI community, and we believe it will better prepare real estate professionals to help AAPI clients achieve the dream of homeownership."
AREAA and RE/MAX, LLC will be hosting a joint press conference on Friday, March 31st, at the Royal Sonesta Hotel in Houston, TX, to formally announce the release of the report. Following the press conference will be a panel with leading industry experts to discuss the findings of the report.
The Asian Real Estate Association of America (AREAA), established in 2003, is a national business trade organization focused on expanding housing opportunities for Asian American communities and creating business opportunities for real estate business leaders who serve this growing market. With over 16,000 members in 37 chapters across North America, AREAA is the largest real estate trade association dedicated to promoting homeownership in the Asian American and Pacific Islander communities.
SCOTT BERMAN, AREAA Communications Strategist
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SOURCE Asian Real Estate Association of America (AREAA)