Asian Americans and Pacific Islanders (AAPIs) are the fastest growing ethnic group in the U.S., and have the highest median FICO of all races/ethnicities and loan types (755), according to the State of Asia America report released recently by the Asian American Real Estate Association of America (AREAA). Even so, the Asian American homeownership rate of 57.6% and Pacific Islander homeownership rate of 42.3% trail the national rate of 63.9%.

Barriers to AAPI homeownership

  • Thin, Clean Credit Files. Many AAPI families avoid debt and, therefore, have limited credit histories.
  • Language Access. Buyers with limited English proficiency can benefit from trustworthy translations of documents and terms.
  • Down Payment Savings. Many AAPI families live in high-cost areas and require more time to save for a 20% down payment.

The report suggests solutions to these barriers, such as alternative credit-scoring models, down payment assistance programs, and more resources for translations.

Find the full report, complete with a timeline of The Story of Asia America, the AAPI Homebuyer Profile, and AAPI stats for the West South Central Region that includes Texas at