Asian Americans, Native Hawaiians, and other Pacific Islanders together make up the fastest growing ethnic group nationwide. According to the Pew Research Center, the U.S. Asian population grew 72% between 2000 and 2015. And the South experienced the fastest growth of any U.S. region, with Texas now ranking third among states for its Asian-American population.
In its 2017-18 State of Asia America Report, the Asian Real Estate Association of America compiles the statistics above and others for a snapshot of the U.S. Asian population.
Since 2010, Asian Americans have been the most active ethnic minority group in the mortgage market—in terms of applications and dollar volume, according to the report.
However, the homeownership rate is still six percentage points below the national average and 15 points below non-Hispanic whites. The report attributes this to factors such as language barriers, credit scoring issues, and a tendency to live in multigenerational households.
Asian Americans, Native Hawaiians, and other Pacific Islanders now represent $78 billion in buying power in Texas, third among U.S. states for buying-power growth from 2010-2017.
With global investment in U.S. real estate projected to increase, the report also highlights the importance of foreign sales originating from Asia and Oceania, which account for 39% of foreign sales in Texas.