The cost of home ownership is taking its toll on Asian American and Pacific Islander families.
The American Housing Survey found 5.4% of occupied housing units in the United States were held by homeowners who identified as Asian alone.
However, a NLC article reported one in four of those households have paid a significant portion of their income towards housing costs. At least 54% of these “severely cost-burdened households” have limited English proficiency and are without proper access to resources that may support their difficulties in housing. At least one in five AAPIs has experienced some form of discrimination during
the rental and home-buying process.
The National Equity Atlas found that some API groups like Pacific Islanders struggle more with rental affordability than other Asian subgroups.
Despite having the lowest mortgage denial rate among all races, 41% of Asian applicants and 39.2% of Pacific Islander applicants who were denied a mortgage cited the reason being having a high Debt to income ratio.
The model minority myth around the API community has long disregarded various disparities in individual’s income, education, and economic status. One of the model minority myths the API community faces is that Asian Americans have high incomes and exceptional education backgrounds.
A study conducted by Zillow found that the median household income that makes up the API demographic range is from a little over $50,000 to $140,0000. The homeownership rate also differs by each Asian identity. The financial disparities found among the household income contradict the model minority myth.
Several barriers that API families face in housing may include a lack of language accessibility to housing resources, as well as a disproportionately high debt-to-income ratio.
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