More Asian Americans now own homes than ever before.
An analysis based on data from the U.S. Census’ American Community Survey found 63% of Asian American households now own their own homes.
The same report from the National Association of Realtors also revealed that a record 51.1% of Hispanic households are homeowners, USA Today reported.
That compares to Black Americans at 44.1% and Whites at 72.3%, Marketwatch reported.
These new findings are against a backdrop of rising interest rates which occurred at the tail end of the study.
“For homeowners, this is their biggest nest egg. They likely will see wealth gains through their biggest asset,” NAR’s deputy chief economist, Jessica Lautz said. “This allows them to perhaps pass homeownership to future generations, to their children. But also, this is their retirement savings. This is the ability to one day live without a mortgage in their home.”
The Asian American Real Estate Association of America said home ownership among Asian Americans and Pacific Islanders is the fastest growing in the country. It’s gain 6.1% in one decade.
Jamie Tian is president of the group. He says many AAPI families live in multigenerational households until they can save up enough money to buy a home and he says parents will take out home equity loans to help other family members.
He told USA Today the group is working to educate the community on the importance of good credit scores and the importance of credit.
The analysis from the National Association of Realtor also discovered that Blacks and Hispanics experience a higher denial of mortgages-20% for Blacks and 21% for Hispanics compared to 16% for Whites and 15% for Asians.
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[…] Systemic barriers to homeownership for people of color include historical discriminatory practices such as redlining, restrictive covenants, and higher denial rates for mortgages. These barriers have had a lasting impact on minority communities, contributing to the persistent disparity in homeownership rates compared to white households. Despite some progress, these systemic barriers continue to hinder equal access to homeownership for people of color. (USA TODAY, Inman, AsAmNews) […]