Asian American and Pacific Islander Homeownership Rates Now to Be Reported in the Census Bureau’s Quarterly Homeownership Report
Washington, DC: The Asian Real Estate Association of America has announced an historic win of its “No Other” campaign to include distinct data on Asian American and Pacific Islanders (AAPI) in the US Census Bureau’s comprehensive quarterly reports on homeownership. The Census quarterly reports will have a new racial category for AAPIs starting in July 2016.
Previously, AAPI data was aggregated under the category of “other” ethnic groups in these reports, AREAA explained. With support from AAPI legislators and community leaders, AAREA initiated a “No Other” campaign, asking the Census Bureau to create a unique category for AAPI homeownership in the quarterly report.
“This historic change is the result of tireless work on part of many individuals and organizations, particularly AREAA members and chapters who campaigned hard to be heard throughout the country,” said Vicky Silvano, AREAA National Chair. “We thank the Congressional Asian Pacific American Caucus, especially Congressman Honda for his support and guidance throughout the process, the White House Initiative on Asian American and Pacific Islander (WHIAAPI) as well as community and business partners. With their support, AREAA insisted that it was time for the Census Bureau to independently recognize the Asian American and Pacific Islander homeownership rate. After some months of discussions, we are very thankful that the Bureau listened and took action. These quarterly reports will put a needed spotlight on AAPI homeownership for government agencies and businesses to create and implement policies to help more AAPIs achieve the American dream of owning a home.”
At a news conference at the National Press Club, AREAA representatives explained that AAPI community members took out 2 million home loans over the past five years, representing nearly $600 billion in mortgage originations.
Until now, AAPI homeownership data was only reported annually, AREAA explained. “But it is the Census Bureau’s quarterly homeownership statistics that are widely reported in the media and in academic/policy documents, therefore, these quarterly reports influence the broad policy and media dialogue around housing and homeownership related to the diverse communities,” Silvano said.
By creating a distinct category for AAPI homeownership in the quarterly reports, members of the AAPI community may also benefit in other ways, explained US Rep. Mike Honda (D-Silicon Valley, Calif), who played an important role in this campaign. “I was happy to lead the effort, alongside AREAA, to make this change a reality. Research shows that when all else is equal, members of our community are more likely to be denied a loan than any other racial group. 20% of Asian Americans and Pacific Islanders report being discriminated against during a housing search. The new data shared by the Census Bureau will help inform my colleagues and other policymakers, so we can better direct funding to ensure the AAPI community can buy their own homes and live the American Dream.”
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 15,000 members across the globe and growing every day, AREAA is the largest real estate trade association focused exclusively on facilitating cross-border transactions between Asia and the United States.