AREAA: Asian-Americans ‘large source of future housing demand’

Asian-Americans are the fastest growing racial or ethnic group in the U.S. and will be a large source of future housing demand, according to the Asian Real Estate Association of America (AREAA).

REALTOR® University’s Center for Real Estate Studies recently partnered AREAA to focus on boosting Asian-American homeownership and study how real estate impacts Asian immigrants.

The university, created by the National Association of Realtors® (NAR), will work with AREAA to explore how Asian immigrants use their homes and businesses to grow wealth and develop a greater understanding of housing market preferences among Asian immigrant groups.

“REALTOR® University’s mission is to help bring value to homebuyers, sellers and real estate professionals, and so we are pleased to be partnering with AREAA to undertake this new research to advance Asian-American homeownership and real estate investment,” said Chairman of the University Board of Regents Richard Rosenthal, in a statement.

The research project is expected to last between nine and 12 months, with results released sometime in 2014.

Homeownership in America has an increasingly multicultural future, especially for Asian-Americans, who are the fastest growing racial or ethnic group in America according to the U.S. Census Bureau, including almost 19 million people. The current homeownership rate of Asian-Americans is 55 percent, which is behind the total population’s homeownership rate of 65 percent.

With 13,000 members and 31 chapters across North America, AREAA is a nonprofit trade organization representing real estate, mortgage and housing-related professionals serving the Asian American market.