Published on: May 07, 2022
BY STEWART CONTENT TEAM
This month we are celebrating Asian American Pacific Islander (AAPI) Heritage Month. Since 1992, May has been designated to honor the contributions the AAPI community has made to America’s culture, economy, and real estate.
From homeownership to creating thriving businesses, we are shedding light on the impact the AAPI community has had on the real estate industry.
The Asian Real Estate Association of America (AREAA) was founded in 2003 by John Wong, Allen Okamoto, and Jim Park to help improve Asian American and Pacific Islander (AAPI) communities through homeownership. The organization offers its members opportunities to develop their business, personal skills, and professional network. In addition to real estate, the organization is comprised of AAPI leaders in the brokerage, lending, and banking industries.
Some achievements of the AREAA include:
The AREAA has 42 chapters across the U.S. and Canada and over 17,000 members. Visit their website to find an AREAA chapter near you.
In its 2021 Three-Point Policy Plan, the AREAA points out that the Fair Housing Act of 1968 helped give AAPI communities the opportunity to “achieve the American Dream of homeownership and build wealth for their families.” As AAPI families have worked to become entrepreneurs by opening their own stores and businesses, they have added significant value to the U.S. economy and our local communities.
According to the AREAA’s 2020 State of Asia America Report, some AAPI families prefer to pay in cash to help avoid debt. This leads to many being “mortgage ready.” However, because some have limited or no credit history, alternative credit scoring models have been created to help well-qualified AAPI homebuyers get their homes financed.
Here are a few more statistics about the average AAPI homeowner and homebuyer based on the State of Asia America Report:
Here at Stewart, we embrace the unique backgrounds and perspectives that our employees and neighbors share. This Asian American and Pacific Islander Heritage Month, we seek to honor and support the communities we live in and serve. Visit our Culture of Caring page to see other ways Stewart seeks to support our communities.