The Asian American and Pacific Islanders (AAPI) community continues to grow quickly in the United States – especially in southern states – and is a boon for both business and real estate, according to a comprehensive study released on May 8.
The 2019 State of Asia America Report, created by the Asian Real Estate Association of America (AREAA) and co-presented by RE/MAX, examines demographic and homeownership data as well as AAPI entrepreneurship. The report also analyzes AAPI regional resettlement, noting that the South is the fastest-growing AAPI region in the country. Top states for relocation include Texas and Virginia, while North Carolina and Georgia saw the fastest growing AAPI populations.
“AAPIs have been relocating across the country, purchasing mortgage products and real estate at rates higher than other ethnic demographics,” said Tom Truong, President of AREAA, in the report.
Why is the southern United States so appealing to this population? Josie Lin, Owner of RE/MAX United in Houston, Texas, says it’s a combination of economy and culture.
“Houston is the fourth largest city by population in the United States, with a stable job market and affordable housing,” said Lin. “Our Chinatown is one of the largest in the country, which is a good incentive for the AAPI community. With the rapid growth of west Houston, RE/MAX United helped nearby Katy Asian Town successfully launch last year, and it’s become another draw for the AAPI community to move into the area.”
Von Truong, an Associate with RE/MAX Premier in Frisco, Texas, adds that many AAPIs relocating to the South are looking to grow their families with an emphasis on education and child-rearing. “We have excellent schools, low cost of living, affordable housing, family-oriented neighborhoods and warmer climates.”
To learn more about the AAPI community and the important role it plays in the U.S. economy, download the 2019 State of Asia America Report or view the digital magazine.