Texas continues to stand out as a hub for the Asian American and Pacific Islander (AAPI) community in the United States, according to the Asian Real Estate Association’s 2022-2023 “State of Asia America” report.
Since 2000, the AAPI population in the United States has nearly doubled, increasing to 22 million today. Its 81% growth rate is higher than any other demographic in the United States, surging past the 71% growth rate for Hispanics, 20% growth in the Black population, and minimal change in the white population. According to Pew Research, by 2060 the AAPI population is expected to reach 46 million people.
More Than Population Growth
On average, members of the AAPI community have above-average incomes, and many are mortgage ready. Freddie Mac defines “mortgage ready” as someone 45 and younger who does not have a mortgage and would likely qualify for a mortgage. Mortgage-ready individuals have credit scores of at least 661, no foreclosures in 84 months, no bankruptcies in 84 months, and no severe delinquencies in 12 months.
AAPI In Texas
The four largest metropolitan locations in Texas—Dallas-Forth Worth-Arlington, Houston-The Woodlands-Sugar Land, Austin-Round Rock, and San Antonio-New Braunfels—had the highest mortgage ready AAPI counts.
The AAPI community has been well established in Texas, allowing a cultural sense of belonging for newcomers. The recent trends in population growth in the AAPI community can signal only a stronger presence of homebuying in Texas for the foreseeable future.
Visit areaa.org to download the full report for free.
Source: Texas REALTORS®