The official publication of the Asian Real Estate Association of America

STATE OF ASIA AMERICA 2019-2020

STATE OF ASIA AMERICA 2019-2020 AAPI QUICKFACTS TABLE OF CONTENTS

STATE OF ASIA AMERICA Estimated AAPI Multiple-Race AAPI AAPI Limited-English Foreword 4 Population Population Eligible to Vote Proficiency (LEP) 2019 - 2020 Population From The President 5 19,041,252 23,605,508 11,128,000 5,597,043 Editor Sabrina Baranda Ruiz The Story of Asia America 6 Managing Editor +25% 5.8% +28% 7.2% Chinese, Tagalog, 53% Vanessa Shields Since Of the US Since Of the US Vietnamese, Korean About Asian American & Pacific Islanders 16 2010 Population 2010 Population Registered Art Director Top languages spoken by to Vote Jazz Miranda AAPI LEP speakers AAPI Mortgage-Readiness 18 Contributors Jenny Aramony, US Census Bureau The Asian American West 20 Asian American Asian American Asian American Melany De La Cruz-Viesca, Housing Rate Median Household Median House Asian American UCLA The Asian American Midwest 22 Income Value Demographics Jaya Dey, Freddie Mac The Asian American Northeast 24 57.6% $87,243 $445,000 Median The Asian American South 26 +41% +98% Age Than the National Than the National 37.3 Average Average Native Hawaiians & Pacific Islanders 28

Canadian Asians 29 Immigrant Pacific Islander Pacific Islander Median Pacific Islander Median 64% The AAPI Homebuyer Profile 30 Housing Rate Household Income Household Income AAPI Homeownership & Barriers 32 42.3% $61,911 $319,600 Letter from the Editor 34 -0.4% +39% Than the National Than the National Average Average 53% About AREAA 35 Female Sources 38 Pacific Islander Demographics presented by Median 37.3 Age 47% 50.6% 49.4% Male 8.8% Veteran Male Female Source: 2018 American Community Survey, Selected Population Profiles FOREWORD FROM THE PRESIDENT

The goal of the Asian Real Estate This is only half the story. In 2018, Association of America’s (AREAA’s) millions of AAPIs were well-positioned annual State of Asia America report to buy homes, a potential for an is to provide a snapshot of what unprecedented upsurge in real estate homeownership looks like for Asian transactions and tens of millions of and Pacific Islanders (AAPIs) and dollars in potential loans. However, Mike Reagan Danny Gardner to serve as a resource for industry inadequate housing stock in the high Senior Vice President, Senior Vice President, Client Industry Relations and and Community Engagement, professionals, leaders, and key cost areas they wish to buy in and the Global Growth & Freddie Mac decisionmakers in better serving this length of time it will take for them to Development RE/MAX, LLC community. However, in light of the save enough for a down payment make COVID-19 pandemic, much of this it much more difficult to attain the goal data—mostly sourced from 2018—has of home ownership. undoubtedly changed. But what we James Huang hope this report can provide you is There is no simple solution to this 2020 AREAA President a snapshot of what homeownership, problem. Even when AAPIs have As a global network of more than 130,000 associates, For nearly 50 years, Freddie Mac has been making home potential, and opportunity looked like some of the highest median incomes our goal at RE/MAX is to help fulfill the dream of possible for millions of families, strengthening communities pre-crisis, as a way to benchmark of any group or apply with multiple homeownership for as many people as possible. and promoting business growth across the housing where we were, what we may have borrowers—often 3 or more—it is industry. In order to overcome some of the nation’s greatest lost, and chart out a way to move simply may not be enough. However, In doing this, we believe things are better when affordability and accessibility challenges, we rely on strong forward, together. until AAPIs begin to look at less everybody wins. This means being fair, doing the partnerships and collaborative efforts throughout the expensive areas or more affordable right thing and providing value to buyers and sellers housing ecosystem. We call this approach All For HomeSM, Despite being the fastest-growing housing is built, the housing shortage throughout the process. and it is reflected through collaboration and initiatives with segment of the U.S. population, the and the burden of large down organizations such as the Asian Real Estate Association of AAPI homeownership rate continues payments will continue to be one of the One of the most important parts of this is understanding America (AREAA) that build the communities that they serve. to lag behind the national average. largest hurdles for our community. and respecting diverse populations and cultures. To While the homeownership rate has maintained steady, the key to moving The barriers to homeownership, that end, we heartily support the Asian Real Estate Freddie Mac provides thought leadership, educational the needle on our rate is looking more unique to the AAPI community, parity Association of America and are pleased to present its resources and innovative business solutions to enable our closely at what stands in the way. loom large—from language barriers, 2020 State of Asia America Report, far and away the partners and clientsto reach more Americans who want to to antiquated credit scoring models most comprehensive compilation of Asian American and own homes. We know that this approach is vital in serving In aggregate, AAPI borrowers tend to and underwriting standards that do Pacific Islander (AAPI) real estate and economic data the Asian American and Pacific Islander (AAPI) community. be younger, have income, and higher not account for the self-employed, available today. AAPI communities are the fastest growing demographic credit scores (when they have it) than entrepreneurial AAPI buyer. The of Americans, representing a growing purchasing power overall population. Despite this, limited 2019-2020 State of Asia America The data is invaluable in highlighting the growing power force in the housing market. We’re proud to do our part in credit history is one of the top reasons Report, presented by RE/MAX and and influence of the fastest growing population in the helping the industry understand their unique trends and for AAPI application denial, despite Freddie Mac will provide AAPI housing United States. opportunities for success. having the lowest delinquency rate information, historical context, of any group. Almost a million AAPIs and disaggregated demographic, I encourage all real estate professionals to dive into We value our partnership with AREAA and are proud to be a are considered “mortgage weak” economic, and housing data for our this report to better position themselves to provide part of their annual State of Asia America Report. The data due to their “thin, clean credit files,” community, pre-COVID-19. We hope meaning they do not have bad credit this year’s report will be a resource in unmatched service and value to the AAPI Community. This in this report provides detailed insights that will advance but insufficient credit histories to educating the public on the contexts report raises the standard for all of us regardless of brand. industry perspectives on the future of AAPI homeownership, generate a credit score. This presents for as well as how we can remove the So read it, share it and most importantly use it. homebuyer education and solutions that will continue to a huge opportunity, not only in financial barriers facing our community and make a positive community impact. education, but also a market of potential thus open up access to housing for the homebuyers who are otherwise well- next generation of homebuyers as we positioned to buy a home. get back to business.

4 SPRING 2020 1763 1848 1865 1868

The Pioneers Sutters’s Mill, CA Chinese Railroad Workers Japanese Contract Laborers The first permanent Filipino The gold rush draws Chinese Chinese laborers are hired Japanese immigrants are settlement is established in immigrants to . to build the Transcontinental recruited to work in Hawaii. Bartataria Bay, Louisiana. Railroad. The Great Māhele The Fourteenth Amendment Redistributes land and introduces Declares all persons born in private land ownership in Hawaii. the U.S. are citizens and are guaranteed equal protection THE of the law. STORY OF 1790

A STORY LIKE 1763 1868 ASIA NO OTHER 1790 1850 1866

Nationality Act The Kuleana Act The Civil Rights Act Restricts citizenship to Allows farming tenants to Declares all citizens shall have the “any alien, being a free apply for land. Too expensive same rights to own, occupy and white person.” for Native Hawaiians, it results transfer real estate. AMERICA in more foreign ownership of The story of Asia America is one of forgotten, Hawaiian land. unseen, and unspoken struggle. We have fought for the right to own land and property, to hold onto the lives and prosperity we've built, THE GREAT MĀHELE and to belong and be recognized, as both a A land redistribution scheme intended to protect land ownership for Hawaiians, the Great Māhele resulted in the benefit of foreign businessmen and interests. Only 8% diverse community of color and as Americans, a of Hawaiians received the 30% of land they were owed, and many Hawaiians found struggle that continues to this day. themselves without land or homes. This set the foundation for the Bayonet Constitution, which opened voting to thousands of non-citizens and disenfranchised thousands of Asian and Native Hawaiian voters, who could not meet the literacy, financial and land- ownership requirements needed to vote.

Source: Hawaii1848 State Archives/Wikimedia Commons 6 SPRING 2020 1870 1882 1898 1903 1907 1917 Naturalization Act Chinese Exclusion Act Spanish-American War Korean Migrant Workers Gentleman’s Agreement Asiatic Barred Zone Act Explicitly extends naturalization Bans Chinese immigration and The Philippines and Guam are Korean immigrants are hired to Japan stops issuing passports for Bars immigration from Asia, to African Americans but not any naturalization. ceded to the U.S. work on plantations in Hawaii. migrant laborers. except the Philippines and Japan. other other non-white group. Annexation of Hawaii Pensionado Act Asian Indian Workers Buchanan v. Warley Hawaii is annexed by the U.S. Establishes a scholarship program Punjabi immigrants arrive in the Outlaws zoning based on race. for Filipinos to attend school in US to work for the railroads. Racial covenants emerge. the U.S. 1870 1882 1906 1920

1875 1897 1900 1906 1913 1920

Asian Exclusion Act U.S. v. Wong Kim Ark American Samoa Filipino Migrant Workers Alien Land Law Alien Land Law Outlaws bringing in or Affirms all persons born in the American Samoa becomes a Hawaii hires Filipinos to work in California prohibits land Restricts the rights of nisei (first- contracting forced Asian laborers. U.S., regardless of race, are territory. Manu’a follows in 1904 the sugar fields. Many Filipinos ownership by “aliens ineligible generation ) native-born citizens and entitled and Swain Island in 1925. later leave to work in California. for citizenship.” to hold land in a trust for their to all the rights of citizenship. issei (Japanese immigrant) parents.

DALIP SINGH SAUND Emigrating to the U.S. in the 1920s to study farming and agriculture at RACIAL COVENANTS the University of California, Berkeley, Dalip Singh Saund was a trailblazer In 1947, the Homs, a Chinese American family wanted to buy a house in North for Asian American representation in politics. Starting out as a successful Park, California, but were barred by racial covenants. Winning over neighbors lettuce farmer and chemical fertilizer distributor, he later moved into by going door-to-door to introduce themselves, they faced no opposition when grassroots organizing, campaigning to allow people of South Asian they moved in. Tom Hom would later get his real estate license and develop San descent to become naturalized citizens. He became an American citizen Diego’s downtown and Gaslamp Quarter. He would make history as well, going on in 1949, and went on to become the first Asian American, Sikh American, to become the first minority to ever be elected to City Council and the and Indian American to be elected to Congress. second Asian American to be elected to the state legislature.

1919Source: Heritage Series: Inspirational Documentaries About U.S. Ethnic & 1947Source: Racial Covenants/Tom Hom Minority Cultures/ Dalip Singh Saund: His Life, His Legacy 8 SPRING 2020 1922 1924 1941 1943 1946 1950

Ozawa v. U.S. National Origins Act The Philippine Draft Chinese Exclusion Repeal Act Luce-Celler Act The Korean War Denies Japanese immigrants, Ends all Asian immigration except 140,000 Filipino soldiers are Repeals the Chinese Exclusion Filipinos and Asian Indians may Introduces the largest wave of some of whom had been living from the Philippines. drafted to serve in the U.S. Act. Chinese residents are able to immigrate, naturalize, and own Korean immigration, mostly in the U.S. for decades, eligibility military forces. naturalize. property. orphans and wives covered by for citizenship. the War Brides Act. War Brides Act Spouses and children of U.S. Military may immigrate.

Recession Act Annuls benefits promised to 1922 Filipino WWII veterans. 1942 1946 1952

1923 1934 1942 1944 1948 1952

U.S. v. Bhagat Singh Thind The Philippine Independence Act Filipino WWII Veterans GI Bill of Rights Shelly v. Kraemer McCarran-Walter Act Rules Asian Indians are ineligible The Philippines becomes a U.S. Filipino Veterans of the United The VA loan program is created Supreme Court ends Formally ends Asian exclusionary to naturalize, prevents them commonwealth. Shuts down all States Army Forces in the Far as a part of the Servicemen’s enforcement of racially-restrictive immigration policies. Allows from gaining citizenship and immigration from Asia until East (USAFFE) are promised Readjustment Act. covenants. Asian immigrants to naturalize for retroactively revokes citizenship. World War II. citizenship and full military the first time. benefits.

Executive Order 9066 Places ethnic Japanese (2/3 of whom are U.S. citizens) into POST-INCARCERATION camps, forcing the forfeiture of Japanese American farmers suffered from terrorist incidents, wiped out homes and belongings. capital reserves, and alien land laws as they returned home. Only a quarter of Japanese American farmers had property to return home to, while others Executive Order 9095 found the land they had leased had been repossessed, given away or had Seizes $27.5 million of Japanese become too expensive to lease. Those returning to urban areas faced a businesses and real estate ($455 lack of housing, jobs, and capital. The Little Tokyos and Japantowns that million in 2020, adjusted). had sustained the community had disappeared, their homes pilfered and vandalized. Housing in other parts of town was scarce, with racial covenants and discrimination making it difficult to find new places to live.

Source: Museum1945 of History and Industry, Seattle Post- Intelligencer Collection 10 SPRING 2020 1954 1968 1975 1980 1989 The Housing Act of 1954 Fair Housing Act Indochina Migration and The Refugee Act of 1980 Tiananmen Square Incentivizes developer to clear Expands the Civil Rights Act Refugee Assistance Act Helps more than one million Chinese immigration increases slums and create public housing. of 1964 to prohibit housing Refugees are evacuated Southeast Asians gain permanent dramatically from Hong Kong and Results in the removal of ethnic discrimination based on race, following the fall of Saigon. resident status within the first Taiwan following the massacre in and minority residents from their religion, national origin, or sex. decade of its passage. Beijing at Tiananmen Square. homes and the destruction of Home Mortgage communities of color across the Disclosure Act Requires financial Asian American Suburbanization U.S. institutions to provide mortgage Skilled workers from the China, data to the public to help better India, and the Philippines identify housing discrimination. move to suburbs with safer neighborhoods and better 1954 schools. 1977 1980 1989

1965 1974 1977 1986 Immigration and Nationality Act Equal Credit Opportunity Act Community Reinvestment Act Immigration Reform Control Act Prioritizes family reunification Outlaws discrimination on the Encourages banks to meet the Discourages illegal immigration, and skilled workers. Opens up basis of race, color, religion, needs of low- and moderate- but provides a pathway to immigration, from the Philippines, national origin, sex, marital income neighborhoods. legalization for those living in the South Korea, and South Asia. status, or age. U.S. since 1982.

SOUTHEAST ASIAN REFUGEE RESETTLEMENT URBAN RENEWAL Many Southeast Asian refugees ended up in San Francisco’s Tenderloin The I-Hotel, the last vestige of San Francisco’s district, due to the large supply of cheap rental housing. While the area Manilatown, was a symbol of the fight for the self- 1981 determination of minority communities facing urban lacked playgrounds, greenery, parks, and fresh foods, the community pooled together funds that allowed some families to open small markets that sold renewal and the need to preserve low-income housing fresh vegetables, meat, fruit and specialty ingredients. for elderly Asian Americans. Japanese, Chinese and Filipino locals and Native Hawaiians faced the same fate in their attempt to preserve Kalama Valley, Hawaii.

Source:1980 Berta Romero-Fonte Source: http://www.ihotel-sf.org/history 12 SPRING 2020 1990 1995 2009 2012 2016 Immigration Act of 1990 CRA 1995 Regulatory Reform American Recovery and Curse of the H-4 Visa No Other Adopts a broader refugee Reforms CRA to provide more Investment Act Highly educated Indian women AREAA successfully definition. Increases the ceiling standardized and objective Recognizes the military service of sponsored by their husbands disaggregates Asian housing on new immigrant visas. assessments, emphasizing form USAFFE Filipino soldiers as U.S. working in IT with H1B visas, find data from the “Other” section of Recognizes the veteran status over substance compliance. veterans, making them eligible themselves unable to work the Census Bureau’s quarterly of Filipino USAFFE soldiers, Established the four examination for all benefits. upon relocation. homeownership report. The granting citizenship and models used today. Asian homeownership rate is limited benefits. Small Enough to Jail much lower than previously Abacus Federal Savings Bank is estimated. the only U.S. bank prosecuted 1990 following the 2008 financial crisis. 2003 2012 2020 1992 2003 2010 2015 2020

Chinese Adoptees Asian Real Estate The New National Heroes The Fastest Growing Group COVID-19 Pandemic United States becomes a Association of America Over 15% of employed Filipino- Asian Americans overtake Hate crimes against AAPIs rise to major recipient of large-scale AREAA Founders John Wong, born men work in health support Hispanic/Latinos as the fastest- an unprecedented level of almost international adoption from China. Allen Okamoto, and Jim Park occupations and 23% of Filipino- growing foreign-born population 100 reported acts per day during start a national real estate born women work as registered the COVID-19 pandemic. association for Asian Americans. nurses in the U.S.

1992 LA UPRISING SMALL ENOUGH TO JAIL Abacus Federal Savings Bank was founded in 1984 In pursuit of the American dream, many Korean Americans by Chinese American business leaders who wished opened and operated small businesses in lower income areas to provide banking services for local immigrants and of southern Los Angeles. However, widespread riots sparked by residents who they believed were “ill served” by the the Rodney King trial verdict and racial tensions in the community other banks in the city. In 2012, the bank was the only quickly spread through Koreatown. The week-long riots caused financial institution accused of the fraudulent packaging of approximately $400 million dollars in damage and the destruction subprime mortgages, despite having a mortgage default of 2,300 Korean-owned stores and businesses the community rate of 0.5, a tenth of the national average. had worked so hard to build.

Source:1992 Joseph Sohm / Shutterstock.com Source: Sean2012 Lyness/Abacus: Small Enough to Jail 14 SPRING 2020 ABOUT ASIAN AMERICANS Median Household Income Median Household Income $80,944 & PACIFIC ISLANDERS $72,074 Chinese 4,217,892 Median House Value Median House Value Korean $588,600 1,468,279 Aggregated AAPI data often does not reflect the various socioeconomic US TOTAL POPULATION $458,500 situations of every AAPI community. In order to help provide better resources EAST ASIAN Median Household Income for AAPis, we have disaggregated AAPI population, housing, and income $80,036 data to provide a more complete picture of this diverse community. We have 327,167,439 6.6M also included homeownership rates aggregated and disaggregated and Japanese Median Household Income 782,776 Median House Value benchmarked for comparison. $95,736 Taiwanese $545,300 178,020 Median House Value Median House Value $463,900 Homeownership Median House Value Ethnicity/Race $631,200 Rate $336,100 Vietnamese 1,862,395 Median Household Income White 69.6% Asian Indian $119,858 Taiwanese 68.1% 4,161,088

Vietnamese 65.9% Median Household Income $67,331 SOUTH Japanese 65.6% Median Household Income ASIAN $77,315 National 63.9% Median Household Income Pakistani Median Household Income $67,372 5.1M Chinese 63.5% $45,348 487,937 Median House Value Burmese Median House Value $372,500 Laotian 63.1% Median House Value 178,490 ASIAN AMERICAN $204,200 $168,900 Hmong Filipino 62.1% 305,323 18,415,198 Bangladeshi Asian 59.5% 203,845 Median Household Income Nepalese Thai 58.7% $57,635 Median Household Income Median Household 167,468 Income Median House Value Asian Indian 56% $67,766 Median House Value $55,826 $370,200 $294,600 Cambodian 54.5% Median House Value SOUTHEAST $293,600 ASIAN Median Household Income Pakistani 53.9% Median Household Income $61,309 Cambodian 6M $92,328 Native Hawaiian 53.2% 240,379 Median House Value $250,400 Median Household Income Korean 51.6% Polynesian $61,654 Micronesian NATIVE HAWAIIAN & Indonesian 50.1% Filipino 357,532 188,142 PACIFIC ISLANDER 2,920,160 Median House Value Hmong 48.8% Median Household Laotian Income 626,054 $333,300 Polynesian 46.6% 203,494 $65,958 Median House Value $398,500 Burmese 45.6% Guamanian Median House Value or Chamorro 104,219 NHPI 42.3% $211,100 Median Household Native Income Hawaiian Guamanian or Median Household Income 41.6% 186,996 Samoan Chamorro $60,436 $76,199 Indonesian 110,606 Median Household Income Median Household Median Household Bangladeshi 40.5% $65,357 70,851 Income Median House Value Income Median House Value $74,497 $287,100 Samoan 36.5% $335,200 $64,941

Nepalese 35.7% Median House Value Thai Median House Value Median House Value 218,514 Source: $334,900 $383,900 $303,200 Micronesian 29.4% 2018 American Community Survey, 1-Year Estimates, Selected Population Profiles

16 SPRING 2020 AAPI “MORTGAGE READY” POTENTIAL "Mortgage Ready" AAPI Counts Greater than 100K

50K - 100K

25K - 50K

Up to 25K

DENVER-AURORA- LAKEWOOD, CO Median House Value $420,600 COLUMBUS, Median Household Income OH - $85,863 $71,047 Median House Value SAN FRANCISCO- Asian Pacific Islander $196,700 OAKLAND-BERKELEY, CA Median Household Income unavailable Median House Value $80,916 Asian Pacific Islander $910,300 Median Household Income $122,250 $93,689 Asian Pacific Islander

SAN DIEGO-CHULA CHARLOTTE- VISTA-CARLSBAD, CONCORD-GASTONIA, CA NC-SC Median House Value Median House Value $606,200 $215,500 Median Household Income Median Household Income $94,688 $75,734 $93,265 $43,394 Asian Pacific Islander Asian Pacific Islander

Freddie Mac defines “Mortgage Ready” as non- mortgage owners of ages 45 and younger in 2018, URBAN HONOLULU, who have credit characteristics to qualify for a HI LAS VEGAS- AUSTIN-ROUND mortgage. Mortgage ready: FICO ≥ 620, DTI ≤ 25, Median House Value HENDERSON-PARADISE, ROCK-GEORGETOWN, No foreclosures in 84 months, No bankruptcies in $701,200 NV TX 84 months, No severe delinquencies in 12 months.

Median Household Income Median House Value Median House Value Sources: Freddie Mac calculations at the CBSA-level using anonymized $88,782 $63,210 $286,600 $304,500 credit bureau data with individuals aged 45 and younger and Asian Pacific Islander Freddie Mac Home Value Explorer data for Sep 2018. Mortgage Median Household Income Median Household Income readiness is determined based on research criteria not actual $67,491 $54,571 $109,500 $95,960 underwriting. Asian Pacific Islander Asian Pacific Islander 2018 American Community Survey, 1-Year Estimates

18 SPRING 2020 TOP MSAs FOR AAPIs

SAN JOSE LOS ANGELES SEATTLE PHOENIX THE ASIAN AMERICAN SUNNYVALE LONG BEACH TACOMA MESA SANTA CLARA, ANAHEIM, BELLEVUE, SCOTTSDALE, WEST CA CA WA CA 37.3% 16.5% 14.9% 4.2% AAPI Percentage of AAPI Percentage of AAPI Percentage of AAPI Percentage of The West is home to the majority of AAPIs Central California, and Pacific Islanders 77,993,663 Total Population Total Population Total Population Total Population in the United States with the highest tend to be spread out between Hawaii, San Total Regional Population numbers of Filipino, Chinese, Vietnamese, Diego County, Nevada, and Washington. 28% 24% 24% 20% Korean, Japanese, Cambodian, Laotian, "Mortgage Ready" AAPIs "Mortgage Ready" AAPIs "Mortgage Ready" AAPIs "Mortgage Ready" AAPIs Taiwanese, and Thai subgroups. South and Out of the top 20 metropolitan statistical 8,535,495 in 2018 in 2018 in 2018 in 2018 Southeast Asians have experienced the areas (MSAs) by AAPI population, half Total AAPI Population fastest population growth between 2010 of them are located in the West with six 70% Chinese 65% Japanese 77% Japanese 80% Vietnamese and 2018, particularly among: Nepalese of them in California. Three of them — 60% Japanese 64% Chinese 68% Chinese 75% Filipino (147%), Asian Indian (45%), Bangladeshi Urban Honolulu (50.7% AAPI), San Jose- 10.94% 59% Vietnamese 59% Thai 69% Vietnamese 75% Chinese (36%), Pakistani (34%), Malaysian (33%) Sunnyvale-Santa Clara (37.3% AAPI), San AAPI Percentage of Total 55% Korean 57% Vietnamese 61% Filipino 66% Korean and Burmese (26%) subgroups. Fijian and Francisco-Oakland-Hayward (27% AAPI) Regional Population Top AAPI Subgroup Top AAPI Subgroup Top AAPI Subgroup Top AAPI Subgroup Marshallese populations also grew by have the largest AAPI populations. Homeownership Rates Homeownership Rates Homeownership Rates Homeownership Rates 42% and 41%, respectively. The Chinese population grew by 28% between 2010 and Japanese homeownership rates are 21% 2018. the highest, at 92.1% in Sacramento- Estimated AAPI Population Roseville-Arden-Arcade; 79.3% in Las Growth 2010-2018 AAPI communities are spread throughout Vegas-Henderson-Paradise; 76.8% in PACIFIC MOUNTAIN the region, with Indian Americans and Seattle-Tacoma, Bellevue; 76.5% in Urban more concentrated Honolulu; and 70.6% in Riverside-San 27% in the Bay Area, Korean and Cambodian Bernardino-Ontario. Vietnamese rates AAPI Population that is LEP Total AAPI Population Total AAPI Population Americans in Los Angeles County, are second highest at 80.1% in Phoenix- 7,636,256 899,239 Vietnamese Americans in Orange County Mesa-Scottsdale followed by 74.7% in and the San Jose area, and Filipinos in San Las Vegas-Henderson-Paradise. Chinese $69,605 Top AAPI Subpopulations Top AAPI Subpopulations Diego, the Bay Area, Los Angeles County, homeownership is the third highest at Median Household and Hawaii. The second highest population 77.8% in Riverside-San Bernardino-Ontario, Income Chinese Filipino of Hmong reside in central California and 76.4% in Las Vegas-Henderson-Paradise, Filipino Chinese Japanese Americans have the largest NV; and 74.8% in Phoenix-Mesa-Scottsdale. Asian Indian Asian Indian populations in Hawaii, Los Angeles, and $407,800 Median House Price Top AAPI Industries Top AAPI Industries Education, Health, Care and Social Education, Health, Care and Social 24% Assistance 25% Assistance

$92,051 Professional, Scientific, and Technical SUBGROUPS POPULATIONS 16% 19% Accommodation and Food Services Median AA Household Services Income Manufacturing Professional, Scientific, and Technical 1,848,929 Filipino 143,689 Native Hawaiian 11% 13% Services

1,827,893 Chinese 126,403 Cambodian Median Asian American Median Asian American $635,200 Household Income Household Income 1,005,842 Asian Indian 110,445 Hmong Median AA House Price $95,687 $71,662 845,788 Vietnamese 96,339 Laotian 636,702 Korean 94,533 Samoan 60% Median Pacific Islander Median Pacific Islander Household Income Household Income AAPI Homeownership 541,997 Japanese 87,254 Taiwanese Rate $70,558 $62,854

20 SPRING 2020 TOP MSAs FOR AAPIs

CHICAGO MINNEAPOLIS DETROIT THE ASIAN AMERICAN NAPERVILLE ST. PAUL WARREN ELGIN, BLOOMINGTON, DEARBORN, MIDWEST IL-IN-WI MN-WI MI 6.9% 6.6% 4.7% AAPI Percentage of AAPI Percentage of AAPI Percentage of Southeast Asian refugee resettlement Out of the top 20 MSAs by AAPI 68,308,749 Total Population Total Population Total Population policies have created small and large population, the Detroit-Warren-Dearborn Total Regional Population pockets of Southeast Asians in the and Minneapolis-St. Paul-Bloomington 24% 24% 32% Midwest—which is home to the highest MSAs have some of the highest "Mortgage Ready" AAPIs "Mortgage Ready" AAPIs "Mortgage Ready" AAPIs populations of Southeast Asians AAPI homeownership rates, with and 2,303,372 in 2018 in 2018 in 2018 subgroups such as Hmong (147,060), 83.7% Filipino homeownership rate Total AAPI Population Burmese (61,088), and Bhutanese for the former and 78.1% Vietnamese 69% Filipino 78% Vietnamese 84% Filipino (9,432). homeownership rate for latter. The 3.37% 65% Asian Indian 71% Chinese 77% Chinese region also has the highest pay disparity 64% Pakistani 56% Hmong 62% Asian Indian In the Midwest, South and Southeast between Asian males and females where AAPI Percentage of Total Asians are estimated to have full-time, year-round female workers Regional Population 60% Chinese 48% Asian Indian Top AAPI Subgroup experienced the fastest population earns $0.70 for every dollar a male Top AAPI Subgroup Top AAPI Subgroup Homeownership Rates Homeownership Rates Homeownership Rates growth between 2010 and 2018, worker earns, adding up to a difference particularly among: Nepalese (300%), in annual pay of $20,373. 31% Bhutanese (263%), Burmese (157%), Estimated AAPI Population Malaysian (42%), Thai (40%), and Growth 2010-2018 Bangladeshi (38%) subgroups. Native WEST NORTH CENTRAL EAST NORTH CENTRAL Hawaiian and Marshallese populations also grew by 52% and 39%, respectively. 23% Total AAPI Population Total AAPI Population Chinese, Asian Indian, Sri Lankan, AAPI Population that is LEP Indonesian, Hmong, and Pakistani 649,361 1,654,011 populations also experienced 20% or more growth between 2010 and 2018. $59,149 Top AAPI Subpopulations Top AAPI Subpopulations Median Household Asian Indian Asian Indian Income Chinese Chinese Vietnamese Filipino $170,900 Top AAPI Industries Top AAPI Industries Median House Value TOP 15 SUBGROUP POPULATIONS Education, Health, Care and Social Education, Health, Care and Social 28% Assistance 28% Assistance 625,024 Asian Indian 61,088 Burmese $77,073 19% Manufacturing 16% Manufacturing 390,065 Chinese 38,810 Laotian Median AA Household Income Professional, Scientific, and Technical Professional, Scientific, and Technical 232,028 Filipino 29,575 Thai 13% Services 14% Services 161,986 Korean 29,495 Nepalese Median Asian American Median Asian American $271,100 Household Income Household Income 23,834 Cambodian 157,295 Vietnamese Median AA House Value $71,962 $79,865 147,060 Hmong 18,637 Bangladeshi Median Pacific Islander Median Pacific Islander 70,315 Pakistani 14,495 Taiwanese 56% Household Income Household Income AAPI Homeownership 61,819 Japanese $46,334 Rate $70,110

22 SPRING 2020 TOP MSAs FOR AAPIs

NEW YORK BOSTON PHILADELPHIA THE ASIAN AMERICAN NEWARK CAMBRIDGE CAMDEN JERSEY CITY, NEWTON, WILMINGTON, NORTHEAST NY-NJ-PA MA-NH NJ-DE-MD 11.2% 8.2% 6.1% AAPI Percentage of AAPI Percentage of AAPI Percentage of The New York-Newark-Jersey City Asian homeownership is lowest in 56,111,079 Total Population Total Population Total Population MSA is estimated to have the nation's the Northeast region at just 54.5%, Total Regional Population largest AAPI population (2,231,352), however when looking at disaggregated 30% 32% 26% making up 11.2% of the total population. homeownership data by MSA, certain "Mortgage Ready" AAPIs "Mortgage Ready" AAPIs "Mortgage Ready" AAPIs Boston-Cambridge-Newton (403,782) groups have particularly rates. In the 3,750,400 in 2018 in 2018 in 2018 and Philadelphia-Camden-Wilmington Philadelphia-Camden-Wilmington Total AAPI Population (374,589) also have large AAPI area, homeownership for Vietnamese, 61% Filipino 60% Chinese 74% Filipino populations. Chinese, and Filipinos are 70% or 58% Chinese 58% Vietnamese 73% Vietnamese higher. 6.68% 57% Vietnamese 54% Filipino 70% Chinese South Asians were the fastest-growing AAPI Percentage of Total population between 2010 and 2018, The region also has the lowest pay Regional Population 56% Asian Indian 53% Asian Indian 57% Asian Indian particularly among: Nepalese (187%), disparity between Asian males and Top AAPI Subgroup Top AAPI Subgroup Top AAPI Subgroup Bhutanese (65%), Bangladeshi (32%), females where full-time, year-round Homeownership Rates Homeownership Rates Homeownership Rates Asian Indian (25%), Sri Lankan (21%), and female workers earns $0.85 for every 22% Pakistani (20%) subgroups. dollar a male worker earns, adding up Estimated AAPI Population to a difference in annual pay of $10,219. Growth 2010-2018 The Chinese population also MIDDLE ATLANTIC NEW ENGLAND experienced the fourth-highest amount of growth between 2010-2018 at 26% Total AAPI Population Total AAPI Population 24%. Hmong and Pacific Islanders AAPI Population that is LEP experienced significant decreases in 3,006,694 743,706 population size except for Guamanian or Chamorro and Marshallese $69,517 Top AAPI Subpopulations Top AAPI Subpopulations subpopulations, which increased at 47% Median Household Chinese Chinese and 21%, respectively. Income Asian Indian Asian Indian Korean Vietnamese $279,700 Top AAPI Industries Top AAPI Industries Median House Value TOP 15 SUBGROUP POPULATIONS Education, Health, Care and Social Education, Health, Care and Social 25% Assistance 26% Assistance

1,155,994 Chinese 60,362 Cambodian Professional, Scientific, and Technical Professional, Scientific, and Technical $90,262 16% Services 18% Services 1,058,116 Asian Indian 38,090 Nepalese Median AA Household Finance, Real Estate, Rental and Income 11% Leasing 14% Manufacturing 302,317 Korean 30,884 Taiwanese 287,532 Filipino 24,290 Thai Median Asian American Median Asian American $483,600 Household Income Household Income 159,693 Vietnamese 19,128 Burmese Median AA House Value $89,074 $93,417 135,427 Pakistani 17,345 Laotian Median Pacific Islander Median Pacific Islander 96,922 Bangladeshi 12,450 Sri Lankan 54.5% Household Income Household Income AAPI Homeownership 73,319 Japanese $55,018 $78,262 Rate

24 SPRING 2020 TOP MSAs FOR AAPIs

THE ASIAN AMERICAN WASHINGTON HOUSTON DALLAS ATLANTA ARLINGTON THE WOODLANDS FORT WORTH SANDY SPRINGS ALEXANDRIA, SUGAR LAND, ARLINGTON, ROSWELL, SOUTH DC-VA-MD-WV TX TX GA

10.3% 8% 7.3% 6.3% The American South has been home The AAPI population has exploded in 124,753,948 AAPI Percentage of AAPI Percentage of AAPI Percentage of AAPI Percentage of to Asian Americans since long before the South with South Asians growing Total Regional Population Total Population Total Population Total Population Total Population the United States was formed. Some the fastest between 2010 and 2018, of the earliest communities in the particularly among: Nepalese (178%), 4,451,985 25% 22% 25% 34% south were established by Chinese Burmese (82%), Bhutanese (58%), Sri "Mortgage Ready" AAPIs "Mortgage Ready" AAPIs "Mortgage Ready" AAPIs "Mortgage Ready" AAPIs immigrants in the Mississippi Delta Lankan (52%), Asian Indian (40%), and Total AAPI Population in 2018 in 2018 in 2018 in 2018 and Filipino immigrants in Louisiana. Pakistani (36%) subgroups. When Southeast Asians migrated to the 78% Vietnamese 78% Chinese 77% Vietnamese 83% Vietnamese United States in the 1979, many of them Chinese, Hmong, Bangladeshi, 35% 75% Filipino 78% Vietnamese 67% Chinese 79% Chinese settled in Louisiana and became fishers. Thai, Cambodian, Indonesian, AAPI Percentage of Total and Vietnamese populations also Regional Population 72% Chinese 72% Filipino 65% Laotian 74% Pakistani A third of all fisherman in the Gulf of experienced 20% or more growth 71% Pakistani 56% Pakistani 596% Pakistani 65% Filipino Mexico are of Vietnamese descent, between 2010 and 2018. Top AAPI Subgroup Top AAPI Subgroup Top AAPI Subgroup Top AAPI Subgroup with Louisiana, Alabama and other gulf 37% Homeownership Rates Homeownership Rates Homeownership Rates Homeownership Rates states as the some of the states with On the other hand, aside from Samoan, Estimated AAPI Population the largest Vietnamese populations. Marshallese, and Native Hawaiians, Growth 2010-2018 The growth of the Asian Indian Pacific Islanders subgroup populations population in Virginia can be traced decreased in size. WEST SOUTH CENTRAL EAST SOUTH CENTRAL SOUTH ATLANTIC back to robust numbers of highly 24% skilled software and engineering labor AAPI Population that is LEP moving to northern Virginia, from when Total AAPI Population Total AAPI Population Total AAPI Population AOL set up its headquarters in northern 1,675,207 289,189 2,487,589 Virginia in the 1990s. $56,882 Median Household Top AAPI Subpopulations Top AAPI Subpopulations Top AAPI Subpopulations Almost a quarter of the total U.S. AAPI Income Asian Indian Asian Indian Asian Indian population lives in the American South, where they are the fastest-growing Vietnamese Chinese Chinese ethnic group. $283,500 Chinese Vietnamese Filipino Median House Price Top AAPI Industries Top AAPI Industries Top AAPI Industries Education, Health, Care and Social Education, Health, Care and Social Education, Health, Care and Social 22% Assistance 24% Assistance 24% Assistance

Professional, Scientific, and Technical $83,213 Manufacturing Professional, Scientific, and 19% Services 17% 16% Technical Services SUBGROUP POPULATIONS Median AA Household Income Accommodation and Food Services Professional, Scientific, and Technical 11% 13% Services 12% Manufacturing 1,163,311 Asian Indian 96,579 Japanese Median Asian American Median Asian American Median Asian American 660,388 Chinese 60,350 Thai $312,400 Household Income Household Income Household Income 618,671 Vietnamese 54,435 Nepalese Median AA House Price $82,094 $66,458 $86,103 474,582 Filipino 54,393 Laotian Median Pacific Islander Median Pacific Islander Median Pacific Islander 354,829 Korean 50,351 Cambodian 64% Household Income Household Income Household Income AAPI Homeownership 182,064 Pakistani 50,085 Burmese $54,097 $28,352 $48,390 Rate

26 SPRING 2020 NATIVE HAWAIIANS & ASIAN PACIFIC ISLANDERS CANADIANS 626,054 34,460,065 Native Hawaiian and other Pacific Islanders (NHOPI) are younger and more male than Estimated Pacific Islander Total Population South Asians (aggregated) are the largest minority group in Canada, making Asian Americans or the general U.S. population. Almost one in five NHOPI are immigrants Population Alone up 5.6% of the total Canadian population and 32% of Canada’s Asian and 8.8% are civilian veterans—the highest of any race or ethnicity by percentage population. One of the most rapidly-growing groups is Filipino Canadians, of population. Veteran status is even higher when disaggregated by subgroup with 5,113,575 which doubled in number and was one of the fastest-growing minority Guamanians or Chamorros at 13.7%, Native Hawaiians at 11.8%, Micronesians and 1,468,239 Total Asian and Pacific Islander groups from 2006 to 2016. Polynesians both at 9.6%, and Samoans at 9.3%. Estimated Pacific Islander (API) Population* Population Alone or In Combination With Other A majority of Japanese Canadians (63.1%) are Canadian-born, almost one- When disaggregated from Asian Americans, the median household income of Pacific Races third of which are third-generation or more, whereas only 30.7% of South Islanders is roughly $25,000 lower than that of Asian Americans and $26 lower than 14.8% Asians and 26.7% of Chinese are Canadian-born. Although both groups have the national average. However, NHOPI median house value is $89,900 higher than the API Percentage of Total Population a long history in Canada, immigrating in similar patterns and timing to Asian national median, likely due to the higher priced areas they live in. 32.5 Americans, immigration in recent decades has kept Canada's foreign-born Median Age population relatively high. The largest group is Native Hawaiians, who make up 30% of the NHOPI population in Mandarin, the U.S. The next largest group, Samoans, make up 18%, followed by Guamanians or Half of all South Asians live in Toronto and 16.1% live in Vancouver. Toronto is Cantonese, Chamorro at 17%. 5.7 Years home to 40.1% of Chinese Canadians, and Vancouver to 31.1%. Younger Than The Punjabi, Tagalog SUBGROUP POPULATIONS National Median Top Asian Languages Spoken After The average house price of single-detached houses owned by recent English and French investor immigrants from China is either CAD$3.27 million or CAD$3.34 Polynesian Micronesian 49.4% million (depending on the investor program) while that of single-detached 186,996 Native Hawaiian 104,219 Guamanian or Chamorro Female houses owned by recent Chinese immigrants who came to Canada under 41.2 years other immigration (non-investor) programs is between CAD$1.83 million to Median Age 110,606 Samoan 28,712 Marshallese 50.6% CAD$2.84 million. Average property values are higher among Chinese-born investor immigrants as compared to those from other countries. 40,538 Tongan 53,075 Other Micronesian Male 32.8 years 6,135 Other Polynesian South Asian Canadian Median Age 24% SUBGROUP POPULATIONS Melanesian Foreign-Born 38.6 years 39,103 Fijian 8.8% Chinese Canadian Median Age 1,089 Other Melanesian 1,963,330 South Asian (aggregated) Civilian Veteran (Highest of Any Race Or Ethnicity) TOP 5 STATES 1,769,195 Chinese CAD$61,348 1,374,710 East Indian Median Canadian Household $61,911 Income Fijian California Washington Utah Oregon Florida 837,130 Filipino Pacific Islander Median Guamanian California Washington Texas Florida Hawaii Household Income 240,615 Vietnamese CAD$341,556 Median Canadian House Price Chamorro California Washington Texas Florida Hawaii $319,600 215,555 Pakistani Marshallese Hawaii Washington Oregon Utah Florida 198,210 Korean Pacific Islander Median Native Hawaiian Hawaii California Washington Oregon Texas House Value 152,595 Sri Lankan 67.8% Canadian Homeownership Rate Samoan California Washington Hawaii Utah Texas 121,485 Japanese 42.3% *excluding Canadians of West Asian/Middle 118,400 Punjabi Tongan California Utah Hawaii Oregon Washington Pacific Islander Housing Rate Eastern descent for parity with U.S. statistics.

28 SPRING 2020 LOAN TYPE LOAN COSTS AAPIs have the highest loan type preference for Median total loan costs are highest for Asian conventional loans. 92% of AAPI applications are for borrowers among conventional conforming, VA THE AAPI HOMEBUYER conventional loans; just 6% and 2% are for FHA loans and FHA loans. and VA loans, respectively. Median Origination Charges MULTIGENERATIONAL BORROWING $1,290 Conventional Conforming Loan Among all minority groups, AAPIs continue to be the PROFILE Among certain AAPI subgroups, multigenerational loans highest users of the conventional loan, in both loans Median Total Loan Costs, are more prevalent. AAPIs are more likely to have originated and in dollar value. $3,965 Conventional Conforming Loan 3+ co-borrowers than any other race/ethnicity. Conventional conforming loans 29% Live in multigenerational households 223,906 originated in 2018 (number) MEDIAN HOUSE PRICE Highest of any other Conventional conforming loans $444,307 homebuyer group 16% Purchased a multigenerational home in 2019 $86.4B originated in 2018 (dollars)

AVERAGE LOAN SIZE MEDIAN INTEREST RATE FINANCES SURNAMES & DEMOGRAPHICS highest of any Among all enhanced loan types, Asian $70,000 $2,583 Applicants and Co-Applicants whose $406,000 homebuyer group borrowers have the lowest median 1,118,200 race was collected on the basis of visual interest rates. Median Income Median Debt observation of surname LOAN PURPOSE MEDIAN AGE The Home Mortgage Disclosure Act (HMDA) requires the collection of loans are for a home 39% 755 of sex, race, and ethnicity data. When not provided by the applicant, Second youngest borrower 76% purchase Median DTI for conforming Median FICO Score the lender is required to note this information on the form based on 43 group after Hispanics loans (highest across all races/ visual observation or the applicant’s surname. However, this can lead Sources: ethnicities and loan types) to incorrect assumptions of race and ethnicity, and thus, incorrect CFPB, Data Point: 2018 Mortgage Market Activity and Trends, Introducing New and Revised Data Points in HMDA 2018 American Community Survey HMDA demographic housing data, as 20 of the top Filipino surnames Freddie Mac Calculations Using Anonymized Credit Bureau Data in September 2018 are all of Spanish origin and 2 out of 3 of the top Korean surnames Freddie Mac Home Value Explorer data for September 2018 are common non-Hispanic white surnames as well. National Mortgage Database from 2006-2017 AAPI Homeownership & Barriers/How to move the beeedle

BARRIERS TO HOMEOWNERSHIP AAPI HOMEOWNERSHIP &

BARRIERS Debt-to- income ratio Employment history Credit history Collateral Insufficient cash Unverifiable information Credit application incomplete Mortgage insurance denied Other A. Home Purchase Conventional & Nonconventional NEW AAPI HMDA DATA AAPI HOME PURCHASE MIGRATION All Applicants 32.6 5.1 23.1 16.9 9.9 8.4 13.0 0.4 12.4 Asian 39.8 6.1 12.6 13.6 11.5 13.0 15.6 0.3 12.7 2018 HMDA data found that for those who checked Asian AAPIs tend to purchase in the largest MSAs, however more Black or African American 35.6 4.7 30.4 13.8 10.5 7.5 10.1 0.5 12.6 in the first field and provided detailed Asian category in the AAPIs are buying houses and moving to large MSAs in second field, applicants were: California, Texas and the Northeast. Hispanic White 35.9 5.7 21.5 17.0 10.5 10.6 10.4 0.5 14.0 Non-Hispanic White 30.4 5.1 23.0 18.3 9.5 7.5 13.1 0.5 12.2 BETWEEN 2015-2018, AAPI TOTAL HOME Other Minority 34.5 53 28.9 14.6 10.8 8.0 11.0 0.5 13.4 13.9% 13% PURCHASE MIGRATION BY MSA: Source: Data Point: 2018 Mortgage Market Activity and Trends, A First Look at the 2018 HMDA Data, Consumer Financial Protection Bureau, August 2018 ASIAN INDIAN CHINESE Los Angeles-Long Beach- 114K THIN, CLEAN CREDIT FILES DOWN PAYMENT Anaheim, CA INCOMPLETE CREDIT APPLICATIONS AAPIs need more time to save for a traditional 20% down payment, When they do have credit scores, Asian borrowers have the highest mainly because they live in high-cost areas. median credit scores overall and across most enhanced loan types. Boston-Cambridge-Newton, 5.6% 106K However, because AAPI families prefer to make their purchases For “Mortgage Ready” AAPIs: 7.5% MA-NH in cash at the time of purchase and avoid debt, only making large FILIPINO VIETNAMESE purchases when cash is available, AAPIs have historically struggled with credit qualification as a result of limited credit history. Race/Ethnicity San Francisco-Oakland-Hayward, 104K CA 20% down 5% down 3% down Monthly net income Median House Price (SFH) SOLUTION Non-Hispanic • Alternative Credit Scoring Models: Require lending institutions to 14.4 3.6 2.2 $4,326 $243,076 Whites New York-Newark-Jersey City, consider other forms of credit in their credit scoring models, thus 89K A new feature of the HMDA also allows applicants and co- NY-NJ-PA opening up greater access to housing finance for well-qualified African Americans 15.4 3.8 2.3 $3,679 $215,774 applicants to fill in race and ethnicity information in free-form but “credit thin” AAPI homebuyers. Hispanic 24.5 6.1 3.7 $3,588 $349,351 text, however only about 1% of applicants fill in these fields. Washington-Arlington-Alexandria, 68K AAPI 24.6 6.2 3.7 $4,306 $444,307 DC-VA-MD-WV LANGUAGE ACCESS A survey found LEP speakers favor in-language documents, with THE TOP FIVE FREE-FORM ENTRIES FOR Chinese, Korean, and Vietnamese speakers more likely to want both SOLUTION Seattle-Tacoma-Bellevue, in-language and English resources. A major challenge however is Downpayment Assistance Programs: These programs could RACE WERE: 65K • WA the translation of certain terms, especially financial terms, that do make AAPI homeownership more feasible in the high cost areas Cherokee not directly translate. Another is that many LEPs do not trust the they choose to live in. quality of the translation of the documents unless they are done by a Riverside-San Bernardino- government agency, a large bank with name recognition, or a smaller Indian 58K Ontario, CA bank with someone who speaks the same language. SFH: single-family homes Pakistani Sources: Freddie Mac Home Value Explorer data for Sep 2018 SOLUTION San Jose-Sunnyvale-Santa Clara, Freddie Mac calculations using anonymized credit bureau data for Sep 2018. Time to Save Cambodian 55K • Add the Preferred Language Question Back to the URLA: is calculated by dividing down payment requirements by monthly savings. According to CA Have the FHFA properly assess the language needs of AAPI Bureau of Economic Analysis, average personal savings rate is 6.7% of net income in 2018. Hmong We estimate net income by subtracting both federal and state taxes from gross income at borrowers by adding this question back to the revised URLA. the individual-level. Dallas-Fort Worth-Arlington, 54K • Language Translation Clearinghouse: Expand the FHFA’s TX clearinghouse to serve more AAPI LEP languages.

• Language Access Line: Implement a language access line Houston-The Woodlands- that enables borrowers to obtain assistance in their preferred 54K Sugar Land, TX language.

Source: Freddie Mac calculations using IPUMS USA, University of Minnesota, www.ipums.org. 32 SPRING 2020 Denver, Colo., April, 19, 2020. Denver-based photographer Alyson A NOTE FROM THE McClaran captures a nation-defining moment, as health care workers counter-protest the hundreds of EDITOR people of people gathered at the Denver State Capitol to demand the stay-at-home order be lifted. In a later Time article, the photographer recalls As we created State of Asia America We have been told that harmful, the woman (pictured) yelling at the report in the midst of a global pandemic, incorrect rhetoric about the virus is health care worker in the photo to the exciting data and insights we found accurate. We read that Asian Americans "go back to China." Photo by Alyson and wanted to share began to pale are the problem. We hear of more than McClaran/Reuters in comparison to what was going on. 100 hate crimes a day against AAPIs The new homeownership data and who are targeted because they cannot insights on the strength and potential be told apart. The media shows footage of the community suddenly seemed solely of mask-wearing Asians when bittersweet. How could we talk about referring to COVID-19, without any idea the strength of an AAPI borrower and as to who these people are nor where mortgage-readiness when our own they are from; indiscriminately making community is out of work, or struggling them, and all of us, the distinctly, yet to make a rent or mortgage payment? paradoxically, indistinguishable Asian How can we talk about the potential and face of this virus. achievements of our community, when they are in danger of being wiped out? As Sikh Americans felt during 9/11, as Japanese Americans felt during WWII, that even though we are a Chinese But why does the burden continues xenophobia; and all of our friends, However, the 200 years of AAPI as Filipino Americans felt during the Salem, Ore., 1941. Frank Tanaka placed this sign on restaurant, you cannot get COVID-19 by to fall upon us, generation after children, loved ones, and the younger history and experiences chronicled in Watsonville Riots, the list goes on, we the window of his restaurant in Salem, Oregon after eating our food, we write op-eds calling generation, to prove ourselves? Why is it AAPIs in this community that may be the Japanese attack on Pearl Harbor on December the report’s timeline were now more now feel pressure, whether from others 7, 1941. Not long after this sign went up, Mr. Tanaka for us to be even more “American,” we that no matter how much we struggle or experiencing all of this for the first relevant and timelier than ever. The or from ourselves, to make it clear that and his family were forcibly relocated to the Tule fundraise and donate our money, time, achieve together, no matter how much time. We are living through history— media coverage, rhetoric, the reported we are not the problem; that this is not Lake, only allowed to take only what they could and resources, we show ourselves as of a “model minority” we are, no matter that is abundantly clear—but we must hate crimes seemed to echo that of our fault. We feel the need to prove carry. After the war, he, like many other Japanese front-line workers and responders to how many of Pacific Islanders serve in never forget that this is a shared cycle generations past. that we are “safe” and that we belong. Americans, had no legal recourse for reclaiming his the pandemic, all to prove that we do the armed forces despite not being able of history that is repeating itself—an property. His restaurant did not reopen. So, we send messages to customers not deserve the racism we’ve been to enjoy all the benefits of citizenship inheritance of trauma and fear for simply shown. That we are trying to help. That or Chinese and Filipino American looking, for speaking a certain way, or we are not the virus. healthcare workers risk their lives to for having been born somewhere else. save ours, or Japanese Americans New York, N.Y., October 9, 2016. Former New York speak out in solidarity with Muslim and But until we can stop history from Times editor and reporter (now newyorker.com Coronavirus doesn’t editor) Michael Luo chronicled his recent encounter Latinx communities to never let us forget repeating, we must first know, teach, with a woman who yelled at him and his family to "go see race, borders, our history, we must continue to prove and share our history so that we never back to China...go back to your f---ing country." His that we belong? It seems that even if we let ourselves nor anyone else forget 7-year-old son, distressed by what happened asks, ethnicity, or immigration remove hyphen from our identity, we what this community has endured, "Why did she say, 'Go back to China?' We're not from status. But the fear it can perform our most “patriotic” duties collectively and individually. We must China." He runs after the woman and confronts her to our fellow citizens and country and stand up for ourselves by standing up saying he was born in this country, but muses later creates causes does, in his article, "I felt silly. How to prove this country still never be fully American; we will for each other. We have and always is mine too?" His tweets of the incident spark a and the bias, racism, never be American enough. will be American enough. It is time for national conversation around the AAPI experience hate, scapegoating that us to prove what it means to be AAPI, in America. New York City Mayor Bill De Blasio My heart breaks for the (or our) standing in solidarity with one another replies to his tweet, saying "Shouldn't have to affirm come with fear spread community—for the storeowners in the face of the true virus: hate. it, but EVERYONE belongs in NYC. What doesn't who’ve been suffering since the belong here are comments like you heard today." faster and are far more He closes with the words his wife told his daughter, beginning of this year, long before SIP "We’re from America, but sometimes people don’t contagious than the orders went into effect; for those who understand that." virus itself. are experiencing yet another vicious cycle of scapegoating, racism, and

34 SPRING 2020 ABOUT AREAA GET TO KNOW AREAA

The Asian American Real Estate Association of America (AREAA) is a national 17,000 41 51 nonprofit trade organization dedicated to improving the lives of the Asian Members and Chapters across the Ethnicities American and Pacific Islander (AAPI) community through homeownership. Growing US and Canada Represented AREAA is a powerful national voice not only for its members—housing and real estate professionals—but the communities they serve. 26 2 1 Languages National Conferences National Policy ABOUT OUR MEMBERS Spoken Per Year Summit Each May

AREAA is represented by 51 different ethnicities. Our membership is both multilingual and multicultural. 74% AREAA’S ACHIEVEMENTS of our members hold a minimum of a four-year degree and earn an average income of $160,000—60% higher #NoOther Campaign than the average income of a National Association of AREAA successfully persuaded the US Census REALTOR® member. The average AREAA member is a Bureau to track and include Asian housing data as seasoned industry veteran with 14 years of experience. a standalone category in its quarterly reports on homeownership by race and ethnicity. WHY WE NEED YOU Translations Clearinghouse Our members and our partners enable us to AREAA collaborated with the GSEs to create carry out our vision and mission to represent translated resources in Chinese for LEP borrowers. the AAPI community in our advocacy for greater Korean, Vietnamese, and Tagalog are set to launch homeownership access for all. this year. Through your support, we are able to provide national events where we are able to educate and develop Preferred Language Field our membership and the larger real estate industry at AREAA worked with FHFA to include a Preferred large. We believe that events such as ours are vital to Language Field on the 2020 redesigned URLA developing successful AAPI leaders in the brokerage, in order to better capture the needs of LEP lending, banking, and real estate industries. With borrowers. In 2019, the FHFA removed the greater leadership and success in these industries, question. AREAA continues to advocate for the AAPI representation grows. reversal of its decision.

With your partnership, we have the resources to Eliminating the 1% Rule advocate on behalf of AAPIs to key decisionmakers in the U.S. Senate, House of Representatives, AREAA helped change underwriting standards to Government-Sponsored Enterprises as well as more fairly account for student loans that were in important policymakers in the Federal Housing deferment when calculating a borrower’s debt-to- FIND OUT WHAT WE’RE DOING NEXT: Finance Agency (FHFA), Consumer Financial income ratio. Protection Bureau (CFPB), the U.S. Department of areaa.org Housing and Urban Development (HUD) and other relevant governmental departments and agencies.

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36 SPRING 2020 SOURCES

Anderson, Emily, Densho Encyclopedia, Anti- Statistics Canada, Analytical Studies Branch, Seattle, Wash., May 10, 1945. A Japanese family Japanese exclusion movement, March 20, 2014, Canadian Housing Statistics Program, Immigrant returning home from a relocation center camp http://encyclopedia.densho.org/Anti-Japanese%20 Ownership of Residential Properties in Toronto in Hunt, Idaho, found their home and garage exclusion%20movement/ and Vancouver, January 2019 vandalized with anti-Japanese graffiti and broken windows, photo courtesy of Museum of History AREAA staff calculations using 2010 US Census Taira, Esther, AAJC Los Angeles and UCLA Asian and Industry, Seattle Post-Intelligencer Collection and 2018 American Community Survey data American Studies Center, Untold Civil Rights Stories Online Timeline, https://advancingjustice- Thailand, Cambodian border, 1979. Cambodian CFPB, Data Point: 2018 Mortgage Market Activity la.org/sites/default/files/UCRS%20Timeline%20 refugees in one of the border encampments and Trends, A First Look at the 2018 HMDA Data, r2.pdf established in 1979 on the Thai-Cambodian August 2019 border, photograph by Berta Romero-Fonte US Census Bureau, 2010 Census Data CFPB, Introducing New and Revised Data Points in San Francisco, Calif., November 27, 1968. 150 HMDA, Initial Observations from New and Revised US Census Bureau, 2018 American Community elderly Filipino and Chinese tenants from the Data Points in 2018 HMDA, August 2019 Survey, 1-Year Estimates Manilatown district of San Francisco begin a nine- year-long, anti-eviction campaign against Financial Chen, Angela, Huffington Post, "A Snapshot Of US Census Bureau, 2018 American Community District encroachment, photo source: http://www. How Asian-Americans Are Changing The South," Survey, 1-Year Estimates, Selected Population ihotel-sf.org/history March 28, 2018 Profiles Los Angeles, Calif., 1992. Family rummaging Densho Encyclopedia, A Community Grows, US Census Bureau, 2018 Current Population through home burned during riots, South Central Despite Racism, https://densho.org/a-community- Survey, Reported Voting and Registration, by Race, Los Angeles, California, photograph by Joseph grows-despite-racism/ Hispanic Origin, Sex, and Age, November 2018 Sohm

Densho Encyclopedia, Righting A Wrong, https:// US Census Bureau, Census Regions and Divisions New York, N.Y., 2016. Vera Sung, Jill Sung, Thomas densho.org/righting-a-wrong/ of the United States Sung from ABACUS: SMALL ENOUGH TO JAIL, a PBS Distribution release, photo courtesy of Sean Federal Financial Institutions Examination Council US Census Bureau, Metropolitan and Micropolitan Lyness (FFIEC), HMDA Data Browser, 2018 Dataset Statistical Areas Map, September 2018 LETTER FROM THE EDITOR: Freddie Mac calculations at the CBSA-level using PHOTOS anonymized credit bureau data with individuals Salem, Ore., 1941. Frank Tanaka placed this sign aged 45 and younger and Freddie Mac Home Cove Photo: on the window of his restaurant in Salem, Oregon Value Explorer data for Sep 2018. Mortgage Oakland, Calif., Mar. 1942. A large sign reading after the Japanese attack on Pearl Harbor on readiness is determined based on research criteria "I am an American" placed in the window of a December 7, 1941. Not long after this sign went up, not actual underwriting. store, at [401 - 403 Eighth] and Franklin streets, Mr. Tanaka and his family were forcibly relocated on December 8, the day after Pearl Harbor. The to the Tule Lake, only allowed to take only what Freddie Mac calculations using anonymized credit store was closed following orders to persons they could carry. After the war, he, like many other bureau data, September 2018 of Japanese descent to evacuate from certain Japanese Americans, had no legal recourse for West Coast areas. The owner, a University reclaiming his property. His restaurant did not Freddie Mac calculations using IPUMS USA, of California (now known as the University of reopen. University of Minnesota, www.ipums.org. California, Berkeley) graduate, will be housed with hundreds of evacuees in War Relocation Authority New York, N.Y., October 9, 2016. Former New Freddie Mac Home Value Explorer data, centers for the duration of the war, photograph York Times editor and reporter (now newyorker. September 2018 by Dorothea Lange, courtesy of the Library of com editor) Michael Luo chronicled his recent Congress, the sign, originally "Grocery Wanto Co." encounter with a woman who yelled at him and his Lee, Erika, The Making of Asian America: A was changed to "Jade Garden," to memorialize family to "go back to China...go back to your f---ing History, September 2015 the vandalism experienced by a Seattle Chinese country." Photo from www.nytimes.com restaurant, as well as by other Asian American Lyon, Cherstin, Densho Encylopedia, Alien Land and Pacific Islander-owned businesses across the Denver, Colo., April, 19, 2020. Denver-based Laws, May 23, 2014, http://encyclopedia.densho. country during the COVID-19 pandemic, colorized photographer Alyson McClaran captures a org/Alien_land_laws and edited by Jazz Miranda nation-defining moment, as health care workers counter-protest the hundreds of people of people Morency, Jean-Dominique, Malenfant, Éric Caron TIMELINE: gathered at the Denver State Capitol to demand NOBODY IN THE WORLD SELLS and MacIsaac, Samuel, Immigration and Diversity: the stay-at-home order be lifted. In a later Time * Population Projections for Canada and its Regions, Laupāhoehoe, Hawaii, 1885. Laupahoehoe article, the photographer recalls the woman MORE REAL ESTATE THAN RE/MAX 2011 to 2036, January 2017 village, Hawaii, courtesy of Hawaii State Archives/ (pictured) yelling at the health care worker in the Wikimedia Commons photo to "go back to China." Photo by Alyson National Mortgage Database from 2006-2017 McClaran/Reuters A photograph of Dalip Singh Saund from DALIP Pew Research Center, Social & Demographic SINGH SAUD: HIS LIFE, HIS LEGACY, courtesy Trends, The Rise of Asian Americans, June 19, of Heritage Series: Inspirational Documentaries 2012 About U.S. Ethnic & Minority Cultures

Statistics Canada, 2011 National Household San Diego, Calif., 1963. Tom Hom is sworn in Survey, Immigration and Ethnocultural Diversity in with other newly-elected Canada members in 1963, photo courtesy of Tom Hom

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