May 05

Asian American Homeownership Rates Rebound

Asian American Homeownership Rates Rebound

Homeownership is a big part of the American dream for Asian Americans, according to a new report from realtor.com® that coincides with Asian American & Pacific Islander Heritage Month. Their presence in the real estate market has been rebounding sharply after having decreased during the early stages of the pandemic.

Homeownership rates for Asian Americans were at 61.2% in the fourth quarter of 2021. Home sales have grown the most among millennial and female Asian Americans, outpacing their older or male counterparts, according to realtor.com®’s research.

Asian Americans tend to have higher educational attainment and household income than other racial and ethnic groups. But even as their homeownership rates grow, they may be down from what they could be due to several barriers they face in the housing market. Language barriers in the buying process and the prevalence of multigenerational living—which often comes with higher housing costs—are among the biggest challenges faced by Asian American households, according to a recent study by CAPACD, a coalition of organizations that work with Asian Americans and Pacific Islanders.

Early during the pandemic, Asian American home buyers declined in real estate. But they have since rebounded in the housing market, even more so than other racial groups.

“One potential explanation for the strong rebound is that they have higher motivations to take advantage of the historically low mortgage rates,” notes realtor.com® in its report. Asian American borrowers generally live in expensive metro areas, which could result in higher average loan amounts than their peers. The record low mortgage rates last year may have prompted more Asian American buyers to take advantage of the lower borrowing costs in their markets.

A line graph with two lines, charting Asian-American and non-Asian-American home sales.

Source: “Asian American & Pacific Islander Heritage Month 2022,” realtor.com® (April 29, 2022)

©National Association of REALTORS®
Reprinted with permission

admin

For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.

Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.

Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.

When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.

For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.