Asian-American Housing Group Launches Partnership to Address Inequities
The relationship addresses racial disparities in homeownership
Last week, the Asian Real Estate Association of America (AREAA) announced it has launched a strategic alliance with Wells Fargo & Company to address inequalities in home lending.
According to an AREAA press release, the goal of the alliance is to "focus on advancing sustainable homeownership, especially with first-time homebuyers and low to moderate-income Asian American Native Hawaiian and Pacific Islander (AANHPI) communities."
Research from the National Association of Realtors shows that there are striking racial disparities in American homeownership. The ownership rate among white Americans is approximately 72 percent, while Asian homeownership is somewhat lower—62 percent. However, a recent AREAA white paper found those figures mask bigger inequities among particular Asian-American communities. "Native Hawaiians and Pacific Islanders (NHPIs) on average have loan profiles and homeownership rates that are comparable to their Black American counterpart (approximately 43 percent)," according to the white paper.
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