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Slide 1 - Asian Americans For Equality

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					 The State of Asian New Yorkers
         2007 & Beyond


Expanding Homeownership and Creating
  Business Opportunities in the Asian
              Segment


          October 26, 2007
          Le Parker Meridien
              New York
Mission:
Create Homeownership Opportunities for Asian
Americans and Build a Dynamic Business
Environment for Professionals and Companies
Focused on Serving this Market
History:
Founded in 2003 with 12,000 members in 38
States
Chapters and Affiliates:
California, Nevada, Texas, Washington, Georgia,
New York, and Hawaii
The Market
 Half of the Asian population resides in three states:
California, New York and Texas, but growing rapidly in
markets such as Florida, Georgia and other non-
traditional markets
The Asian population is generally:
    Younger
    Highly educated
    More likely to have higher household income
    Increasing its purchasing power
    Leaders in small business ownership
    Larger household size
Homeownership levels for nationalized Asian
Americans higher than native born
60% Homeownership Rate
    Fastest homeownership attainment from 2000 to
    2005
Barriers for the Asian Consumer Market
Linguistically isolated
Uneven experiences between Asian population
    Homeownership level
    Income
Non-traditional credit and less familiarity with US
finance system
Source of down and reserves difficult to determine
Model Minority Myth
    Median Income v Per Capita Income
    Extended family only
Second Highest Foreign Born Population
Linguistic Isolation
                    Per Capita income and Median Household income
                    2000 Census

                      Total        Total       Asian
                      Population   Asian       Indian       Bangladeshi   Cambodian    Chinese
 Median household
income                 $ 41,994    $ 51,045    $   61,322   $   37,074    $ 35,964     $     51,119

Per capita income      $ 21,587    $ 20,719    $   26,415   $   13,532    $ 10,215     $     22,519

                      Filipino     Hmong       Indonesian   Japanese       Korean          Laotian
 Median household
income                 $ 58,323    $ 31,934    $   39,839   $   51,981    $ 40,183     $     42,245

Per capita income      $ 19,259    $ 6,613     $   18,819   $   25,576    $ 18,027     $     11,454

                      Malaysian    Pakistani   Sri Lankan       Thai      Vietnamese
 Median household
income                 $ 39,140    $ 45,576    $   52,392   $   39,530    $ 44,828

Per capita income      $ 19,926    $ 17,685    $   26,530   $   17,232    $ 15,385
      Asian Pacific American New Yorkers


              Asian Alone or in     Total Population
                  combination
Numbers                872,777              8.008,278


Occupied               272,559              3,021,588
Housing
Owner                   93,179                   912,296
Occupied
Renter                 179,380              2,109,292
Occupied
Bachelor’s              35.0%                     27.0%
degree plus
Other than    Asian Languages       “Not well”    25.0%
English at                        “Not at all”    11.7%
Home
Issues Facing the Asian American Homeowners
in Today’s Market


Foreclosure issues since many Asian Americans
are recent homeowners:
    Less time to build up equity
    Resides in highly leveraged markets

Restrictive lending policies by regulators and
lenders however unintended:
   Severe curtailment of certain products that can
   help consumers refinance out of existing loans
   Restrictions on Stated Income prime products
   that is critical for self-employed and small
   business owners
Challenges in Advocacy and Policy
•Lack of data related to Asian market
•Ability to influence the regulatory and law making
process
•Lack of unified voice within the Asian market
AREAA Initiatives
•Research
    •UCLA studies
    •Home buying choices and behaviors (2008)
•Policy
    •Automating alternative credit symposium
    •FHA reform, GSE and mortgage reform
Thank you for your time and
         Support


    •www.areaa.org

        •John Yen Wong, CRB
     •john.wong@prurealty.com
            •415-999-8133

				
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posted:6/24/2011
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