Homeownership
rates
among
minority
groups
have
always

lagged
behind
that
of
whites,
but
one
group
—
Asian
Americans,
Native
Hawaiians
and
Pacific
Islanders
(AANHPI)
—
is
closing
that
gap.

Freddie
Mac’s
June
2024
outlook
on
the
economic,
housing
and
mortgage
markets
revealed
that
over
the
past
20
years,
the
homeownership
gap
between
AANHPI
and
whites
narrowed
by
6
percentage
points.
What’s
more,
demographic
conditions
point
to
that
gap
closing
even
more
in
the
future.

The
current
rate
of
homeownership
sits
at
75%
for
whites
and
62%
for
AANHPI.
But
the
median
age
of
AANHPI
(37)
is
five
years
lower
than
that
of
whites,
which
puts
more
of
them
in
the
prime
homebuyer
age
group.
Considerably
more
AANHPI
(45%)
have
a
bachelor’s
degree
than
whites
(33%)
and
AANHPI
are
also
slightly
more
likely
to
be
married.

Added
together,
this
leads
to
the
AANHPI
population
having
a
considerably
higher
median
income
than
whites;
AANHPI
income
sits
at
$107,000
while
whites
are
at
$81,000.

“One
key
takeaway
is
that
the
AANHPI
community
is
projected
to
keep
growing
as
a
share
of
the
U.S.
population,”
the
report
reads.
“Given
that
overall
this
group
is
younger
and
in
the
prime
home
buying
age,
as
they
grow
older,
get
married
and
have
children,
we
expect
their
homeownership
rate
to
increase.
However,
housing
costs
are
an
issue
affecting
the
homeownership
rate
of
AANHPI
as
compared
to
whites.”

The
numbers
do
not
break
evenly
among
races
and
nationalities
within
AANHPI.
The
demographic
drivers
for
the
cohort
are
even
stronger
among
Indian
Americans,
which
have
a
homeownership
rate
of
63%. 

Indian
Americans
are
younger
(median
age
of
34)
and
have
a
higher
share
of
people
with
bachelor’s
degrees
(59%).
They’re
also
more
likely
to
be
married.
This
translates
into
a
median
income
of
$150,000,
which
is
the
highest
among
the
AANHPI
cohort
and
almost
double
the
median
salary
of
whites.

The
data
on
Vietnamese
Americans
shows
that
this
group
has
a
considerably
higher
median
age
(45),
a
considerably
lower
share
with
bachelor’s
degrees
(29%)
and
the
lowest
median
salary
($84,000)
among
AANHPI
groups.
Despite
this,
the
homeownership
rate
is
highest
among
AANHPI
segments
at
72%.

This
can
be
attributed
to
legislation
after
the
Vietnam
War
that
helped
refugees
from
Vietnam,
Cambodia
and
Laos
find
housing,
Freddie
Mac
reported.

The
economic,
housing
and
mortgage
outlook
report
reinforces
a
number
of
recent
trends.
The
GSE
also
expects
a
“modest”
uptick
in

unemployment
that
could
prompt
the

Federal
Reserve
to
lower
interest
rates.
But
Freddie
Mac
expects

mortgage
rates
to
stay
above
6.5%
through
the
end
of
2024.

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