In the Minneapolis-St Paul metro, 65,000 non-homeowner AAPI households are ‘mortgage ready’
The Asian Real Estate Association of America (AREAA) recently released its 2022-2023 State of Asia America Report. Among the top-line takeaways:
- The U.S. Asian American / Pacific Islander (AAPI) population nearly doubled between 2000-2019, from 11.9 million to 22.4 million.
- Nearly 300,000 AAPI individuals were making their home in Minnesota as of 2020, with almost 9 out of 10 (87 percent) living in the Twin Cities metro.
- Three of every five AAPI households in Minnesota own their own homes – a rate higher than any other ethnic group save for white non-Hispanic.
- 65,000 non-homeowner AAPI households in the Twin Cities are currently ‘mortgage-ready,’ and two-thirds could become homeowners without becoming cost-burdened – that is, despite the high median-cost, they would still be spending less than 30 percent of their monthly income on housing.
- On the topic of being cost-burdened, Minnesota’s AAPI population has the lowest percentage of such households among ethnic groups save for white non-Hispanic households.
The full AREAA report is available online here. The Center also produced an episode of its Welcome Home podcast on the topic earlier this month, featuring an in-depth discussion with leaders from AREAA’s Twin Cities chapter – available here.