REALTOR® University’s Center for Real Estate Studies and the Asian Real Estate Association of America have formed a new research partnership aimed at examining how real estate impacts Asian immigrant populations.
With 13,000 members and 31 chapters across North America, AREAA is a non-profit trade organization representing the diverse Asian housing market. It is dedicated to increasing homeownership opportunities in Asian American communities and creating a powerful national voice for the real estate professionals that serve this dynamic market.
As part of the agreement with AREAA, REALTOR® University will conduct in-depth research exploring how Asian immigrants use their homes and businesses to leverage and grow wealth and develop a greater understanding of real estate market preferences among Asian immigrant populations.
“REALTOR® University’s mission is to help bring value to home buyers, sellers and real estate professionals, and so we are pleased to be partnering with AREAA to undertake this new research to advance Asian American homeownership and real estate investment,” said Chairman of the University Board of Regents Richard Rosenthal. “We believe this partnership will greatly benefit both parties and we look forward to working closely with AREAA over the coming year.”
Homeownership in America has an increasingly multicultural future, especially for Asian Americans, who are the fastest growing racial or ethnic group in America according to the U.S. Census Bureau, comprising almost 19 million people. While Asian Americans will be a large source of future housing demand, their current homeownership rate of 55 percent lags behind that of the total population, at 65 percent.
“We’re excited about the business opportunities and specialized knowledge that this partnership will bring to our members while also helping to address and improve real issues affecting Asian American homeownership,” said Hope Atuel, executive director of AREAA.
The research project is anticipated to last between nine and 12 months and will be released sometime in 2014.
Edited by Gordana Davila