A new report from the Asian Real Estate Association of America (AREAA) and sponsored by REMAX® finds that the U.S. housing market is seeing a fundamental shift for Asian American, Native Hawaiian and Pacific Islander (AANHPI) households.
According to AREAA’s annual State of Asia America report, today’s housing challenges are no longer driven by short-term factors. Instead, long-term issues such as limited mobility, higher housing costs, limited supply, and the growing role of family wealth are changing who can buy a home and where. The report notes that many AANHPI households, often living in the nation’s highest-cost metro areas, have faced these challenges for years. Their experience now reflects trends affecting the broader housing market.
The report looks at how and where people are buying homes, how access to homeownership is changing and what this could mean for future generations. Key findings include:
- Affordability is no longer tied to mortgage rates, but rather to structural costs:
- Only 38% of AANHPI households can afford a median-priced home, down from 57% five years ago.
- Limited inventory continues to constrain the market:
- The share of Americans moving each year has fallen from about 20% in the 1960s to just 7.8% in 2023, leading to fewer homes for sale.
- Delayed homebuying is widening the wealth gap:
- The median age of a homebuyer is now 40 – a record high. Buying at age 40 instead of 30 can mean about $150,000 less in home equity.
- Multigenerational living is helping families manage costs:
- About 60 million Americans now live in multigenerational households, a fourfold increase since the 1970s.
- Women are a growing force in the housing market:
- Even with lower incomes, on average, and higher loan denial rates, single women make up 20% of all buyers and 24% of first-time buyers. They purchase homes at roughly three times the rate of single men.
- Aging in place presents a major challenge:
- Less than 10% of U.S. homes are considered “aging-ready,” increasing need for home upgrades and renovation financing.
- Intergenerational wealth transfer is reshaping who can buy:
- An estimated $84 trillion to $124 trillion in wealth is expected to pass between generations, increasing the role of inherited wealth in real estate.
Across the findings, one message is clear: the traditional path to homeownership is changing. The report describes homeownership less as a ladder and more as a gate, increasingly shaped by family wealth, location, and access to flexible housing and financing options.
As a global real estate franchisor, REMAX proudly sponsors the report as it sheds light on how housing access is changing for AANHPI households and the broader market.
“This year’s report shows real barriers that exist for AANHPI communities from limited supply to rising insurance costs,” said Chris Lim, REMAX President and Chief Growth Officer. “For real estate professionals, these insights can help support more informed conversations and provide guidance that reflects the needs of today’s diverse and evolving buyers.”
As affordability, access and opportunity continue to evolve, the State of Asia America report highlights structural changes that are likely to persist. Understanding these trends can provide helpful context for buyers, sellers and real estate professionals navigating a housing market shaped less by cycles and more by long-term constraints.
Written by Keri Henke
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