Language and cultural barriers are the biggest obstacles facing Asian-American home buyers, according to a recent survey of real estate professionals conducted by the UCLA Asian American Studies Center. A lack of knowledge about the home-buying process came in at a close second.

“Often referred to as the ‘model’ minority group, one which has fully assimilated into American society, the study helped to dispel several misconceptions about the Asian-American community, including there not being a need for home-buying assistance,” said John Wong, president of the Asian Real Estate Association of America. “The results of this study demonstrate the current void of programs within the real estate industry designed to reach this underserved population.”

“The Asian consumer presents a great business opportunity for real estate professionals,” Wong said.

The survey of real estate professionals was one component of a national study entitled, “Dispelling the Model Minority Myth,” commissioned by the Asian Real Estate Association of America to identify challenges facing Asian-American home buyers.

According to the 2000 U.S. Census, Asian Americans remain the second-fastest-growing ethnic population, numbering more than 12 million or approximately 4.5 percent of the total U.S. population. This group is expected to triple in size by the year 2050. Yet despite evidence of a prosperous community, national Asian-American home-ownership rates fall behind that of non-Hispanic Whites by approximately 20 percent.

The study was conducted with financial support from Freddie Mac and Bank of America.

***

What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription