Asians Face Home Buying Obstacles, Study Says

A recent study dispelled a common misconception that Asian Americans are integrated so closely into American society that they don't need help with home buying.

The second fastest growing ethnic population faces significant barriers including language and cultural barriers and a lack of knowledge about the home-buying process, the survey by UCLA's Asian American Studies Center revealed.

According to the 2000 U.S. Census, American Asians now number 12 million or 4.5 percent of the total U.S. population, a number that is expected to triple by 2050. Yet national Asian American home ownership rates fall behind that of non-Hispanic whites by about 20 percent, the study said.The study was supported by funds from Freddie Mac and Bank of America

Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 1, 2/05