In light of May being Asian-Pacific American Heritage Month, the National Association of Realtors is creating a series of blogs to look at some demographic and real estate data regarding the Asian population. The first blog in the series is focused on the size of the Asian population and where they live.
In July 2015, the Census Bureau estimated there were 17.5 million Asians in the United States (5.5 percent of the U.S. population) and the population is expected to rise to 24.7 million (7.3 percent of the U.S. population) by 2030 and 39.9 million (9.3 percent of the U.S. population) by 2060.
While they reside across the entirety of the U.S., Asians are concentrated in California (31.3 percent), New York (9.1 percent), Texas (6.9 percent), New Jersey (4.5 percent), Hawaii (3.9 percent), Illinois (3.8 percent), Washington (3.5 percent), Florida (3.4 percent), and Virginia (3.1 percent).
California is an especially popular destination among Filipinos; in 2014, 46.4 percent of Filipinos in the U.S. resided in California. California also had the largest amount of Koreans and Vietnamese compared to any other state by a wide margin (the closest state being Texas with 24.5 percent fewer Koreans and 23.3 percent fewer Vietnamese).
Asian households have one of the highest median incomes, so the fact that the Asian population is expected to increase its share of the overall population by five percent in the coming decades could have significant repercussions on the real estate market.
To see the full report and to view accompanying charts, follow the link below.
