It turns out the recent Census data recently blogged about on 8Asians had some additional interesting information buried in the numbers. With the recession, it was no surprise that the home ownership rate in the U.S. has dropped as scores of homes have been foreclosed upon. The surprising statistic is that Asians have fared worse than any other category, with the largest drop in home ownership. Home ownership for Asians fell 1.24% in 2008, compared with 0.88% for blacks, 0.80 for hispanics, and 0.40 for whites.
It was surprising because it’s generally assumed that Asians tend to earn more than other minority groups and have less debt. There’s some belief the larger decline in the Asian community has to do with a regional effect. With California as one of the hardest hit by the foreclosure crisis, it’s believed Asians are harder hit because the largest population of Asians lives in this state.