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In the recently released Choosing a Career in Real Estate: A Perspective on Gender, Race, and Ethnicity report, the income, business activity, and demographic characteristics of NAR members are compared side by side. White and Caucasian members make up the majority of survey respondents at 74 percent and Asian and Pacific Islander members comprise a small share at just six percent. Nevertheless, Asian and Pacific Islander members are a powerhouse when it comes to real estate sales. Seventeen percent of this group that worked exclusively in residential real estate made $200,000 or more in annual gross income in 2016, more than other ethnicities. For those that worked in residential and commercial real estate, 22 percent made over $200,000 in annual gross income.
Income
Of all ethnicities, 37 percent of Asian and Pacific Islander members specialize in both residential and commercial real estate, more than other groups. Just three percent exclusively specialize in commercial real estate and 60 percent in residential. Of the members that exclusively work in residential real estate, 64 percent receive 75 to 100 percent of their income from residential business activity (62 percent for all residential specialists). Of the members that work in residential and commercial real estate, 56 percent receive 75 to 100 percent of their income from residential business activity (53 percent for all specialists of both). Forty percent receive one to 25 percent of their income from commercial business activity (43 percent for all specialists of both). Asian and Pacific Islander residential-only specialists had the highest median gross income of $56,800 in 2016, compared to all ethnicities at $48,300. Dual specialists also had the second highest median gross income of $88,900 in 2016, behind White and Caucasian members at $100,000.
Thirty-four percent of Asian and Pacific Islander residential-only specialists had between one and five residential transactions and 19 percent had 21 or more transactions in 2016. Asian and Pacific Islander residential-only specialists had the second highest residential sales transaction volume at $1,882,400 in 2016. Twenty-four percent of this group sold $5 million or more last years in sales transaction volume—more than other ethnicities (16 percent for all residential-only specialists)—and 53 percent sold $1 million or more. Asian and Pacific Islander residential-only specialists had the highest median dollar value of residential sales transactions at $432,400 ($280,300 for all residential-only specialists). Twelve percent sold $1 million or more in 2016 (seven percent for all residential-only specialists). Fifty-one percent of Asian and Pacific Islander residential-only specialists sold homes in areas where the typical sales price was $500,000 or more in 2016 (20 percent for all residential-only specialists).
Demographics
Asian and Pacific Islander residential-only specialists had a median of 10 years of residential experience, 12 years for White and Caucasian members. Dual specialists had a median of 14 years of residential experience and eight years of commercial experience. Thirty-nine percent of Asian and Pacific Islander residential-only specialists are between the ages of 35 and 49 years old. Twenty-nine percent are 60 years or older, the second largest share after White and Caucasian members at 37 percent. Ten percent of Asian and Pacific Islander residential-only specialists work 60 hours or more, compared to 15 percent of White, Caucasian, Hispanic and Latino members. Twenty-two percent of dual specialists work 60 hours or more, compared to 25 percent of White and Caucasian members. Fifty-seven percent of residential-only specialists work in suburban areas, also the largest share of all the ethnicities. Sixty-nine percent are sales agents, the second largest after Hispanic and Latino members at 74 percent. Asian and Pacific Islander members are the most likely to have a graduate degree.