L.A. Koreans Lag Other Groups in Economic Indicators

[chosun79]

A recent report on Korean Americans that populate Los Angeles County dispels notions of a "model minority." The study shows that Koreans lag other ethnic groups in homeownership and fall behind other Asians in income. Korean Americans also experienced a higher rate of isolation because of language barriers, according to the report.

In homeownership, Koreans ranked 16th among 21 ethnic groups who owned homes in Los Angeles county, according to a report by the Asian Pacific American Legal Center in Los Angeles, which studied 2000 census data. Only 33 percent of Koreans owned their abodes. They lagged behind blacks and Latinos who owned homes at a rate of 37 percent and 38 percent, respectively. An average of 50 percent of Asian Pacific Americans and 48 percent of American households owned homes. Taiwanese topped the list of those who owned homes at 69 percent.

The study also showed that the average Korean household earned $35,594 per year, less than the average income of Asian Americans, which was $47,406. The average income of an individual Korean was $18,127 per year, while the average Asian Pacific American earned $20,138.

A large percentage of Koreans were also handicapped when it comes to speaking English. Some 59 percent of Koreans had a difficult time speaking English, while 43 percent of Asians in general expressed difficulty. Non-English speaking households were more prevalent among Koreans than in other Asian homes. Nine out of ten Korean families spoke Korean only at home whereas in other Asian families, 79 percent said they used a language other than English.

More Koreans were also foreign-born compared to other Asians. The study found that 75 percent of them were born in Korea, while 66 percent of other Asians were born outside the United States. This finding suggested that Koreans were immigrating at a higher rate than other Asians. They ranked 6th among Asian groups in terms of rate of immigration.

In naturalization they ranked 12th, as 46 percent of them were U.S. citizens. The highest rate of naturalization was shown by the Vietnamese, 67 percent of whom held citizenship.

More than half of the Korean population in the county lived in Los Angeles. But Cerritos was the city where the Korean population was most concentrated, making up 17 percent of the city’s population. There are approximately 186,000 Koreans in Los Angeles County.

-Korea Times
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THE KEY TO IMMORTALITY IS LIVING A LIFE WORTH REMEMBERING

[chosun79]

hmm I always thought most Koreans were middle class even though I grew up poor ... I blame the Ktown curse of driving expensive cars yet still living in a sh!thole off Alvarado ...
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THE KEY TO IMMORTALITY IS LIVING A LIFE WORTH REMEMBERING

[jO3]

Come to Orange County, and all the Koreans own the homes... I guess it's just in LA, huh?
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[Shut Up and Die Quietly]

If someone was taking a poll about financial income, it probably made a lot of the people being interviewed nervous. The figures that were mentioned are most likely numbers that can be "documented". Go to any night club or cafe in k-town. It's like the LA Car Show there. I highly doubt that all those high-line cars are being paid for on a $35k a year salary.

Parental support, jobs from Korean businesses, and other questionable means are all CASH forms of income. Un-documentable.

That doesn't mean that there aren't any broke Koreans. But those numbers don't corroborate the lifestyle being lived in K-town.

If they did, then the stereotype of Koreans driving $30K+ cars and living in some ghetto complex is true.

Oh, as far as homeowners in Los Angeles go, do these people have any idea what the market rates for houses have been in the past 4 years? Even with a low interest rate, it would be suicide to commit to a 30-year loan with a home that's over valued. In 5 years, when the housing market takes a dump, that homeowner that bought a house at 6 percent with an inflated principal is gonna be upside down in equity. Considering most home loans are structured with with first 10 years paying off interest, that leaves a negative equity value on the property.

Can you say, "Foreclosure?"

[KraGiE]

Yeah, all the well off koreans move to OC, specifically anaheim hills, fullerton, la mirada, irvine, and tustin. A lot also move up to topanga canyon, northridge, and woodland hills.

Los Angeles (especially ktown) tends to be over-priced for the quality of life. Even pasadena or down to any of the other great cities, a lot of people move out of LA even though they work there. Koreans have really migrated towards suburbs on the outskirts of LA to find their homes.

Usually, if you see a top 20 HS for the state.. you'll find a flock of koreans.
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[Wyckd]

LA is like.. the ghetto county in all of california..

this is where the poor koreans that dont speak english and never will go and learn english come to live... of course, there are still some 1st generation koreans that do speak english... VERY RARE

but... los angeles is beautiful...
:*)
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[gHeTToAzNsOuLjAh]

avg american family earns 49 g's a yr. avg asian earns 52 g's, avg hispanic and black earn 29 g's a yr. for asians...avg japanese family earn the most of around 67 g's, then filipino family earning 63 g's, then chinese earning 56 g's, then korean and vietnamese around the same. one reason for japanese family success is b/c most of the parents can speak english well since they were born here and have corporate business jobs. a reason for the avg filipino family earning more then a avg korean family is b/c of working moms. 76% of filipino moms grad from a 4 yr university in the philippines (usually in medicine/bio) and are usually nurses here in the states compared to only 34% of korean moms graduating.
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[jO3]

[BiLLClintn]

You know why blacks/latinos own more adobes then Korean people? Cause there are 6 people (3-4 working adults) in the family.

I don't know about the statistics, but my family sure as hell doesn't fall in the category.

Home purchase- 6 years after immigration
Business purchase - 3 years after immigration
Annual income - 100,000+