This article uses data from the American Housing Survey to examine Asian American wealth through home equity, which is the most important asset held by many households. We also analyze ethnic variations in housing assets and the impact of the Great Recession on subgroups. Our analysis finds that non-Hispanic whites had greater equity than Asian Americans after adjusting for geographic differences; Chinese-born Asians have the highest and Philippine-born and Southeast Asians have the lowest home equity within ethnic variations; and the recession impacted all Asian subgroups, but affected Philippine-born Asians the most.