Home values rising in Detroit, especially for Black homeowners, study shows
DETROIT (AP) — Home values in Detroit — especially for Black residents — have increased by billions of dollars in the years following the city’s exit from the largest municipal bankruptcy in U.S. history, according to a study released Tuesday.
The University of Michigan Poverty Solutions report says added home value for Black residents increased 80% between 2014 and 2022.
For Black homeowners, estimated home values rose from $3.4 billion to $6.2 billion over that period, while the net value of all owner-occupied homes in the city increased from $4.2 billion to $8.1 billion.
“For decades, Detroit’s homeowners saw their family wealth evaporate as home values declined,” Mayor Mike Duggan said. “Now, those who stayed, most notably Black homeowners, have gained nearly $3 billion in new generational wealth because of our city’s neighborhoods comeback.”