Northwest Wayne News

Mayor Mike Duggan and the University of Michigan Poverty Solutions have announced a significant increase in home wealth for Detroit's Black homeowners over the past nine years. According to a new study released by the University of Michigan, Black homeowner-occupants in Detroit accumulated $2.8 billion in added home value between 2014 and 2022, representing an 80% increase during that period.

Mayor Mike Duggan praised the efforts of Detroit residents in stabilizing and strengthening neighborhoods, stating, "The $3 billion in new home wealth they have created and earned is a direct result of their dedication and hard work."

Ken Scott, past President of the Greater Detroit Realtist Association, acknowledged the positive trend in Detroit's home values, particularly for Black families, saying, "Black owned homes are rising in value and Black families are gaining the most family wealth."

The study also highlighted the impact of programs like Detroit’s ARPA-funded Down Payment Assistance Program, which has helped create nearly 500 new homeowners in Detroit, with a majority being Black. Scott commended such initiatives for making homeownership more accessible and affordable.

Additionally, the study revealed that neighborhoods with the lowest property values in 2014 experienced the greatest increase in home values by 2022. Mayor Duggan attributed this neighborhood rebound to committed residents and city employees who worked on various improvements, such as park renovations, removal of dangerous vacant homes, and commercial blight removal, contributing to the rise in home values.

Furthermore, the reduction in tax foreclosures in Detroit was identified as a crucial factor in the net wealth gain for homeowners. The City, along with partners like the Rocket Community Fund and United Community Housing Coalition, has significantly reduced tax foreclosures, providing assistance to thousands of longtime Detroit homeowners.

The study's findings demonstrate a positive trend in Detroit's real estate market, with Black homeowners benefiting significantly from the increase in home values. The collaborative efforts of residents, city officials, and partner organizations have played a key role in fostering this growth and creating a more prosperous future for Detroit's communities.