Home values rising in Detroit, especially for Black homeowners, study shows

DETROIT — Home values in Detroit — especially for Black residents — have increased by billions of dollars in the years following the city's exit from the

“For decades, Detroit’s homeowners saw their family wealth evaporate as home values declined," Mayor Mike Duggan said Tuesday at a news conference announcing the study's findings. "Now, those who stayed, most notably Black homeowners, have gained nearly $3 billion in new generational wealth because of our city’s neighborhoods comeback.”“When I got sworn in 10 years ago there were 1,000 people a month leaving this city,” Duggan added.

Helping the turnaround has been a 95% reduction in tax foreclosures since 2016 across Detroit, according to the study.Black homeowners represented 82% of all housing wealth generated in 2014 and 77% in 2022, according to the study. Over the past few weeks, two rating agencies also have raised Detroit’s credit rating to investment grade.

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