Black homeowners seeing Detroit property values surge
Newsy
Rising home values, including an over 800% jump in one community, is good news for some but puts ownership out of reach for others.
A new study from University of Michigan Poverty Solutions showed that Detroit's Black homeowners gained $2.8 billion in home value during the span from 2014 to 2022.
The net value of these homes increased 80% during this timeframe, outpacing the national average of 70% during the period.
The study analyzed what impact the city's municipal bankruptcy would have on communities and whether growth would be equitably distributed.
“There has been a huge shift for the better in Detroit’s home values, driven largely by the improvements being made in neighborhoods. My fellow Realtors and I have been seeing this shift for years. Black-owned homes are rising in value, and Black families are gaining the most family wealth,” said Ken Scott, past president of the Greater Detroit Realtist Association. "And while home values have risen dramatically, there is a lot of growth yet to come. Detroit homes are beautiful and dollar-for-dollar still a great value.”
Most notably, communities with the lowest values had the highest increase. Housing values in Detroit's poorest communities increased nearly 300% from 2014 to 2022.
