A new study from the University of Michigan shows Detroit homeowners gained $700 million in home wealth in 2023 alone, pushing their total increase over the last 10 years to a staggering $4.6 billion.
The report, “The Growth of Housing Wealth in Detroit and its Neighborhoods: 2014–2023,” highlights a nearly 10% rise in homeowner wealth in just one year. Since 2014, the net value of owner-occupied homes in Detroit has jumped 112%, from $4.2 billion to $8.8 billion.
Black homeowners have seen the greatest impact—accounting for 75% of the decade’s total gains. Their net housing wealth nearly doubled, growing from $3.4 billion in 2014 to $6.6 billion in 2023, according to the study.
“In my first State of the City Address in 2014, I asked Detroiters thinking about moving out to give us some time to show we could work together to turn our cityaround,” said @mikeeduggan . “This study tells those who made the choice to stay that their patience and hard work have been rewarded and as a result are now building significant generational wealth.”
