Detroit’s Black and Hispanic/Latino homeowners who stayed in the city since 2014 have added $3 billion in home wealth, according to a new study.
A new study released today by the University of Michigan Poverty Solutions found that Black homeowner-occupants in Detroit accumulated $2.8 billion in added home value between 2014 and 2022.
Neighborhoods with high concentrations of Hispanic/Latino populations, especially those in Southwest Detroit, also experienced some of the largest increases in home values over the nine-year time period, according to the study.
“There has been a huge shift for the better in Detroit’s home values, driven largely by the improvements being made in neighborhoods. 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 Detroit Association of Realtors and HUD certified housing counselor.
