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Black Homeowners in Detroit See Nearly $3 Billion Increase in Home Value
Detroit’s Home Values Surge
According to Yahoo Finance, Detroit, Michigan has good news for Black homeowners: their home value worth a lot more now. A report from the University of Michigan says they’ve gained almost $3 billion in home value from 2014 to 2022. This is after Detroit went through a big money problem in 2013 when it declared bankruptcy making it the biggest city in the U.S. and the mayor of Detroit, Mike Duggan says this growth happened because Americans in the city worked hard to make their neighborhoods better. He also mentioned that fewer homes were being taken away because of unpaid taxes which helped increase the overall wealth in the city. Duggan praised the efforts of neighborhood groups saying they played a big part in creating this new wealth by working together for nearly a decade.
Ken Scott a former leader in Detroit‘s real estate community also had good things to say. He pointed out that Black families in particular have seen a big increase in home value which means they now have more money. Scott believes there’s still room for even more growth in Detroit‘s housing market because homes there are still a great deal. The report also found that neighborhoods with the lowest home values in 2014 saw a huge increase by 2022 with lots more homes being sold too.
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$3 Billion in Home Value Gained by Black Homeowners in Detroit – What You Need to Know About the Report of University of Michigan! (PHOTO: Poverty Solutions – University of Michigan)
Home Values Soar in Detroit‘s Struggling Neighborhoods
Furthermore, the report showed that neighborhoods in Detroit where homes were worth the least in 2014 saw the biggest increase in value by 2022. This means even places that were struggling before are now doing much better. Also the number of homes being sold went up a lot during this time which is another sign that Detroit‘s housing market is getting stronger. These findings paint a positive picture for the future of Detroit showing that efforts to improve neighborhoods are paying off for residents across the city.
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