The city of Detroit is celebrating this week as it’s reached another major milestone for the city’s Black homeowners.
Nearly $3 billion has been added in home wealth since 2014 for those who stayed in the city, according to a new study by the University of Michigan. The study was led by Professor Jeffrey Morenoff and showed the net-value of all occupied homes increased from $4.2 billion in 2014 to more than $8 billion in 2022.
“Our abandoned homes, we don’t have any anymore in Russell Woods,” Morenoff said. “We had plenty. Land Bank came in, took up a lot of those empty homes, and they’ve rehabbed them. People have bought them, moved in. It’s a prime property now. People are fighting to get into this neighborhood that people were walking away from just a few years ago.”
The study also shows that neighborhoods that were at their lowest point in 2014 have risen the most in value.
