Detroit Homeowners Gain $700M in Wealth in 2023, Totaling $4.6B Since 2014

A recent University of Michigan study reports that homeowners in Detroit gained $700 million in wealth in 2023, contributing to a total increase of $4.6 billion over the past decade. Black homeowners have experienced the most significant benefit, accounting for 75% of the total gains, with their home values nearly doubling from $3.4 billion in 2014 to $6.6 billion in 2023. Mayor Mike Duggan emphasized the importance of community patience and resilience during the city’s recovery, noting that initiatives aimed at revitalizing neighborhoods have played a crucial role in this growth. The study also highlights substantial increases in housing values in Latino neighborhoods, with some areas seeing an 862% rise in median home sale prices since 2014. Overall, the report reflects a broader trend of rising homeownership wealth among Detroit residents, particularly among historically marginalized communities. Officials express optimism that these trends will continue, further benefiting the city’s diverse population.