Despite years of urban decay and crime, Detroit's homeowners have seen considerable financial growth, with a recent study revealing an increase of $4.6 billion in housing wealth over the past decade. In 2023 alone, homeowners gained $700 million, contributing to a total wealth surge of 112% since 2014. Mayor Mike Duggan emphasized the importance of community resilience, urging residents who remained through tough times that their perseverance has led to substantial generational wealth, reflecting the city's slow but positive transformation since declaring bankruptcy in 2014.
Detroit's homeownership wealth surged to $4.6 billion over the past decade, illustrating a remarkable turnaround for a city long viewed as failing.
The new study shows homeowners in Detroit saw a $700 million wealth increase in 2023 alone, marking a significant 10% growth in just one year.
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