Home values rising in Detroit, especially for Black homeowners, study shows

abcnews.go.com:

Home values in Detroit have increased by billions of dollars in the years following the city’s exit from the largest municipal bankruptcy in U.S. history

DETROIT — Home values in Detroit — especially for Black residents — have increased by billions of dollars in the years following the city's exit from the largest municipal bankruptcy in U.S. history, according to a study released Tuesday.

The University of Michigan Poverty Solutions report says added home value for Black residents increased 80% between 2014 and 2022.

For Black homeowners, estimated home values rose from $3.4 billion to $6.2 billion over that period, while the net value of all owner-occupied homes in the city increased from $4.2 billion to $8.1 billion.

“For decades, Detroit’s homeowners saw their family wealth evaporate as home values declined," Mayor Mike Duggan said. «Now, those who stayed, most notably Black homeowners, have gained nearly $3 billion in new generational wealth because of our city’s neighborhoods comeback.”

With the city facing a budget deficit north of $300 million and debt of $18 billion or more, a state-appointed manager filed for bankruptcy in July 2013. Detroit exited bankruptcy in December 2014 with about $7 billion in debt restructured or wiped out. Since that time, the city has produced balanced budgets and surpluses, improved services and reduced blight.

Much of Detroit's improvements are visible in its vibrant downtown and Midtown areas, but increased home values were geographically dispersed in neighborhoods across the 139-square-mile (360-square-kilometer) city.

Neighborhoods among the poorest in 2014 — especially those with high concentrations of Hispanic and Latino residents — showed the most growth in home and property