Detroit homeownership wealth grows to $4.6 billion since 2014
The Brief
Detroit homeowners are feeling the payoff as home values have increased.
Mayor Mike Duggan says the city's homeownership wealth grew to $700 million last year.
Duggan hopes that trend continues under the next mayor.
DETROIT (FOX 2) - A neighborhood on Detroit's east side on 8-Mile is where Sonya Davenport lived for more than 30 years, and now, it's paying off.
"I stayed first because that was my mother's home and I was getting older and I knew I was going to retire," Davenport said. "I feel great. I feel great about that. It's really about time. We've really been waiting on our property values to go up."
By the numbers
During a news conference, Mayor Mike Duggan revealed a University of Michigan study found the city's homeownership wealth grew to $700 million last year.
It's jumped to $4.6 billion since Duggan took office in 2014.
"When an 83% African American community elected me, I felt like there was a real responsibility to deliver," Duggan said. "I'm very pleased to say that of the $4.6 billion in wealth gained — $3.2 billion — almost three-quarters has been gained by African American homeowners."
City Councilman Fred Durhal III says initiatives like Motor City Match, the demolition of abandoned homes, and a push to revitalize parks have contributed to increasing Detroit's property wealth, which helps build generational wealth.
"We are coming back here in the city of Detroit," said Durhal. "I am confident that if we stay at this pace and if we continues to push forward, we will reach greater heights in the city of Detroit."
U-M Professor Jeremy Morenoff worked on the study.
"This was not just about the wealthy neighborhoods getting wealthier. This is about raising all boats; but especially those that started out with the lowest property values," Morenoff said.
What's next
Duggan said he is proud of the increase in homeowner wealth. He hopes that trend continues under the next mayor.
The Source
FOX 2 used information provided by Detroit city leaders and talked to homeowners.
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