Property Values Surging In The Unlikeliest Of Midwestern Cities [Yahoo! Finance]
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Source: Yahoo! Finance
Today's Motor City is on the rise, and local property values are surging. This is especially true for Detroit's predominately Black neighborhoods, which disproportionately bore the brunt of the city's decline in the 1970s, 1980s and 1990s. A recent University of Michigan Poverty Solutions Report shows that home values increased by 80% in Detroit's African American neighborhoods between 2014 and 2022. That translates to a multi-billion dollar increase in total value for Detroit's Black homeowners, who saw the combined value of their property rise from $3.2 billion in 2014 to $6.2 billion in 2024. That's especially important in a city where the Black population is about 75% of the total population. However, the property value gains are citywide. During the same period from 2014-2022, the total overall property value in Detroit rose from $4.1 billion to $8.1 billion. That's almost a 100% increase in property values citywide. It is a welcome switch from the situation in Detroit 11 yea
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