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. And that's especially true for Black residents. A University of Michigan Poverty Solutions study released Tuesday 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. Mayor Mike Duggan says the comeback of neighborhoods in the city means “new generational wealth” for Black homeowners. Detroit filed bankruptcy in July 2013 and exited it in December 2014.
