July 14, 2023
In this Black Enterprise article, Sharelle Burt shares how the economic status of the city of Detroit is turning around thanks to Black homeowners, and included data from Detroit Fure City’s Black Homebuyer Demand brief, sharing:
In 2022, the city saw more homeowners than renters for the first time in 10 years, and data from Detroit Future City shows that’s because Black potential homebuyers are making those purchases happen. The report shows an 188% increase in mortgage applications between 2012 and 2021—an increase from less than 4,000 to more than 10,000. Analysts say the application increase reflects neighborhood investments and homebuyer initiatives following the City of Detroit’s 2013 bankruptcy.
