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Detroit — Figures released Friday show owner-occupied homes in Detroit gained $700 million in net value in 2023, nearly a 10% increase in one year and bringing total housing-related wealth gains to $4.6 billion in the past decade. The updated study by the University of Michigan Poverty Solutions provides annual data going back to 2014. On Friday, Detroit Mayor Mike Duggan and others touted that Black homeowners throughout the city and Latino neighborhoods have seen significant gains in the past decade. "This study tells us (that) those who made the choice to stay that their patience and hard work have been rewarded," Duggan said at the Friday press conference at the Northwest Activities Center. Black homeowner occupants have been among the "biggest winners," Duggan said. Since 2014, the value of Black-owned and occupied homes has nearly doubled, 94%, to total of $6.6 billion in 2023, Duggan said. Black homeowners continue to have the largest share of net housing wealth in the city, representing 75% of all housing wealth generated in 2023, the study found. The latest Census estimates show Black residents make up 76.8% of Detroit's population. Meanwhile, neighborhoods with high concentrations of Latino residents, especially in southwest Detroit, saw some of the largest increases in home values since 2014, the study found. Median home sale values grew the most in neighborhoods that were 45% or more Latino in 2014, which experienced a 329% increase in median home value as of 2023, the study found. One southwest Detroit neighborhood that saw huge growth was Condon. In 2014, the median home sale price was $7,500. In 2023, that price had soared to about $80,000, an 862% rise, according to the study. "It's such a blessing to have a home that increased so much in value, giving us a huge advantage in building generational wealth," said Mignon Padila, a Detroit resident, at the Friday press event. Another 10-year trend shows that increases in homes sale values were largest in neighborhoods that had the lowest property values and highest poverty rates in 2014. In communities that had lowest property values in the city, home values increased an average of 276%, a growth rate more than 2.75 times higher than that of neighborhoods with the highest property values. The UM study found that the 2023 growth in housing-related wealth was fueled by three main factors: a slight increase in median home sale value from 2022; a "relatively large growth" of 7% in the number of homeowners compared to 2022; and declining number of tax foreclosures of owner-occupied homes, which fell from 421 in 2022 to 192 in 2023. For the ten year change, Duggan and other city officials touted a dramatic reduction in tax foreclosures and large-scale efforts to eliminate vacant homes, clean up blight and improve public spaces from parks to streetscapes. laguilar@detroitanews.com Want to comment on this story? Become a subscriber today. Click here. This article originally appeared on The Detroit News: Detroit homeowners gain $700M in housing wealth in '23, UM study finds

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