DETROIT (WXYZ) — Detroit homeowners are gaining $1.4 billion in wealth in 2024, with a focus on neighborhoods growing.
The statistics are coming from housing market sales over two years from more than 200 neighborhoods.
The mayor says a nearly 20% increase in home values is something to celebrate, but individual taxes will still be kept affordable.
From the east side of Detroit to the mayor’s office, it’s being called a new wave of wealth being created in the form of home values rising by 19% since 2023.
“If you knew what we paid, we actually have had a 500% increase,” said Grace Moore, who has lived in Detroit for 45 years.
Moore and her husband Francois are among those seeing nine straight years of rising home values.
“We had vacant houses all around us before. There’s not a vacant house around us now,” Grace Moore said.
See the city's presentation on the 2024 report below:
2025 Detroit Proposed Property Assessment Changes by WXYZ-TV Channel 7 Detroit on Scribd
I crunched the numbers, which show an average of more than $5,600 per home. The mayor attributes that to better public safety, improved parks and more.
“The Michigan Constitution says taxes can only go up with inflation. This is the ideal circumstance. Now, people want to come in. Neighborhoods are stable and we’ve sold 25,000 side lots,” Detroit Mayor Mike Duggan said.
The mayor says generational wealth is being built by Detroiters who never gave up during tough times, pointing to neighborhoods like Brightmoor, Martin Park and Pingree Park, ranging from roughly a 25% increase to more than 50%.
On the flip side, Duggan and council leaders say individual tax increases are capped by state law at 3.1%, meaning costs remain affordable for current homeowners like George Preston, who stayed in the city while others left.
“I’ve seen some changes, but I’ve always been comfortable there,” said Preston, a Detroit resident of 60 years.
Lifelong Detroiter Ronald Foster said he’s seen more people moving to Detroit to raise families.
“Absolutely. People feel more confident and secure looking for communities, not just pockets in downtown,” Foster said.
The city plans to send notices of proposed assessment changes this week.
In the case of Preston’s choice to remain living in the city for 60 years, there’s nothing better than his home tripling in value. But he says it’s also about taking pride in where you call home.
“We have isolated incidents like anyplace else, but it’s always been safe and my wife is comfortable there. We raised children there and stayed,” Preston said.
With the cap on property taxes part of the state constitution that keeps pace with inflation, a new home buyer would pay more for taxes when purchasing at a higher price.
Starting Feb. 1, appeals can be filed on the city's website. For questions regarding assessments, email the Assessor's office at AsktheAssessor@detroitmi.gov.
