Home values increase in Detroit for those who lived during bleak times

At a news conference on Tuesday, Detroit Mayor Mike Duggan gave an explanation of why house ownership in Detroit continues to pay off year after year.

DETROIT (FOX 2):It’s possible that Detroit’s rising property values have made some homeowners feel like lottery winners.

What they’re saying:

Residents who stayed in the city during the dark days in the Motor City will benefit from the rise.

Homeowner George Preston stated, “I persevered through the difficult times, and now I’m enjoying the rewards of that reward.”

“If you knew what we pay for our home, we have actually had a 500% increase,” Grace Moore, a homeowner, stated.

At a news conference on Tuesday, Detroit Mayor Mike Duggan gave an explanation of why house ownership in Detroit continues to pay off year after year.

“We are in a remarkable situation in that home prices in Detroit have grown 42% in two years largest we ve ever seen in history,” Duggan stated.

The announcement coincides with the mailing of homeowners’ notices regarding the projected 2025 assessments. According to officials, almost all Detroit areas had notable increases in housing values, with the average rising by almost 20% between 2024 and 2025.

“With this year s growth, the total residential property values are over the $10 billion level for the first time in 25 years,” Duggan stated. “And the good news is, under the Michigan Constitution, your property taxes are only going up of 3%.”

City officials are aware that some homeowners might have doubts about their suggested assessments in spite of the increasing values. There is an appeals mechanism available if you have any questions.

This good news also equates to generational wealth for many residents.

The Source: Detroit Mayor Mike Duggan provided information to FOX 2.