July 14th 2023.
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The city of Detroit is experiencing a dramatic economic turnaround thanks to an influx of Black homeowners. According to data from Detroit Future City, Detroit saw more homeowners than renters for the first time in ten years in 2022. Mortgage applications from potential Black homebuyers have increased 188% since 2012, going from less than 4,000 to over 10,000.
This has been attributed to neighborhood investments and homebuyer initiatives that were implemented after the city's 2013 bankruptcy. As a result, some towns close to Detroit, such as Warren and Eastpointe, have seen a 200% increase in loan applications from potential Black homebuyers. Meanwhile, towns further away, such as Romulus and Clinton Township, have become popular locations for new homeowners.
Jelani Bayi, a native of Detroit, was one of the many to take advantage of the newfound opportunity. After getting his bachelor's and master's degrees, Bayi decided to purchase a home in the city he loved. He was looking for a spacious, well-maintained property in a safe neighborhood with access to quality grocery stores, schools, and services.
He was able to find the perfect fit: a four-bedroom, two-and-a-half-bath home for $275,000. Bayi's realtor, Brittany Gardner of EXP Realty, attributes this to the partnerships formed to create incentive programs and long-term investments, which have helped bring the Black middle-class of Detroit back to the surface. Gardner cited the opportunity of equity, space, and the development of Detroit as reasons for the surge in home purchases.
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