Detroit Market: Keys Unlock Dreams Initiative

Jung Hyun Choi, Gideon Berger, Janneke Ratcliffe, Laurie Goodman, Peter J. Mattingly, Linna Zhu, John Walsh, Daniel Pang

September 28, 2021

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Abstract

This chartbook provides a comprehensive overview of racial disparities in homeownership in the Detroit MSA by analyzing household socioeconomic characteristics, mortgage and credit, home prices, and housing supply in Detroit that are all related to the lower Black homeownership rate and housing wealth in the region. It aims to help local decision makers identify and evaluate solutions to racial housing wealth disparities in the area and to offer metrics and benchmarks toward progress.

Executive Summary

Once colloquially called the “Motor City” for its booming auto industry, Detroit has for decades faced population loss, disinvestment and a lack of new construction because of this population loss, aging household infrastructure, and exclusionary housing policies that perpetuate gentrification and distress in the city’s housing market for Black households. Throughout the Detroit metropolitan statistical area (MSA), Black households, for example, have significantly lower homeownership rates and live in lower -price homes relative to Asian, Hispanic, and white households.

To evaluate these trends, this chartbook provides a comprehensive overview of racial disparities in homeownership in the Detroit MSA by analyzing household socioeconomic characteristics, mortgage and credit,home prices, and housing supply in Detroit that are all related to the lower Black homeownership rate and housing wealth in the region. The figures and tables aim to help local decisionmakers identify and evaluate solutions to racial housing wealth disparities in their area and to offer metrics and benchmarks toward progress. Key findings are summarized….

Detroit Market: Keys Unlock Dreams Initiative