courtesy of Belong Lending
As of 2023, the homeownership rate among Black residents in Detroit stands at approximately 49.7%, compared to 57.9% for white residents, highlighting a persistent racial gap in homeownership within the city. This disparity is even more pronounced when considering that Black residents constitute about 77% of Detroit’s population.
Initiatives such as Detroit’s Downpayment Assistance Program (DPA), launched in 2023, have demonstrated success in promoting Black homeownership. The program provided up to $25,000 in assistance and facilitated home purchases for over 300 Detroit residents, with 93% of recipients being African American…