Tuesday, March 21, 2017

Decline and fall: More renters than homeowners in Detroit

Grixdale in Detroit
There is a revival of Detroit going on--although it is centered on downtown and Midtown. The decline and fall continues in most of the city.

From the Detroit Free Press:
As of 2015, the latest Census estimates available, about 53% of Detroiters were renters, not owners. Exactly when renters became the majority is not clear — just sometime in the past few years. The issue began to percolate earlier this month with a report by Detroit Future City.

Decades ago, Detroit was renowned as a place where working-class folks could own their home. Black residents enjoyed some of the highest homeownership rates in the nation. But the Great Recession and collapse of the housing market almost 10 years ago saw more than 100,000 Detroit homeowners fall into foreclosure.
From my post at Da Tech Guy:

I walked its streets--the tragedy of Detroit

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