The Metro: Detroit residents own more homes within city limits than investors, according to report
Rental ordinances have helped increase Detroit residents owning homes in the city — as well as outsiders scaling back their investments.
Homes built in Bagley had to be made of brick or stone.
The rising prices for single-family homes have made it harder for Americans to become homeowners. In Detroit, the current real estate market has led some prospective home buyers to blame investors and speculators for purchasing most of the city’s inventory.
But real estate investors are not as big of a factor as some would like to believe, according to a recent report.
In a Substack article titled, “Owned Away From Home,” out-of-state ownership of Detroit’s housing stock sits at 5%, aligning with the national average. The author of the report, Alex Alsup, joined The Metro to discuss his key findings.
“You’re seeing this increase of Detroiter-control of Detroit housing stock over the last few years.”
Alsup says rental ordinances have helped increase Detroit residents owning homes in the city — as well as outsiders scaling back their investments. Immigrant-heavy neighborhoods in particular have increased their levels of local homeownership.
Alsup believes a tax on vacancy and other policies could help improve home ownership and limit the number of speculators taking more inventory in Detroit.
“The push around the land value tax would certainly be a benefit there,” he said.
More headlines from The Metro on April 8, 2024:
- Drama within the Michigan GOP continues as party leader Pete Hoekstra continues battle with former chair Kristina Karamo.
- Detroit’s Chief of Infrastructure Sam Krassenstein on road closures around the city for NFL Draft preparations.
- Why many Muslims have been grieving during this year’s Ramadan. WDET’s Nargis Rahman reported on peoples’ experiences around metro Detroit.
- Why women’s college and professional basketball has been heating up as South Carolina beat Iowa to become national champions.
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