Home values increase in Detroit for those who lived during bleak times

The home values in Detroit may be increasing, leaving some homeowners feeling like they have won the lottery. 

What they're saying:

The increase is a bonus for residents who remained in the city when times were bleak in the Motor City.

"I stayed through the tough times, and now I’m reaping the benefits of that reward now," said homeowner George Preston. 

"If you knew what we pay for our home, we have actually had a 500% increase," said homeowner Grace Moore.

Detroit Mayor Mike Duggan held a press conference on Tuesday explaining why owning a home in Detroit is paying off year after year.

"We are in a remarkable situation in that home prices in Detroit have grown 42% in two years largest we’ve ever seen in history," said Duggan.

The news comes as the notice of proposed 2025 assessments is being mailed to homeowners. Officials say the average home value increased from 2024 to 2025 by nearly 20% and nearly all Detroit neighborhoods saw significant gains.

"With this year’s growth, the total residential property values are over the $10 billion level for the first time in 25 years," Duggan said. "And the good news is, under the Michigan Constitution, your property taxes are only going up of 3%."

City leaders understand that despite the rising values, some homeowners may question their proposed assessments. If you have questions, an appeals process is available.

For many residents, this good news also equals generational wealth.

The Source: FOX 2 used information from Detroit Mayor Mike Duggan. 

Detroit