For the first time in nearly two decades, residential property values in the city of Detroit are seeing an increase. Mayor Mike Duggan announced property values rose 12 percent in 2018. It is expected that more people will be able to access credit that hasn’t been available to Detroiters in the past.
A Detroit City Council member reported that residential and commercial property values are seeing double-digit increases. One neighborhood that showed very strong numbers is Southwest Detroit with very few vacant houses in that area. Houses well-maintained, signaling a thriving community filled with businesses. Higher property values means an increase in taxes by 1 percent.
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