Detroit Future City has new resource guides on navigating the process of obtaining a mortgage and a catalog of loans and payment program options for prospective homebuyers.
Homeownership is key to building Black wealth but Detroit buyers are challenged by more than mortgage denials.
Mortgage applications from Black homebuyers in metro Detroit were more likely to be denied, with nearly 40% of Black applicants facing rejection, compared with 18% of white homebuyers.
Land contracts are alternatives to getting a mortgage, but they carry risks that buyers should be aware of.
The pilot build of a single-family home in Detroit’s Islandview is anticipated to be the first state-funded, 3D-printed house constructed in Michigan
In housing markets like Detroit’s, scarcity of credit means prospective buyers who are unable to obtain mortgages must turn to cash sales or land contracts, which bring risk but also the potential reward of homeownership.
A coalition of local housing advocates is calling for an end to tax foreclosures and the systematic overcharging of Detroit homeowners. Additionally, they want a plan to compensate Detroiters who have lost out.
New Detroit Future City reports show a 188% increase in home mortgage applications between 2012 and 2021.
Season three of HGTV’s Bargain Block will be out this summer. But even national airtime can’t bypass Detroit’s homebuying stressors.
In celebration of hip hop’s 50th anniversary this year, One Detroit contributor Bryce Huffman takes a deep dive into the history of Detroit hip hop and how it’s still evolving today.