April 5, 2019. This article discusses the release of a study by Global Detroit that demonstrates potential for immigrants to help stabilize Detroit neighborhoods through homeownership. The article goes on to highlight that Global Detroit is advocating for investments that would provide immigrants with resources such as financial literacy training to help reduce the barriers of immigrants becoming homeowners, which include less knowledge about credit scores and lower usage of bank accounts. The author goes on to note that the study uses data released by FPI and the Welcoming Economies Global Network that illustrated how immigrants were the only growing source of population in many Rust Belt cities.
Global Detroit, a regional economic development initiative, released a study chronicling new potential for immigrants to help stabilize Detroit neighborhoods.
The study, “Immigrant Housing in Detroit”, focuses on barriers that may lower homeownership rates among immigrant Detroiters, including significantly less awareness of credit scores and lower usage of bank accounts.
According to research, immigrant Detroiters are just as eager to become homeowners as non-immigrant residents.
That study, conducted with the Fiscal Policy Institute and released by the Welcoming Economies Global Network, documented how immigrants were the only growing source of population in most Rust Belt cities.
While, individually, immigrants have lower incomes than non-immigrant Detroiters, their households tend to have more wage-earners per household. This gives immigrant families slightly higher household incomes and resources for homeownership.
Click here to read the full article on The Arab American.