Researchers say more immigrant homeowners could help stabilize neighborhoods in Detroit.
That's according to a study released Wednesday by the economic development initiative Global Detroit.
Steve Tobocman is executive director of the group. He says research done by the group across the Midwest over the past decade found immigrant residents are an important part of creating thriving communities.
“Homeownership is a critical piece of that,” Tobocman said. “And understanding how we can best capture the ambitions and help immigrants pursue the American dream by becoming homeowners and investors in the communities where they are right now.”
Tobocman says helping immigrant Detroiters understand concepts like financial literacy is a path to homeownership.
“And this can really help stabilize neighborhoods that have seen lots of disinvestment, vacant housing; and where we can create stable roots and vibrant neighborhoods,” he said.
Tobocman says it's also important to create resources to help immigrant residents understand the U.S. banking system, and the use of credit scores and mortgages.
You can read the full Immigrant Housing in Detroit study here.