Population. Affordable housing. First time homebuyers. And more. There's a lot going on and facing Metro Detroit, and Bank of America's president for Detroit joined me at the Detroit Policy Conference to talk about them for a bit....
Young Adults in Metro Detroit have a different notion of adulthood and finances than previous generations, and they’re also worried about the economy. In a report released by Bank of America and USA Today Better Money Habits, 18- to 26-year-olds in Metro Detroit as part of a national study had a lot to share. Although three-quarters (73 percent) of young adults in metro Detroit feel somewhat or very optimistic about their financial prospects, they perceive the economy here (60 percent) and j...
If you drive around the streets of Detroit, it’s pretty much inevitable that you’re going to see a home that could use repair. Often, the reality is traditional lenders such as banks do not make funds available inside America’s inner cities (for instance, less than 400 mortgages were written within the 139 square miles of the City of Detroit last year). So, Detroit is trying to fix its own problem – access to capital. One way to do this is through no interest loans to city residents. On the ne...
