Brief The Financial Health of Detroit Residents
Diana Elliott, Caroline Ratcliffe, Emma Cancian Kalish
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Detroit has weathered several economic shocks over recent decades, creating a complicated landscape for the financial health of its residents and the city as a whole. The city’s economy depends upon financially healthy residents. This brief uses credit bureau data to examine Detroit residents’ financial health through credit scores, debt profiles, and delinquencies. Sixty-six percent of Detroit residents have a subprime or no credit score, only 19 percent have healthy credit, and 68 percent have delinquent debt. City-level programs and policies could be implemented to help Detroit’s residents improve their financial health.
Research Areas Wealth and financial well-being Neighborhoods, cities, and metros
Tags Asset and debts Credit availability Financial products and services
Policy Centers Center on Labor, Human Services, and Population
Cities Detroit-Warren-Dearborn, MI Indianapolis-Carmel-Anderson, IN Milwaukee-Waukesha, WI Pittsburgh, PA Rochester, NY Toledo, OH