In a bid to rejuvenate its population and boost economic growth, Detroit is offering substantial financial incentives to attract new residents. The city has launched a new initiative, offering up to $15,000 in cash to individuals who choose to move to, remain in, or invest in Detroit.

The program, aptly named ‘Make Detroit Home,’ aims to distribute just over $500,000 in total, but the funds are limited, meaning only a select few will benefit from this opportunity.

Approximately 300 individuals are expected to be chosen for the program, with a strong preference given to entrepreneurs and small business owners, highlighting the city’s focus on fostering local economic development.

Those who receive the funds can apply the money toward various needs, such as making down payments on homes, paying rent, undertaking home renovations, or even starting a business. The initiative underscores Detroit’s commitment to revitalizing its community through strategic investment in its residents.

Around 300 people are expected to be selected, with priority given to entrepreneurs and small business owners.

Successful applicants can use the cash for home down payments, rent, renovations or even to fund a business.

President and CEO of MoveDetroit, Hilary Doe, said participants will also receive access to industry and community events, park passes and discounts to local businesses.

‘We’re making history,’ Doe told the Daily Mail. ‘There has never been a city-wide effort of this magnitude, with this many organizations, all working together to grow Detroit’s population and economy.’

There are separate ‘Make Detroit Home’ initiatives for current and former residents of the Midwest city

Michigan Central in Detroit is now a Ford hub for mobility and community initiatives open to the public 

Make Detroit Home is not a publicly funded venture, Doe confirmed, meaning over 50 Detroit-based organizations ‘and counting’ joined together to finance the project.

Detroit-born founder of Rocket Mortgage, Dan Gilbert, serves as the chair of the MoveDetroit coalition.

‘For too long, we’ve been educating some of the most talented young people in the country, only to watch them leave to places like New York City, Atlanta, California, Seattle, Miami, and elsewhere,’ Gilbert said. 

‘Our city and state has basically been running a free training program for other cities. At our largest universities, we are losing nearly half our graduates,’ he added. ‘But today, we’re flipping that equation.’  

Major businesses like Rocket Mortage, Google, Fifth Third Bank, Henry Ford Health, Birdstop and StockX all have a presence in Detroit. 

The amount of money new residents will receive varies based on application type. Selected remote workers making the switch to Detroit will receive $1,000 to soften any relocation costs. 

Chosen applicants who are already living in the city will be offered $15,000 to be used ‘towards a business investment/work project, down-payment, home renovation or other housing subsidy.’ The same offer applies to former Detroiters who are returning to the area. 

‘We are going to keep the people who are already here. We are going to bring back those who left,’ Gilbert said. ‘And we’re going to attract the next generation of builders, creators, and entrepreneurs from everywhere, including the cities who stole our kids.’

Detroit has the free ‘People Mover’ downtown loop, as well as city-wide buses and bike-sharing

‘Our flagship program, Make Detroit Home, ensures that all Detroiters, current and future, are provided with opportunities to build their brightest possible future right here in this amazing city,’ Doe added.

Detroit, known as Motor City, has been a longstanding hub for auto manufacturing and industry investment – but the downfall of major carmakers, combined with the mortgage crisis, drove millions from their homes in the 2000s.

Less than two decades ago, one in five houses stood empty in the city, with foreclosed properties on deserted streets being sold for $1. 

Recently, however, the city has been seeing a drastic revival. Despite its reputation as one of the most violent cities in America, crime rates in Detroit have been consistently decreasing. 

Homicides, nonfatal shootings and carjackings are currently trending 15 to 30 percent below 2024, according to the Detroit Police Department.

‘Detroit’s progress in reducing crime shows what’s possible when the Court and our justice partners work together with purpose,’ Chief Judge William C. McConico said. ‘We’re not just improving outcomes today, we’re building a safer, stronger city for the future.’

Last year, the Midwest city also overtook St. Louis as the number one luxury housing market. 

Homes in Detroit’s luxury market are far cheaper than in most major metros. The most expensive homes in the area listed at around $720,000, compared to about $1.24 million nationally.