Opportunity Zones Beneficial for Investors

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Key Highlights

  • ATTOM Data Solutions Q1 2021 Opportunity Zones Report indicates median home price increases in 75% of Opportunity Zones
  • 66% of opportunity zones saw at least 10% increase

What Are Opportunity Zones?

Opportunity Zones are defined in the Tax Act legislation of 2017 as census tracts in or adjacent to low-income neighborhoods that “meet various criteria for redevelopment” in all 50 states, the District of Columbia and US territories.

The US Census Bureau defines census tracts as areas that cover 1,200 – 8,000 residents with an average of some 4,000 residents.

Median Home Price Increases in 75% of Opportunity Zones

Median home prices in 75% of the country’s qualified low-income Opportunity Zones increased during Q1 2021, according to ATTOM Data Solutions’ Q1 2021 Opportunity Zones Report.

ATTOM’s latest quarterly Opportunity Zone Report indicated that median home prices jumped at least +10% in nearly 66% of all the zones analyzed.  These percentages mirrored price increase trends in areas outside of Opportunity Zones.

States with Most Zones Where Median Home Prices Increased the Most

States with the largest percentages of zones where median prices increased the most on an annualized basis during Q1 2021 included:

  • Arizona – +84% of zones
  • Idaho – +83% of zones
  • Oregon – + 83% of zones
  • Nevada – +82% of zones
  • Michigan – +82% of zones

Investors, Check Out Opportunity Zones Where Median Prices Nearly Doubled

Opportunity Zone                Q1 2020         Q1 2021

County, State                      Med. Price     Med. Price

4507511400                           $68,000          $135,750

Orangeburg County SC

13121006300                        $99,000          $197,500

Fulton County GA

48215021701                        $127,187       $253,530

Hildalgo County TX

26053950600                        $$27,500       $54,788

Gogebic County MI

3915355700                         $31,901          $63,500

Summit County OH

50023955200                        $93,000          $185,000

Washington County VT

18039000302                        $93,750          4186,400

Elkhart County IN

34017010800                        $242,500       $480,000

Hudson County NJ

40021978100                        $98.000          $193,500

Cherokee County OK

47001021000                        $76,00             $150,000

Anderson County TN

To see the other top counties in which Opportunity Zone median prices nearly doubled, click

https://www.attomdata.com/news/market-trends/figuresfriday/top-50-opportunity-zones-ripe-for-investors/

43% of Zones Had Median Prices Less than $150,000

Even with increases in median home prices, 43% of the 4,579 Opportunity Zones analyzed by ATTOM for this Q1 2021 report had median home prices below $150,000.

This report confirms that the impact from the COVID pandemic hit hardest among lower-income communities.

 

Thanks to ATTOM Data Solutions

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