World Property Journal
According to a special report by ATTOM Data Solutions that analyzed qualified Opportunity Zones established by the U.S. Congress in the Tax Cuts and Jobs act of 2017, found that roughly 80 percent of those zones had median home prices in the second quarter of 2019 that were below the national figure of $266,000 and that half had median prices of less than $150,000.
The report further compared Opportunity Zones to surrounding regions and found that median Q2 2019 prices in about one in four zones were less than 50 percent of the typical value in the Metropolitan Statistical Areas where they exist.
“Opportunity Zones are among the poorest areas of the country, with some of the lowest home prices. This should come as no surprise because the zones are designed to be in or alongside economically distressed neighborhoods,” said Todd Teta, chief product officer with ATTOM Data Solutions. “But the differences between these and other areas in most parts of the nation are stark. The numbers provide key benchmarks for how much room there is for these areas to grow and how much new investment they need.”
