By REALTOR Mag
Opportunity zones are proving to be a profitable investment to those who’ve turned to the tax break to redevelop low-income areas across the country.
Median home prices increased from the fourth quarter of 2019 to the fourth quarter of 2020 in 77% of opportunity zones with sufficient data. What’s more, median prices rose by more than 10% in nearly two-thirds of the areas—in line with growth seen in areas outside opportunity zones, according to a new report from ATTOM Data Solutions. The real estate data firm tracked 3,588 zones around the U.S. in the fourth quarter of 2020.
Congress established opportunity zones in the Tax Cuts and Jobs Act of 2017 to help revitalize low-income areas and offer investors significant tax breaks to those who do so over several years. More than 8,700 communities across the country have been designated ripe for revitalization and fall within “opportunity zones.”