Home Prices Well Below National Levels in Opportunity Zones
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by Brad Beckett
According to new report about Opportunity Zones from ATTOM Data Solutions, roughly 80 percent of the zones had median home prices in the Q2 2019 that were below the national figure of $266k and that half had median prices of less than $150k. In addition, they compared Opportunity Zones to surrounding regions and found that median Q2 2019 prices in about one in four zones were less than 50% of the typical value in the Metropolitan Statistical Areas in which they exist. Indeed...
“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.
Some key findings:
States with the highest percentage of census tracts meeting Opportunity Zone requirements include Wyoming (17%), Mississippi (15%), Alabama (13%), North Dakota (12%) and New Mexico (12%). Washington, DC, also is among the leaders (14%). Nationwide, 10% of all tracts qualify.
Among the 3,073 Opportunity Zones with sufficient data to analyze, California has the most, with 374, followed by Florida (317), Texas (164), Pennsylvania (154), North Carolina (145) and Tennessee (138).
Of the tracts analyzed, 47 percent had a median price in Q2 2019 of less than $150,000. The median ranged from $150,000 to $199,999 in 17 percent, from $200,000 up to the national median of $266,000 in 16 percent and more than $266,000 in 19 percent.