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Report: O-Zone Housing Prices Lower than National Median
A report recently released by ATTOM Data Solutions revealed what could probably be considered unsurprising news. Namely, in its analysis of 3,100 federally designated Opportunity Zones, the property data provider found that roughly 80% of the zones had median home prices below the average national figure of $266,000. Additionally, the Q2 2019 figures showed that half of the zones targeted had median housing prices of less than $150,000.
The report further compared Opportunity Zones to surrounding regions, finding that median Q2 2019 prices in about one in four zones were less than 50% of the typical value in the MSAs in which they exist. ATTOM Data’s Todd Teta pointed out that Opportunity Zones are among the poorest areas of the country, which would make sense as to why home prices are lower. “This should come as no surprise, because the zones are designed to be in, or alongside, economically distressed neighborhoods,” he added.
The report also noted that states with the highest percentage of Opportunity Zone tracts with median home prices less than the MSA’s figures included:
- Alabama (55%)
- Pennsylvania (53%)
- Illinois (51%)
- Ohio (47%)
- Georgia (45%)
From a regional basis, the Midwest had the highest rate of Opportunity Zone tracts with a median price of less than $150,000, as well as the highest percentage of Opportunity Zone tracts in which the median price was less than that of the surrounding MSAs.
To collect its information, ATTOM Data relied on home sales price data that came from recorded sales deeds.
Pictured: Low-Income House
Connect Opportunity Zones will be presented for the first time on Oct. 23 in New York. For more information, or to register, click here.
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