{"id":5121,"date":"2021-05-20T15:07:05","date_gmt":"2021-05-20T20:07:05","guid":{"rendered":"https:\/\/nwfl4sale.com\/opportunity-zones-how-have-they-done-during-the-pandemic\/"},"modified":"2021-05-20T15:07:05","modified_gmt":"2021-05-20T20:07:05","slug":"opportunity-zones-how-have-they-done-during-the-pandemic","status":"publish","type":"post","link":"https:\/\/nwfl4sale.com\/opportunity-zones-how-have-they-done-during-the-pandemic\/","title":{"rendered":"Opportunity Zones: How Have They Done During the Pandemic?"},"content":{"rendered":"
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Overall, rising home prices lifted all boats. Homes in Opportunity Zones had first quarter price increases pretty much matched by homes in more affluent areas.<\/span><\/span><\/p>\n<\/div>\n IRVINE, Calif. \u2013 Attom Data Solutions released its first quarter 2021 report analyzing qualified low-income Opportunity Zones established by Congress in the Tax Cuts and Jobs Act of 2017. It looked at 4,579 zones around the U.S. with at least five home sales in the first quarter of 2021.<\/span><\/span><\/p>\n According to Attom, median home prices increased year-to-year in 75% of Opportunity Zones with sufficient data, and rose by at least 10% in almost two-thirds of them \u2013 a pattern that largely marches price increases outside Opportunity Zones.<\/span><\/span><\/p>\n However, homes in Opportunity Zones, by definition, tend to cost less than homes outside the zones. In the first quarter, about 43% of qualified zones still had a median price less than $150,000 \u2013 but that\u2019s down from 50% a year earlier.<\/span><\/span><\/p>\n In the early months of 2021, the pandemic hit lower-income communities hardest \u2013 the types of communities found in Opportunity Zones, which is why they were targeted for tax breaks designed to spur economic redevelopment in the first place.<\/span><\/span><\/p>\n Opportunity Zones are defined in Tax Act legislation as census tracts in or alongside low-income neighborhoods that meet various criteria for redevelopment in all 50 states, the District of Columbia and U.S. territories. Census tracts, as defined by the U.S. Census Bureau, cover areas with 1,200 to 8,000 residents, and average about 4,000 people each.<\/span><\/span><\/p>\n \u201cSome of the country\u2019s poorest neighborhoods continued riding the long national boom in home prices during the first quarter of the year, reaping increases that pretty much matched those in more-affluent areas,\u201d says Todd Teta, chief product officer with Attom. \u201cThose ongoing gains emerged in the latest price data showing values in designated Opportunity Zones rising at about the same pace, or even more, than in other communities. Home values inside the zones remain quite low compared to the rest of the U.S. \u2013 but they are far from immune from the boom. That shows continued interest among homebuyers in marginal areas and continues to bode well for the redevelopment that Opportunity Zone tax breaks are designed to promote.\u201d<\/span><\/span><\/p>\nHigh-level report findings about 1Q qualified Opportunity Zones<\/span><\/span><\/h3>\n
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