Just about a year after 8,700 census tracts across the U.S. were designated as qualified opportunity zones, those zones have had a rush of investor interest.
Property sale prices in opportunity zones have risen by 20% since they were chosen by state legislatures in April 2018, according to a new Zillow study reported by World Property Journal.
That stands in stark contrast to the census tracts that were eligible to be selected based on 2010 census income data but weren’t. Those left-behind properties saw their sale prices slow in appreciation, as did ineligible tracts.
Using a variety of factors like population and income growth and transaction volume, Zillow ranked opportunity zones based on their likely appeal to investors. Five of the 10 most enticing zones, according to that analysis, sit within New York City, and the majority of the list’s top 50 census tracts are in neighborhoods that have already seen major growth since 2010, when the income data used to designate OZs was gathered.
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