Top 3 Cities with Opportunity Zones in Washington State

Washington state has been listed among some of the top states within the country for investing in Qualified Opportunity Zones. Based on recent data, there are 139 opportunity zone tracts within Washington, providing significant variance in terms of investment opportunities for potential investors.

Whether an investor is looking to pursue residential, commercial or other types of real estate investments, Washington state has a variety of opportunity zones available.

Today, we will cover the top 3 opportunity zones within the state!

Seattle, Washington

Seattle is one of the more “obvious” choices, given the popularity and size of the city. With 10 qualified opportunity zones representing approximately 7% of the total population in Seattle, the city is ripe for investment in a wide-ranging environment. Data gathered by the United States Census Bureau lists Seattle as the fastest-growing big city in the entire country. From 2021 to 2022, the city recognized a growth rate of 2.4%, the highest of the 50 largest cities throughout the United States.

The median household income for qualified opportunity zones within Seattle varies heavily, with the low end being $21,000 and the high end being $97,000. Similarly, the average home price and the percent of the population living below the poverty rate span just as wide – this shows the reality that these opportunity zones run the gamut of economic conditions. Fortunately, this provides a range of different economic and community dynamics for investors to put their money into.

Seattle is the fastest growing city in the nation and has 10 different opportunity zones available for investment. Given the growth-rate of the city and the variety of investment options, the city has arguably the best opportunity zones in Washington.

Burien, Washington

Burien, Washington has quickly become one of the fastest growing cities within the state and making it ripe for opportunity zone investment. In 2011, Burien saw a population spike of 43%, with a five year growth rate of 45%. Based on this data, Burien is the second fastest growing city in the state!

Burien has three qualified opportunity zones within the city – the population within these three regions is 18,000, representing 35% of the total 51,000 population in Burien, Washington. With a median household income ranging from $52,000 to $65,000, Burien sits right at the average in terms of median household income in Washington opportunity zones. Similar data in house prices and education put Burien right at the average when compared to the overarching opportunity zones within the state.

Combining the growth rate of Burien with the relatively stable economic data for the three qualified opportunity zones, it seems like a no-brainer for those looking to invest in growing communities.

Spokane, Washington

Similar to Seattle, Spokane has ten different opportunity zones with a wide range of median household income and other economic data. According to data from the United States Census Bureau, Spokane is one of the fastest growing cities in the nation but is also one of the most housing-scarce cities as well.

From 2010 to 2020, Spokane saw a population increase of 68,000 people – it was the fourth-fastest growing county in Washington state.

Similar growth was recognized in both income and cost of living for the city; unfortunately, the housing availability saw slower growth than the population.

Spokane has 10 designated opportunity zones within the city. Similar to Seattle, these zones range significantly for their median household income and home prices. The income for these QOZs range from $15,000 to $52,000. Similarly, the city has median housing prices ranging from $122,000 to $250,000; a pretty wide range of varying economic data for the different opportunity zones within Spokane.

The fast growth-rate of Spokane, paired with the necessity for housing availability and options for residents, makes the city an extremely viable option for opportunity zone investment. If you would like to learn more about Opportunity Zones in Washington, you can schedule a free consultation with an OZ advisor here to discover which OZs are currently open for investment.