Real Estate

Here are the top 10 best metros for home flippers

Home flipping hits highest rate since 2007

In 2016, home flipping hit its highest point since 2007, and a new study shows the best markets for home flipping.

More than 126,000 house-flipping investors in 2016, an increase to the highest rate since 2007, according to the latest study from WalletHub, a personal finance website. These investors turn an average gross profit of nearly $63,000, the highest since 2000.

But while home flipping is hitting the highest levels since 2007, the homeownership rate rests near a half century low of 62.9%.

To help serious real-estate investors find the best markets to list their flipped properties, WalletHub’s data team compared the 150 largest U.S. cities across 22 key metrics. The data set ranges from median purchase price to average full home remodeling costs to housing-market health index.

Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for house flipping.

Here are the top 10 best metros for home flipping:

10. Springfield, Missouri – 64.61

Market potential rank: 115

Renovation and remodeling costs rank: 5

Quality of life rank: 100

9. Greensboro, North Carolina – 64.82

Market potential rank: 48

Renovation and remodeling costs rank: 11

Quality of life rank: 49

8. Boise, Idaho – 64.97

Market potential rank: 129

Renovation and remodeling costs rank: 8

Quality of life rank: 13

7. Grand Rapids, Michigan – 65

Market potential rank: 25

Renovation and remodeling costs rank: 29

Quality of life rank: 38

6. Tampa, Florida – 66.51

Market potential rank: 8

Renovation and remodeling costs rank: 19

Quality of life rank: 66

5. Oklahoma City, Oklahoma – 66.56

Market potential rank: 30

Renovation and remodeling costs rank: 15

Quality of life rank: 37

4. Peoria, Arizona – 66.6

Market potential rank: 97

Renovation and remodeling costs rank: 6

Quality of life rank: 6

3. Fort Wayne, Indiana – 67.38

Market potential rank: 106

Renovation and remodeling costs rank: 16

Quality of life rank: 46

2. Sioux Falls, South Dakota – 69.52

Market potential rank: 122

Renovation and remodeling costs rank: 7

Quality of life rank: 29

1. El Paso, Texas – 69.6

Market potential rank: 95

Renovation and remodeling costs rank: 9

Quality of life rank: 48

Most Popular Articles

PennyMac warns mortgage originators that forbearance buybacks could be coming

With the housing industry at large raising alarms about mortgage servicers’ desperate need for liquidity, the nation’s largest mortgage aggregator is now warning originators that it could force them to buy back loans that go into forbearance.

Apr 06, 2020 By

Latest Articles

eXp Realty lays off 15% of staff due to coronavirus impacts

As coronavirus is hitting the housing market in a wave, eXp Realty announced it let go of 15% of its agents, among other reductions across the company.

Apr 09, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please