The Best (and Worst!) Cities to Flip Homes Right Now
Whether you’re a first-time home flipper or are itching to tackle another fixer upper, selecting the right market to base your project in is key. Luckily, the personal-finance website WalletHub did some of the research to determine the best (and worst) cities to flip houses in right now, so you can lock down a property, give it a makeover, and resell it for a profit in no time.
The website compared more than 170 cities in the United States based on 26 indicators of their market potential, cost, and quality of life. The data includes everything from the median purchase price of homes to the average remodeling costs. Coming in as the overall best cities for flipping homes are Sioux Falls, South Dakota; Missoula, Montana; Peoria, Arizona; Nampa, ID; and Tampa, Florida. On the opposite end, some of the overall worst cities include Newark, New Jersey; Oakland, California; Yonkers, New York; San Francisco, California; and Bridgeport, Connecticut.
The overall ranks don’t necessarily translate to the best in every category: Pittsburgh actually has the highest average gross return on investment (i.e. home flippers in that city make the highest profit). If you want to prioritize renovation costs, Little Rock, Arkansas, has the lowest average full home remodeling costs at $75,888, which is five times lower than the highest average cost of $375,734 in Atlanta.
The report includes other info, like which cities have the most real estate agents per capita. Charleston, South Carolina has the most while Worcester, Massachusetts has the least. It also gives a breakdown of the cities with the highest and lowest costs for specific remodels, like for the kitchen and bathroom. You can dive into the full ranking—and get home flipping advice from housing and real estate experts—here. And if you're seriously considering flipping homes, make sure you're aware of the hidden costs and risks that come with the venture.
Have questions about your next renovation project? We’ve got answers. Let’s do this together.
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