With house flippers earning an average gross profit of $63,500 in Q1 2021, the personal-finance website WalletHub released its report on this year’s best places to flip houses.
To help serious real-estate investors find the best markets to list their flipped properties, WalletHub compared more than 170 U.S. cities across 26 key metrics. The data set ranges from median purchase price to average full home remodeling costs to real-estate agents per capita.
Making the list as the best place to flip a house were Sioux Falls, S.D., Missoula, Mont., Peoria, Ariz., Nampa, Ind., Tampa, Fla., Mobile, Ala., Boise, Idaho, Rapid City, S.D., Gilbert Ariz., and Knoxville, Tenn.
The worst spots to flip were Oxnard, Calif., Wilmington, Del., Jersey City, N.J., New York, Los Angeles, Bridgeport, Conn., San Francisco, Yonkers, N.Y., Oakland, Calif. And Newark, N.J.
Best versus worst scenarios showed:
- Pittsburgh has the highest average gross return on investment, 128.12 percent, which is 9.4 times higher than in Raleigh, N.C., the city with the lowest at 13.64 percent.
- Montgomery, Ala. has the lowest median purchase price, $60,000, which is 15.3 times lower than in San Jose, Calif., the city with the highest at $920,000.
- Memphis, Tenn. has the highest share of home flips, 11.95 percent, which is 6.1 times higher than in Portland, Maine, the city with the lowest at 1.95 percent.
- Charleston, S.C. has the most real-estate agents (per 100,000 residents), 247, which is 41.2 times more than in Worcester, Mass., the city with the fewest at 6.
- Little Rock, Ark. has the lowest average full home remodeling costs, $75,888, which is five times lower than in Atlanta, the city with the highest at $375,734.