NEW ORLEANS – With more than 110,000 house-flipping investors in 2015, the highest rate since 2007, and an average gross profit of $55,000, the personal-finance website WalletHub took an in-depth look at 2016's Best Cities to Flip Houses.
To help serious real-estate investors find the best markets to list their flipped properties, WalletHub’s number crunchers compared the 150 largest cities based on 19 key metrics ranging from “median purchase price” to “average full home remodeling costs” to “housing-market health index.”
The news study found New Orleans to be the 8th best city to flip a house.
Other New Orleans stats include:
1 – House Flipping Market Potential
2 – Highest Average Gross Return On Investment
15 – Average Kitchen Remodeling Costs
20 – Median Purchase Price
26 – Average Full Home Remodeling Costs
26 – Percentage Of Population With Walkable Park Access
37 – Renovations And Remodeling Costs
60 – Percentage Of Home Flips
79 – Number Of Real-Estate Agents Per Capita
101 – Quality Of Life Rank
WalletHub warns that while home flipping enjoys its highest rate since 2007, according to RealtyTrac, homeownership is near a half-century low, which means fewer potential buyers off the bat.
In order to identify the best and worst cities to flip homes, WalletHub’s analysts compared the 150 most populated cities across three key dimensions: 1) House-Flipping Market Potential, 2) Renovating & Remodeling Costs, and 3) Quality Of Life.
