WalletHub compared 170 cities for median prices, remodeling costs, and more
Making strong returns from home flipping isn’t always easy and – as with most things in real estate – varies from market to market.
But a new analysis of 170 US cities by WalletHub has determined the best cities for home flippers based on 29 metrics such as the health of the market, median home prices, and the cost of full remodeling.
Simply for the highest average gross return on investment, Pittsburgh is the winner with 144.16%. That’s 8.5 times higher than Austin, TX, the city with the lowest average gross return (16.96%).
Similarly, if only the median home price is looked at, then Montgomery, Alabama, is the best with just $50,000, 17.3 times below that of the priciest city – San Jose, CA – at $867,000.
Meanwhile, Memphis has the highest share of home flips (11.66%) which is 6.9 times higher than lowest-ranked Albuquerque. And Little Rock in Arkansas has the lowest cost of a full remodeling ($75,888) which is 5 times lower than the most-expensive city in this regard, Atlanta ($375,734).
Winners and losers
But when all 27 metrics are considered the best city for flippers is Sioux Falls, SD.
