Have you been eyeing that fixer upper in your neighborhood, imagining what a little bit of elbow grease could do? Then this good news might be enough for you to make the move: Philadelphia is the third best U.S. city for house-flipping market potential, according to a new report.
What exactly does that mean? According to Wallethub, which released the report, Philadelphia scores well in this department based on multiple factors, including the average gross return on investment, median purchase price, and number of real-estate agents per capita, to name a few.
Now the bad news: The financial website took it a few steps further and coupled in a host of other factors to come up with an overall house-flipping ranking of the 150 biggest cities in the country. They also looked at the average costs of renovating, quality of life—even the average construction worker’s salary in each city.
Factoring in all of that in, Philadelphia drops all the way to 71st place in the overall ranking.
Here’s a breakdown of some of the key house-flipping stats in Philly:
- Average gross return on investment: 98.4 percent
- Median purchase price: $86,200
- Percentage of home flips: 5.7 percent
- Home turnover rate (2015 vs. 2014): 0.44 percent
- Number of real estate agents per 100K residents: 64.67
- Average kitchen remodeling costs: $25,769
- Average bathroom remodeling costs: $14,965
- Average full home remodeling costs: $228,313
- Average construction-worker salary: $55,404
If house-flipping is the end-all, be-all, you’ll have to move across the country to Sioux Falls, South Dakota. That city took the top spot for house flipping overall.