August 02, 2016
Philadelphia has been named the third best city in the United States for house-flipping market potential, but 71st overall in WalletHub's 2016 rankings.
To generate the rankings, 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.
Aside from house-flipping market potential, WalletHub wasn’t too hot on the City of Brotherly Love. In the other two categories — Renovating & Remodeling Costs and Quality of Life — Philadelphia placed 113 and 115, respectively.
Obviously, the “analysts” forgot to factor in delicious Philly cheesesteaks for the Quality of Life category, to say nothing of a thriving restaurant scene, an abundance of public art and the 2019 NBA Champion 76ers.
The report comes after WalletHub named Philadelphia among the worst rental markets in the United States.
Here is a breakdown of Philly’s key house flipping stats from Curbed 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
You can read the full WalletHub report here.
