El Paso Named Best Place To Flip House
Better start looking around in your neighborhood for a fixer upper- El Paso was named the best place to flip a house!
Thanks to the popularity of home-remodeling shows like Fixer Upper, Rehab Addict, Flip or Flop and more, more people are looking to buy run-down homes and make them like new. In 2016, over 126,000 people invested in house-flipping properties. That is the highest number since 2007. The average gross profit seen by these investors was $63,000 which is the highest since 2000.
Due to so many people looking to invest into this increasingly growing market, personal finance website WalletHub looked at this year's Best and Worst Places to Flip Houses. Their team compared 150 of the largest cities in the United States across 22 key metrics including: average gross return on investment (RIO), median purchase price, share of home flips, average days to flip, home turnover rate, housing market health index, average ratio of sale price to list price, real estate agents per capita, foreclosed homes per 1000 homes, real estate tax rate, average kitchen remodeling costs, average bathroom remodeling costs, average full home remodeling costs, average construction worker salary, crime rate, great schools city score, share of population with walkable park access, family-friendliness, annual gob-growth rate, unemployment rate, median salary and pace of economic growth.
The news was great for El Paso, already named the 7th best large city for first time home buyers. The average cost to remodel a bathroom in El Paso was the third cheapest in the nation.
Here is how El Paso ranked in their report:
Flipping a House in El Paso (1=Best; 75=Avg.)
- 48th – Real-Estate Agents per Capita
- 40th – Avg. Kitchen Remodeling Costs
- 3rd – Avg. Bathroom Remodeling Costs
- 77th – Avg. Full Home Remodeling Costs
- 80th – % of Population with Walkable Park Access
Check out more of this report at the WalletHub website.