More than 126,000 U.S. homes were flipped last year – the highest rate since 2007, according to a study by WalletHub. The average gross profit on a single home flip? Nearly $63,000.
Overall, Florida metro areas ranked in the top 25 percent for home flipping, with only cities in South Florida ranked below 50 percent. Miami ranked lowest out of Florida metros for home flipping, but at No. 110 it still ranked better than about 25 percent of all U.S. metro areas.
WalletHub looked at three broad categories to create its “Best & Worst Places to Flip Houses” study:
Market Potential: ROI, purchase price, share of home flips, average days to flip and more
Renovation & Remodeling Costs: Average costs for kitchens, bathrooms, full homes and more
Quality of Life: Crime rates, schools, walkable park access, job growth and more
Tampa was the only Florida city to make the top 10, though Orlando followed closely behind at No. 16.
Florida ranking of top flipping metro areas out of 150 in U.S.
6. Tampa (Market potential 8; remodeling costs 19; quality of life: 66)
Florida cities also ranked in the top five in some of WalletHub’s secondary reports. Orlando, for example, is third nationwide for the number of real estate agents per capita. Only Seattle and Atlanta have more.
Tampa (No. 2) and Orlando (No. 3) made the top five for the percentage of home flips. Only Memphis, Tenn., had more.