House flipping is more than just a pop culture phenomenon. The popularity of HGTV shows like Fixer Upper, whose stars Chip and Joanna Gaines are based in Waco, also shows the business side of house flipping is on the rise.
The average gross profit of a flipped house is $55,000, according to a new study from WalletHub, and there were more than 110,000 investors in the industry in 2015, the highest rate since 2007.
WalletHub ranked the 150 largest American cities in terms of best markets for house flipping. Sixteen Texas cities were ranked, with three landing in the top 10. To see a list of all the Texas cities and where they stand, see the attached slideshow: http://bit.ly/2bv1uzn
The cities in the slideshow are ranked off the total score they received from WalletHub, with Sioux Falls, South Dakota having the highest in the nation at 73.38 and Oakland, California having the lowest score at 31.76. All Texas cities fall somewhere in that range.
Here are some other Texas highlights from the study:
- Austin has the lowest gross return on investment at 21.2 percent and tied for the lowest percentage of houses flipped at 3.2 percent.
- North Texas as a whole fared poorly on gross return investment, as Dallas, Fort Worth, Arlington, Plano and Garland all tied for 119th in the nation.
- Plano has the highest housing-market health index in the country.
- Dallas was rated as the least house-flipping friendly city in the state.
