How Flip-Friendly is Texas?

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Interested in flipping houses? With the rise in popularity of television programs such as “Flip or Flop” and the housing market finally on an upswing, many are getting into the game of flipping houses. Some people are doing it for side income and spending money while others are turning it into full-time jobs. Whatever the case, location can play a definite role in the amount of money you will receive in return on your investments.

Wallet Hub recently conducted a study to determine which U.S. cities were the best and worst for flipping houses. The study used 22 domains to evaluate the 150 largest U.S. cities in order to determine the results. Let’s take a look at the findings and see how Texas stacked up.

Time to Renovate!

Photo: Flickr/John Hoey

At the top of the list was El Paso, Texas. With high rankings in remodeling costs, quality of life and a median ranking among the market potential category, this city in West Texas was #1. Rounding out the top five were: Sioux Falls, South Dakota (#2), Fort Wayne, Indiana (#3), Peoria, Arizona (#4), Oklahoma City, Oklahoma (#5).

At the bottom of the list was Oakland, California. With low marks in remolding costs and market potential, Oakland is not ideal for flipping houses. Rounding out the bottom of the list were: Yonkers, New York (#149), Newark, New Jersey (#148), San Francisco, California (#147) and Los Angeles, California (#146).

Big Money!

Photo: Flickr/Miran Rijavec

How did Texas cities stack up among the ranks? Obviously, El Paso received the #1 ranking overall. So if you’re looking for a place to flip, head West. Lubbock was ranked #12, standing strong with low-cost of renovation. Laredo and Corpus Christi came in at #29 and #32 respectively. Grand Prairie and San Antonio were next on the list at #48 and #53.

El Paso Flip

Photo: Flickr/Hadley Paul Garland

Some other noteworthy statistics from the study are as follows: The highest average return on investment goes to Philadelphia, Pennsylvania. Cleveland, Ohio had the lowest median purchase price. The city with the lowest average full home remodeling cost was Little Rock, Arkansas.