Grand Rapids ranks among top 20 in US for house flipping
Grand Rapids ranks among the best markets in the country for flipping a house.
Grand Rapids stands at No. 20 in the 2016 ranking of the "Best Cities to Flip Houses” by the financial website WalletHub.
WalletHub looked at 19 metrics across the country’s largest 150 cities to determine the best markets to list flipped homes, including median purchase prices, average remodeling costs and housing market health.
The metrics were grouped into three primary categories: house flipping market potential, 35 points; renovation and remodeling costs, 35 points; and quality of life, 30 points.
More than 110,000 house-flipping investors in the U.S. turned an average profit of $55,000 in 2015, according to WalletHub, which cites RealtyTrac data.
Data for the house-flipping ranking came from a variety of sources: U.S. Census Bureau, Bureau of Labor Statistics, Renwood RealtyTrac, Zillow, Houzz, Federal Bureau of Investigation, GreatSchools.org, Trust for Public Land, Council for Community and Economic Research and WalletHub.
Grand Rapids ranks 35th for house flipping market potential and 29th for renovation and remodeling costs.
Grand Rapids ranks 57th for quality of life, which included crime rate, school rankings, walkable park access, job-growth rate, median salary, unemployment rate and two other WalletHub rankings, “Best Cities for Families” and “Fastest-Growing Economies.”
Top-20 cities for flipping houses
1. Sioux Falls, South Dakota
2. Fort Wayne, Indiana
3. El Paso, Texas
4. Oklahoma City, Oklahoma
5. Lincoln, Nebraska
6. Lubbock, Texas
7. Tampa, Florida
8. New Orleans, Louisiana
9. Boise, Idaho
10. Laredo, Texas
11. Tulsa, Oklahoma
12. Corpus Christi, Texas
13. Nashville, Tennessee
14. Peoria, Arizona
15. Cape Coral, Florida
16. Gilbert, Arizona
17. Des Moines, Iowa
18. Pembroke Pines, Florida
19. Springfield, Missouri
20. Grand Rapids