HGTV addicts, rejoice! Several cities in the Midwest have been deemed the best in the country to flip houses, according to a new report, making it easier (and more profitable) to make renovation dreams a reality.
Finance website WalletHub studied the 150 largest cities in the U.S., comparing 19 metrics like median purchase price and home remodeling costs, to determine the best markets for flipping properties.
Fort Wayne, Indiana, came in second of all 150 cities with Sioux Falls, South Dakota taking the top spot. Fort Wayne boasts cheap renovation costs, with the lowest average bathroom remodeling costs, the report found, coming in at an average of $5,238.
Other Midwest cities ranked highly overall as well: Des Moines, Iowa was ranked 17th; Springfield, Missouri, was 19th; and Grand Rapids, Michigan, rounded out the top 20.
Chicago doesn't fare quite as well, coming in 116th out of 150. Though it has a high 'house-flipping market potential,' ranking 38th, high costs of renovation bring the Windy City's score down.
West suburban Aurora also made the list, faring slightly better at 103rd.
Several Ohio cities made the list as well, with Cleveland earning the coveted title of lowest median purchase price at $45,000.
Local
Before you dig out your toolbox, WalletHub does warn that home flipping is "never as easy as it looks on TV," and only serious real estate investors should embark on the journey.
