Affordable Housing
A comprehensive study conducted by Highland Cabinetry identified the top states for home resale across the U.S. and uncovered the key economic factors important for success in this competitive market.
introduction:
Highland Cabinetry's latest study delves into the intricacies of home flipping and reveals that Arizona is a leading state for home flipping. The study evaluates key criteria such as renovation costs, sales rates and return on investment to determine the most favorable environment for real estate investors.
Key findings:
Arizona emerges as a standout state for home flippers, boasting an overall score of 72. With average renovation costs of $64,194, more than $3,000 less than the national average, and a solid sales per capita rate of 76.8, the state offers the potential for substantial profits with an average sales price of approximately $429,000.
Florida and Colorado:
Florida and Colorado tied for second place with a score of 69.6. Each state has its own advantages. Florida has lower renovation costs than Colorado, making it a cost-effective option for investors. Meanwhile, Colorado's higher average sales price of $548,602 more than makes up for its lower sales rate, resulting in lower turnover but still a chance to make a profit.
Hawaii and Beyond:
Coming in third place is Hawaii with an overall score of 69. Hawaii has the highest average home sale price in the nation at $856,327. Although Hawaii has the highest average renovation costs at $82,466, the return on investment is strong, making the state an attractive destination for discerning investors.
Regional insights:
Idaho came in fourth with a score of 68.3, recognized for its budget-friendly renovation costs, averaging about $60,058. North Carolina follows closely behind, offering a high sales rate that is favorable for first-time investors looking to take advantage of affordable housing options.
California and South Carolina:
California ranks sixth with a score of 67.8, thanks to its high average sales price of $782,695, despite high renovation costs. In seventh place, South Carolina has the highest sales per capita rate in the nation at 77.3, and with an average sales price below $300,000, it's ideal for those entering the market.
Washington and Tennessee:
Washington state ranked eighth thanks to its balanced sales rate, high average sales price of $588,986, and reasonable renovation costs. Last on the list is Tennessee, which offers affordable renovation costs and favorable sales rates, making it a promising state for new entrants in the home flipping industry.
Expert opinion:
James McAllister, a spokesman for Highland Cabinetry, stressed the importance of understanding local trends when flipping homes: “Choosing the best state comes down to personal preference, but in competitive markets, lower renovation costs benefit both buyers and sellers,” he said.
methodology:
Highland Cabinetry's methodology involved a thorough analysis of remodeling costs, sales rates and prices in all 50 states. The Composite Scoring System combines these factors to create an overall ranking of states that are conducive to successful home flipping businesses.
This study by Highland Cabinetry reveals the best states for home flipping, providing investors with key insights to maximize profitability in the real estate market.
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