Feature Image Photo credit: Pepe Pont via Foter.com / CC BY-ND
Flipadelphia! Philadelphia Named Best County for Flipping to Millennials
With the booming housing market which includes the revitalization of several neighborhoods throughout Philadelphia, the opportunities to flip homes has increased exponentially over the years. Believe it or not, Philadelphia holds the distinction of the fastest growing millennial population among the top 10 big cities so it’s doesn’t take a rocket scientist to figure out who is consuming the majority of the flipped homes.
In fact “Between 2006 and 2014, Philly added 120,600 millennials, a surge of 41.2 percent. Today, millennials (ages 20-34 years old), make up 26.5 percent of the citywide population,” according to a report published by Phillymag.com. A combination of a strong job market, affordability, entertainment and great social scene has kept college graduates in the city as well as attract a plethora of new millennials. With every major city looking to entice this attractive tax base, Philadelphia has been winning the battle convincingly.
Realtytrac which produces real estate reports and metrics and trends, has just released the latest numbers for 2016’s 3Q. Among the many reports published was their findings for the best county for flipping to millennials. Low and behold Philadelphia topped their charts in a dominating fashion. The counties they chose were 18 counties with at least 30% average return gross on flips. According to Realtytrac Philadelphia produces a 72% gross return on investment when flipping to millennials.
“RealtyTrac identified 18 counties where the average gross return on a flipped home in the third quarter was at least 30 percent and where the millennial share of the population in 2013 (defined as those between the ages of 20 and 34 in 2013) was at least 25 percent and increased during the housing downturn between 2008 and 2013, ” According to Realtytrac
So what does this mean to you? Well if you’re an investor or someone looking to sell their home, make it a point to gear your listings towards millennials. As the average age of Philadelphia dips with the influx of the millennial crowd, sellers and builders must adapt to the newer, more hip & savvy buyers. This means utilizing technology, as well as social media, to not only get your flipped home seen but also to engage the millennial crowds that are rejuvenating the city.
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