A new report that examined home-flipping totals measured against the average age of nearby residents has shown the Philadelphia area to be popular with younger people looking to remake older homes.
The report, released by RealtyTrac, identified the top 30 ZIP codes that returned profitable investments on flipped homes and were also sufficiently “hipster,” meaning they had a large population aged 20 to 34 that has increased in recent years.
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Philadelphia had five ZIP codes in the top 30 of young home-flipper profitability, and nearby suburbs Ardmore and Upper Darby were also on the list, bringing the greater area to claim seven of the 30 best ZIPs for hipsters flipping houses.
“Many of the hipster hot spots are urban core neighborhoods with plenty of older homes in need of major renovation,” the report stated.
The percentage of the population that walks or uses public transportation to go to work and the average flipping returns in the past year were also factors considered by RealtyTrac in assembling the list.
“Hipsters typically aren’t looking for just any place to live; they are looking for a place that matches their particular vision of what a city, a neighborhood and a home should look, sound, feel, smell and taste like,” RealtyTrac stated in the report. “When they find that vision, they are willing to pay a premium to experience it, which represents a boon for home flippers operating in those areas appealing to the hipster aesthetic.”