Complete Guide to Flipping Houses In Pennsylvania In 2023

Factors to consider when Flipping Houses in Pennsylvania

• After Repair Value (ARV) – The future value of the property after its completely renovated
• Average Days On Market (DOM) – The average number of days it takes a property to sell 
• Median Home Price – Data on the median real estate price is an essential barometer for assessing a potential investment region. Low median home prices are a sign that there is a consistent supply of homes available for purchase below market value. This is a crucial element of a successful investment.
• Property Appreciate Rate – Are local real estate market prices increasing or decreasing? You’re looking for a steady rise in local real estate costs. Even if a price rise is big and abrupt, erratic price adjustments are undesirable. An unpredictable market can hurt you if you are buying and selling quickly.
• Average Renovation Cost -Any market where you would consider investing will require you to examine construction costs. Your investment will also be impacted by the process the municipality uses to approve your designs. Include architect expenses in your budget if you are needed to have a stamped suite of blueprints.
• Population Growth – Population figures will show you whether there is a rising demand for real estate that you can supply. It will show a significant population growth when there are purchasers for your renovated homes.
• Median Population Age – You can also tell if there are potential homebuyers in the city by looking at the median population age. It’s a good sign when the median age matches that of the typical worker. Those who are employed may be those who are potential home buyers. Retirement-related needs most likely won’t align with your investment project plan.
• Unemployment Rate – Look for low unemployment rates while assessing an investment market. A lower unemployment rate than the national average is a positive indicator. An area with a favorably reliable investment climate will have unemployment levels below the state average. Your prospective buyers, as well as their clients, need to be employed in order to purchase your remodeled homes.
• Income Rates – You can tell if you can find eligible property buyers in that location for your residential properties by looking at the median household and per capita income levels. A home mortgage loan is typically required for those who buy a home. The amount of income a home buyer makes will determine whether or not they are eligible for a mortgage. You can tell if a sufficient number of people in the market can afford to buy your properties by looking at the median income of the neighborhood. Also, you want to see rising pay over time. You should be allowed to occasionally boost your prices to keep up with inflation and escalating building and supplier costs.
• Number of New Jobs Created – When thinking about investing in a particular city, the annual employment creation rate is an important indicator. When the economy of their neighborhood creates new jobs, more people buy homes. New potential homebuyers move to the area from other districts as more employment are established.
• Hard Money Loan Rates – Making sure you under where the market is on hard money rate loan rate is important to understanding the holding cost of your real estate project 

Pennsylvania Housing 2023

The median home value in Pennsylvania is $174,100, as opposed to the US median market worth that is $204,900.

In Pennsylvania, the annual appreciation of home values during the last 10 years has averaged 0.14. Across the country, the annual value growth rate has averaged 0.13.

As for the rental housing market, Pennsylvania has a median gross rent of $915. While the US median gross rent is $1,023.

Pennsylvania has a rate of home ownership of 69%. 63.8% of the entire nation’s population are homeowners.

The leased residence occupancy rate in Pennsylvania is 31%. The US occupancy rate for rental properties is 36.2%.

The total occupancy rate for houses and apartments in Pennsylvania is 88.57%, while the unoccupied percentage for these properties is 11.43%.

Housing Quick Stats

Home Appreciation Rate(2010-2018)
1.12%
Median Home Value
$174,100
Median Gross Rent
$915
Price To Rent Ratio
16
Home Ownership Rate
69%
Tenant Occupied Rate
31%
Average Property Tax Rate
$2,777

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