Philadelphia Named 'Hipster House Flipping Capital'

PHILADELPHIA (CBS) -- Philadelphia is now a top spot for millennials to flip houses, a recent study suggests.

Realty Trac tracks and analyzes housing trends across the country.

Kensington, South Philadelphia and Pennsport are just a few of the neighborhoods named in their new study "Top 30 Hipster Zips for Home Flips."

"The 10-year tax abatement, which is an incentive to change a lot of these neighborhoods for the better," says Warren Miller, a local real-estate agent with Coldwell-Banker. "What we are seeing is just people investing in the neighborhoods."

Miller says combined with new shops and restaurants popping up, the city is turning into a nesting ground for millennials.

"You get into it with the hope that the market is going to grow, you are going to put a little sweat equity in your home, and when it comes time to potentially make that next move, you have a decision to make, can I hold this or you can sell it for a profit," Miller says. "Because of that growth and the upward trajectory that Philadelphia is on, we can see individuals rehabbing their own homes or buying a home to rehab in stable markets."

Grays Ferry topped the list with 143 homes flipped in 2015.

Click here to read Realty Trac's full list:

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