If you’re looking for a career in real estate, you might wonder, “how much does the average real estate agent make?” It’s no secret that a career in real estate can be very lucrative. This post will tell you how much to expect from this career.
Table of Contents
How Much Does The Average Real Estate Agent Make in the US?
How much does the average real estate agent make? Well, it depends.
There are several factors that can affect an agent’s income, such as the location, the type of property, the economy, and the agent’s own experience and skills.
That said, according to the Bureau of Labor Statistics, the average real estate agent in the United States earned a mean annual wage of $ 61,480 as of May 2021.
Of course, earnings can vary greatly from one agent to the next. The top 10% of agents earned more than $ 102,170, while the bottom 10% earned less than $ 28,270.
If you’re thinking of becoming a real estate agent, it’s important to have realistic expectations. Yes, earning a good income in the field is possible, but it takes time, effort, and dedication.
Don’t expect to become a millionaire overnight. Instead, focus on building your skills, expanding your knowledge, and providing top-notch service to your clients. If you do, you’ll be well on your way to a successful career in real estate.
Real Estate Agent Income by State
As a real estate agent, your income can vary greatly depending on which state you live and work in. Some states, like New York or California, have a higher cost of living; therefore, real estate agents tend to make more money.
In other states, like Texas or Florida, the cost of living is lower, but there is still a healthy market for real estate, so agents can still make a good living.
Here is a breakdown of real estate agent incomes by state, based on data from the Bureau of Labor Statistics:
- Alabama: $41,430
- Alaska: $54,180
- Arizona: $42,470
- Arkansas: $40,270
- California: $59,040
- Colorado: $49,320
- Connecticut: $61,140
- Delaware: $58,810
- District of Columbia: $78,470
- Florida: $42,610
- Georgia: $47,920
- Hawaii: $56,770
- Idaho: $42,070
- Illinois: $50,430
- Indiana: $45,620
- Iowa: $43,670
- Kansas: $44,560
- Kentucky: $41,090
- Louisiana: $44,610
- Maine: $51,610
- Maryland: $61,520
- Massachusetts: $62,330
- Michigan: $50,530
- Minnesota: $54,230
- Mississippi: $39,780
- Missouri: $46,980
- Montana: $49,540
- Nebraska: $43,550
- Nevada: $54,040
- New Hampshire: $54,950
- New Jersey: $66,610
- New Mexico: $43,770
- New York: $71,280
- North Carolina: $47,430
- North Dakota: $50,660
- Ohio: $48,490
- Oklahoma: $44,090
- Oregon: $51,470
- Pennsylvania: $50,750
- Rhode Island: $58,960
- South Carolina: $46,280
- South Dakota: $41,430
- Tennessee: $43,070
- Texas: $48,700
- Utah: $47,280
- Vermont: $52,560
- Virginia: $57,610
- Washington: $57,770
- West Virginia: $39,840
- Wisconsin: $49,490
- Wyoming: $51,070
As you can see, real estate agent incomes can vary widely from state to state. Suppose you’re thinking of becoming a real estate agent or are already an agent. In that case, it’s important to research the average income in your state so you can have realistic expectations for your earnings.
Factors That Affect How Much Money a Real Estate agent Makes
The amount of money a real estate agent makes depends on many factors. The most important factor is the agent’s commission rate. This rate is typically a percentage of the home’s sales price and is paid by the seller.
Other factors affecting an agent’s earnings include the number of homes sold, the average home price, and the agent’s experience and education.
Frequently Asked Questions
What is the highest-paid real estate agent?
There is no definitive answer to this question as it largely depends on the agent’s location, experience, and the type of property they are selling. However, according to a 2018 National Association of Realtors report, the median annual income for real estate agents was $39,800. Half of all agents earned more than this amount, and half earned less. Therefore, it is safe to say that many real estate agents earn significantly more than the average salary.
How much do top real estate agents make in MN?
There is no definitive answer to this question as it can vary greatly depending on several factors, such as the agent’s experience, the location of their business, the type of properties they sell, and the current state of the real estate market. However, according to The Balance, the average real estate agent in Minnesota earned a commission of $5,750 in 2017.
How much do top real estate agents make a year?
There is no definitive answer to this question, as top real estate agents can vary greatly in their annual earnings. However, according to the National Association of Realtors, the median annual income for all real estate agents was $39,800 in 2017. Therefore, it is safe to say that top real estate agents likely earn significantly more than the average agent.
How much does a realtor make in MN?
There is no definitive answer to this question, as real estate agent commissions vary greatly depending on the agent’s experience, the type of property being sold, and the location of the sale. However, according to The Balance, Minnesota’s average real estate agent earned a commission of $5,750 on a home sale in 2018.
Conclusion
So, how much does the average real estate agent make? It’s no secret that a career in real estate can be very lucrative, but the amount of money an agent makes can vary greatly depending on experience, location, and more. In the US, the average real estate agent makes $50,630 as of 2018.
- Why I Quit Being a Realtor: Is the Stress Worth It? - September 2, 2022
- How to Buy a House Without a Realtor: Pros and Cons - August 17, 2022
- What to Do When Your Realtor Ignores You - August 17, 2022