How much do real estate agents make these days? The latest study by Forbes analyzed the latest data from the BLS 2019 Occupational Employment Statistics and reveals how rewarding a career in real estate can be.
The research looked at how agents and brokers earn, on average, in all 50 states. A real estate agent in the U.S. earns $62,060 annually while a broker earns an average of $81,450 annually, the report said.
However, average salaries for both occupations vary significantly from state to state. Nationally, the average annual wage of an agent is just over $60,000. However, agents in top-earning states earn an average of $111,800 annually.
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How much do real estate agents make in the top-earning states?
New York real estate agents, earn the most money. No surprise here. The average salary of an N.Y. real estate agent is $111,800. Most of the top-earning states are in the Northeast and out west, the report said.
Following New York is Massachusetts, with an average of $84,180. The third-ranking is Connecticut, with an average of $79,780. Next is Alaska, where a real estate agent earns an average of $79,360. Rounding out the top five in Colorado with an average of $76,850. Utah, California, Texas, Wyoming, and Hawaii also made the top ten list.
Where real estate agents earn the least money
Midwest and South regions dominate the states where agents earn the least. Illinois leads the list of the bottom-10 states. On average, an Illinois real estate agent earns $42,130. That is a drop of 44 percent from $75,270 in 2014.
Following Illinois is Minnesota. The average earning of an agent in Minnesota is $46,130. The third is Idaho, where the average salary of an agent is $47,350. Ohio and Indiana follow Idaho with $47,420 and $47,670, respectively. South Carolina, Delaware, Nebraska, New Hampshire, and North Carolina make up the second half of the list.
Where real estate brokers earn the most and the least money
In most states, real estate brokers tend to earn a bit more than agents. New Mexico topped the list of states where brokers earn the most money. The average salary of a broker in New Mexico is $112,860. The annual average in 2016 was $46,130. That is an increase of 144.7 percent.
Almost half of the list saw a decline in the average salary. However, California, Maryland, Wisconsin, and North Carolina managed to record increases. Massachusetts took the second spot with an average of $109,140. Next is California, with an average of $104,120. Fourth-ranking New York has an average broker salary of $99,930. Texas rounds out the top five with $95,150.
Illinois is the top-ranking state where brokers earn the least. The average salary of a real estate broker in Illinois is $46,820. Following Illinois is Oklahoma with $47,350. Third ranking is Utah with an average salary of $47,460. Louisiana ($50,590) and Alabama ($50,810) are fourth and fifth on the list, respectively.
South Dakota, Minnesota, Missouri, Vermont, Nebraska round out the top ten.
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