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Real estate professionals are making more money, according to a recent study by the National Association of Realtors.
A analysis in Forbes that looked at earnings data for real estate agents and brokers found that big differences in incomes, depending on what state they live in.
The data, which came from the Bureau of Labor Statistics, shows that the highest paid real estate agents tend to live in the Northeast and West regions. For example, the average salary of a real estate agent in New York comes to $111,800 per year, with those in Massachusetts and Connecticut also pulling in big salaries.
Here are the top ten states where real estate agents earn the most:
- New York: $111,800 (average real estate agent salary)
- Massachusetts: $84,180
- Connecticut: $79,780
- Alaska: $79,360
- Colorado: $76,850
- Utah: $75,170
- California: $74,140
- Texas: $72,830
- Wyoming: $71,460
- Hawaii: $71,140
Meanwhile, brokers tend to earn slightly more income than real estate agents in most states, the study found. However, the BLS data doesn’t include any figures for 11 states, so the information is less complete. In any case, the analysis found that New Mexico is the best state to be a broker, with average earnings of $112,860 per year.
Here are the top ten states for brokers:
- New Mexico: $112,860
- Massachusetts: $109,140
- California: $104,120
- New York: $99,930
- Texas: $95,150
- Nevada: $93,850
- Wisconsin: $93,400
- Maryland: $92,540
- Indiana: $89,720
- North Carolina: $84,770
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Real Estate Income
1. Full-time real estate agents with less than a year of experience made $15,000 annually. – Policy Advice.net
2. Real estate agents who worked full-time with one to three years of experience doubled their income to $38,141 annually – PolicyAdvice.net
3. Agents with four to ten years of experience made $63,595 annually – PolicyAdvice.net
4. Realtors with 11 to 25 years of experience made $101,663 annually – PolicyAdvice.net
5. Realtors with over 26 years of experience made $108,849 annually – PolicyAdvice.net
6. In 2019, the median hourly pay for Realtors was $24.39 – FinancesOnline.com
7. Median agent salary in 2020 was $49,700 – Hooquest.com
8. Part-time real estate agents who worked less than 20 hours a week earned an average of $21,199 annually – RealEstateExpress.com
9. The average income for real estate agents working 60 hours a week is $145,347 – TheClose.com
10. 21% of full-time real estate agents made $100,000k a year in 2018 – CareerExplorer.com
11. In 2018, the national average for commission rates was 5.8%. – HomeLight.com
Real Estate Demographics
12. 64% of Realtors are women – SmallBizGenius.net
13. In 2019, there were 1.38 million official members in the National Association of Realtors – PolicyAdvice.net
14. The Association of Real Estate License Law Officials estimates there are two million active real estate licenses in the U.S. – NAR.realtor
15. 65% of Realtors are licensed sales agents, 22% are licensed brokers, and 15% hold broker associate licenses – NAR.realtor
16. The average Realtor is a 55 year old white female who attended college and is a homeowner – NAR.realtor
17. The median age of all Realtors is 55 years old – NAR.realtor
18. 32% of Realtors have a Bachelor’s degree – NAR.realtor
19. 28% of Realtors have some college education – NAR.realtor
Real Estate Location
20. In 2017, there were 106,548 real estate brokerage firms operating in the U.S. – NAR.realtor
21. Nearly one in nine Realtors in the United States lives in California. – TheClose.com
22. Since 2000, the number of Realtors in Florida has nearly tripled from 67,000 to over 180,000. – TheClose.com
23. California, Florida, and Texas are the top three states with the most Realtors as of 2020, with over 100,000 agents in each state. – TheClose.com
24. North Dakota, Alaska, and Vermont had the lowest number of Realtors in 2020, below 2,000 agents in each state. – TheClose.com
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