You can make good money as a real estate agent -- but it's all about location. Here are the best housing markets for making a buck.
If you’re looking for a new career or a side gig to boost your income, you might want to consider real estate.
WalletHub reports numerous perks of being a real estate agent:
You can be your own boss, determine your own schedule, earn a potentially high income, and be ready to help your clients buy, rent or sell properties in just a few weeks or months, depending on your state’s licensing requirements. With time and experience, you could even build your own real-estate brokerage and hire your own agents.
The median yearly wage is $56,860 for real estate brokers and $43,370 for real estate sales agents, according to federal statistics. Not bad considering the median wage is $36,200 for all occupations.
Of course, where you work can impact your earnings. WalletHub says the real estate industry’s adage of “location, location, location” applies to buyers and sellers alike.
With that in mind, the financial data site set out to figure out the best markets in the U.S. for real estate agents.
For its analysis, the site evaluated 150 of the largest cities based on 14 indicators of a healthy real estate environment. Those indicators include the number of sales per agent, annual median wage for agents and housing market health.
Honolulu came in at No. 1, receiving an overall score of 60.76 out of 100.
The Hawaiian capital is especially favorable based on indicators related to job opportunity and competition, such as the projected number of real estate jobs needed by 2020 and the median home price, on which commissions are generally based.
At the other end of the spectrum is Jackson, Mississippi. That state capital came in at No. 150, with an overall score of 26.78.
The top 25 cities received scores ranging from 60.76 for Honolulu to 47.42 for San Jose, California. They are:
- Aurora, Colorado
- Madison, Wisconsin
- Reno, Nevada
- San Francisco
- Irvine, California
- Austin, Texas
- Colorado Springs, Colorado
- Portland, Oregon
- Henderson, Nevada
- Lincoln, Nebraska
- Santa Rosa, California
- Spokane, Washington
- Nashville, Tennessee
- Vancouver, Washington
- Washington, D.C.
- New York City
- Bakersfield, California
- Grand Rapids, Michigan
- Tacoma, Washington
- Las Vegas
- San Jose, California
If you’re looking to buy a home rather than sell, check out “20 Tips for Buying a Home in the Best Location, Location, Location.”
What do you make of the cities that made WalletHub’s top 25 for real estate agents? Let us know below or on Facebook.