How Much Real Estate Brokers And Real Estate Agents Earn In Every State

1

Last year, we took a look at how much real estate agents earn on average in all 50 states based on data from the Bureau of Labor Statistics’ (BLS) 2018 Occupational Employment Statistics data. Now, in 2020, the BLS has updated salary figures for both real estate agents and real estate brokers. Based on the latest BLS data, the average real estate agent annual wage in the United States is $62,060, while the average annual wage for real estate brokers is $81,450.

These two occupations inevitably have very different salaries depending on where you’re working. From state to state, the average salaries for real estate agents and real estate brokers can vary significantly. For example, while the national average annual wage for real estate agents is just over $60,000, in the top-earning state for real estate agents, the average salary is $111,800, which is close to double the national average. Read on to find out where real estate agents and brokers earn the most money and where they earn the least.

10 States Where Real Estate Agents and Real Estate Brokers Earn The Most Money

When comparing the highest-paying states for real estate agents versus real estate brokers, there are only three states that are among the top-10 states for both occupations. The other seven states where real estate agents earn the most are different than the ones where real estate brokers earn the most. Here’s a closer look at where real estate agent salaries are the highest.

10 States Where Real Estate Agents Earn The Most Money

Here’s a breakdown of the top-10 states in which real estate agents earn the most money on average:

  1. New York average real estate agent salary: $111,800
  2. Massachusetts average real estate agent salary: $84,180
  3. Connecticut average real estate agent salary: $79,780
  4. Alaska average real estate agent salary: $79,360
  5. Colorado average real estate agent salary: $76,850
  6. Utah average real estate agent salary: $75,170
  7. California average real estate agent salary: $74,140
  8. Texas average real estate agent salary: $72,830
  9. Wyoming average real estate agent salary: $71,460
  10. Hawaii average real estate agent salary: $71,140

Perhaps not surprisingly, New York, with the insanely expensive real estate of New York City, its suburbs and Long Island, is where real estate agents earn the most, an average of $111,800 a year. The top-10 states for real estate agent salaries are primarily in the Northeast and out West, including both Pacific Coast and the mountain states of Colorado and Utah.

10 States Where Real Estate Agents Earn The Least Money

Here’s a breakdown of the bottom-10 states in which real estate agents earn the least money on average:

  1. Illinois average real estate agent salary: $42,130
  2. Minnesota average real estate agent salary: $46,130
  3. Idaho average real estate agent salary: $47,350
  4. Ohio average real estate agent salary: $47,420
  5. Indiana average real estate agent salary: $47,670
  6. South Carolina average real estate agent salary: $48,560
  7. Delaware average real estate agent salary: $49,410
  8. Nebraska average real estate agent salary: $49,860
  9. New Hampshire average real estate agent salary: $49,970
  10. North Carolina average real estate agent salary: $50,160

The states in which real estate agents earn the least tend to be located in the U.S. Midwest and South regions, although Idaho is part of the West region. Illinois, where real estate agent salaries are the lowest, has seen a dramatic fall in real estate agent wages over the last five years. From an average annual wage of $75,270 in 2014, the average real estate agent salary has fallen by 44% as of 2019, where the current average is a mere $42,130 a year. Delaware, too, has seen a substantial decline in wages, with its average real estate agent salary dropping by 18.5% since 2014, when it stood at $60,600.

10 States Where Real Estate Brokers Earn The Most Money

The average real estate broker salaries tend to be a bit higher than real estate agent salaries in most states. As mentioned before, only three states overlap between these two lists of states: California, Massachusetts and Texas. One thing to note, however, about average wages for real estate brokers is that the BLS data is less complete than for real estate agents, in this case not having salary data for 11 states.

Here’s a breakdown of the top-10 states in which real estate brokers earn the most money on average:

  1. New Mexico average real estate agent salary: $112,860
  2. Massachusetts average real estate agent salary: $109,140
  3. California average real estate agent salary: $104,120
  4. New York average real estate agent salary: $99,930
  5. Texas average real estate agent salary: $95,150
  6. Nevada average real estate agent salary: $93,850
  7. Wisconsin average real estate agent salary: $93,400
  8. Maryland average real estate agent salary: $92,540
  9. Indiana average real estate agent salary: $89,720
  10. North Carolina average real estate agent salary: $84,770

New Mexico has experienced an incredible rise in real estate broker salaries. In 2016, the average annual wage for real estate brokers in the state was only $46,130. As of 2019, the average is $112,860, an increase of 144.7% in just three years. About half the states on this list, however, have actually seen salaries decline from 2014 to 2019, while real estate broker salaries increased in California, Wisconsin, Maryland and North Carolina.

10 States Where Real Estate Brokers Earn The Least Money

Here’s a breakdown of the bottom-10 states in which real estate brokers earn the least money on average:

  1. Illinois average real estate agent salary: $46,820
  2. Oklahoma average real estate agent salary: $47,350
  3. Utah average real estate agent salary: $47,460
  4. Louisiana average real estate agent salary: $50,590
  5. Alabama average real estate agent salary: $50,810
  6. South Dakota average real estate agent salary: $53,060
  7. Minnesota average real estate agent salary: $54,060
  8. Missouri average real estate agent salary: $54,920
  9. Vermont average real estate agent salary: $55,250
  10. Nebraska average real estate agent salary: $59,330

Once again, Illinois ranks as the worst state for real estate broker salaries. The state has witnessed a major decline in wages, with the average annual salary for real estate brokers being $90,700 in 2014, before falling by 48.4% to a current average of $46,820. Oklahoma, though having the second-lowest average annual wage, has at least seen real estate broker salaries rise by 24.7% over the last five years.

How Much Real Estate Agents and Real Estate Brokers Make In Every State

Below are two tables featuring a full breakdown of the average annual wages of real estate agents and brokers in every state there was available data for. Also included is the five-year change from 2014 to 2019.

How Much Real Estate Agents Earn in Every State

Here’s a breakdown of the average annual wage for real estate agents in all 50 U.S. states.

State Rank 2019 Mean Annual Wage 2018 Mean Annual Wage 2017 Mean Annual Wage 2016 Mean Annual Wage 2015 Mean Annual Wage 2014 Mean Annual Wage 5-Year Change (%)
Alabama     31 $53,300 $53,870 $55,960 $58,700 $61,130 $56,600 -5.8%
Alaska      4 $79,360 $78,190 $71,030 $68,040 $64,060 $66,790 18.8%
Arizona     34 $52,280 $66,360 $62,690 $70,050 $54,900 $49,330 6.0%
Arkansas     38 $50,570 $41,100 $41,660 $34,190 $35,270 $37,100 36.3%
California      7 $74,140 $73,450 $68,860 $65,790 $62,330 $58,180 27.4%
Colorado      5 $76,850 $67,350 $63,320 $72,480 $76,590 $71,880 6.9%
Connecticut      3 $79,780 $70,380 $45,230 $46,120 $50,070 $53,510 49.1%
Delaware     44 $49,410 $50,100 $46,670 $47,660 $52,460 $60,600 -18.5%
Florida     19 $62,790 $58,730 $57,520 $58,980 $54,090 $44,430 41.3%
Georgia     29 $54,670 $50,450 $46,220 $44,780 $45,620 $49,920 9.5%
Hawaii     10 $71,140 $65,720 $72,470 $85,110 $83,620 $58,340 21.9%
Idaho     48 $47,350 $57,490 $55,790 $57,800 $47,160 $40,790 16.1%
Illinois     50 $42,130 $52,800 $59,010 $59,150 $76,800 $75,270 -44.0%
Indiana     46 $47,670 $47,430 $43,230 $61,880 $65,350 N/A N/A
Iowa     30 $54,610 $54,610 $49,900 $46,520 $42,810 $41,600 31.3%
Kansas     36 $50,680 $48,520 $46,640 $63,640 $64,850 $57,150 -11.3%
Kentucky     39 $50,570 $48,680 $47,220 $41,410 $39,100 $36,850 37.2%
Louisiana     33 $52,440 $53,020 $54,100 $51,410 $41,660 $43,520 20.5%
Maine    27 $55,840 $64,690 $60,220 $69,210 $43,850 $38,280 45.9%
Maryland    32 $52,800 $57,450 $57,470 $59,980 $51,110 $55,270 -4.5%
Massachu  setts     2 $84,180 $67,470 $61,670 $66,430 $78,760 $72,500 16.1%
Michigan    22 $57,170 $51,870 $46,880 $43,620 $42,760 $44,970 27.1%
Minnesota    49 $46,130 $46,620 $48,250 $49,460 $51,300 $49,250 -6.3%
Mississippi    23 $57,030 $60,450 $50,110 $44,020 $38,140 $34,070 67.4%
Missouri    15 $65,040 $53,440 $50,400 $54,060 $53,360 $44,860 45.0%
Montana    11 $70,930 $47,290 $42,010 $45,560 $52,850 $57,330 23.7%
Nebraska    43 $49,860 $51,010 $46,340 $48,110 $42,060 $43,140 15.6%
Nevada    17 $64,280 $62,000 $59,240 $61,570 $61,850 $61,660 4.2%
New Hampshire    42 $49,970 $49,810 $48,530 $49,670 $43,150 $41,980 19.0%
New Jersey    13 $66,880 $63,790 $58,690 $61,860 $59,610 $50,080 33.5%
New Mexico    25 $55,900 $52,660 $53,240 $60,440 $58,170 $56,660 -1.3%
New York     1 $111,800 $116,460 $102,310 $103,490 $100,090 $94,410 18.4%
North Carolina    41 $50,160 $59,920 $61,580 $62,070 $59,860 $56,260 -10.8%
North Dakota    20 $62,570 $61,430 $57,060 $53,200 $51,140 $50,190 24.7%
Ohio    47 $47,420 $45,340 $41,650 $39,900 $38,700 $41,050 15.5%
Oklahoma    26 $55,850 $54,880 $49,380 $55,150 $56,370 $53,820 3.8%
Oregon    35 $52,120 $49,850 $55,500 $50,040 $42,050 $44,300 17.7%
Pennsylvania    21 $62,430 $64,490 $66,550 $58,130 $57,970 $55,140 13.2%
Rhode Island    12 $70,420 $84,280 $70,450 N/A $46,310 $46,630 51.0%
South Carolina    45 $48,560 $53,790 $52,070 $50,700 $43,410 $40,690 19.3%
South Dakota    16 $64,720 $62,660 $57,110 $57,150 $55,810 $54,830 18.0%
Tennessee    37 $50,670 $51,100 $45,960 $46,370 $43,080 $40,070 26.5%
Texas     8 $72,830 $70,520 $72,480 $64,070 $68,410 $60,130 21.1%
Utah     6 $75,170 $63,480 $62,050 $52,830 $50,050 $53,660 40.1%
Vermont    28 $55,770 $55,920 $47,990 $56,770 N/A N/A N/A
Virginia    18 $64,210 $66,230 $64,290 $62,910 $62,240 $58,650 9.5%
Washington    14 $66,020 $63,860 $59,590 $58,100 $53,640 $47,980 37.6%
West Virginia    24 $56,880 $63,620 $45,220 $53,860 $44,920 $54,790 3.8%
Wisconsin    40 $50,290 $49,360 $54,820 $53,640 $54,440 $51,630 -2.6%
Wyoming     9 $71,460 $75,570 $64,500 $81,920 $72,660 $75,580 -5.5%
Follow me on Twitter or LinkedIn.

I’m a finance writer with years of experience covering topics such as taxation, Social Security, entrepreneurship, investing, real estate and housing markets. My work has appeared on MSN, Yahoo Finance, Fortune, CNBC, CBS, U.S. News and more.

Source: https://www.forbes.com/

financecurrent3

Whether you’re a bitcoin trader or new to the market, you can buy, sell, and trade cryptocurrency without identity confirmations in EUR , USD, and other major currencies. We service clients globally, including Australia, the United States, Singapore, Canada, New Zealand, and Europe.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: