Let’s say you’re just starting out as a real estate agent and you’d like some assistance in determining the best place to start your business. Abodo, the apartment search business, may be able to steer you in the right direction.
Abodo just released its latest research on the country’s best metros for various occupations including real estate sales. Abodo used Bureau of Labor statistics data on specific job density and income to rent ratios. Here are Abodo’s findings:
Metro # jobs/1000 Income Mthly Rent
1. Ft. Lauderdale 142.38 $28,080 $1,469
2. Orlando 134.79 $24,470 $1,083
3. Lubbock, TX 116.04 $25,430 $550
4. Miami, Miami Beach, Kendall, FLA
5. Birmingham, Hoover, AL
6. El Paso, TX
7. Springfield, MA
8. Wilmington, NC
9. Colorado Springs, CO
10. Raleigh, NC
According to the National Association of REALTORS, the median wages of real estate agents is -$35K but median gross wages equal approximately $42,500.
Abodo found that Washington DC had one of the highest job density ratings for new real estate agents, 84.17/1000, but also one of the highest median rents at $2,453 and low earnings of $28,430.
On the other hand, Abodo found that Ann Arbor, MI had one of the lowest job densities for new agents at 76.01/1000 with a median income of $27,960 and an affordable median rent of $1,131.
Dunham/Chapel Hill, like Ann Arbor, had a low job density for new real estate agents at 76.9/1000.
New San Francisco agents were breaking even by having the highest median average wage at $38,950 despite having high median rents. Agents renting in Oakland/Hayward/Berkeley, Boston/Cambridge/Newton or Miami/Miami Beach/Kendal were doing a bit better than breaking even.
Real estate agents renting in the metros of New York, New Jersey, Virginia, Maryland and West Virginia were earning between 94-97% of what median rents cost.