Real Estate Brokers Highest Paying Metro Areas
- Sacramento, California
- Urban Honolulu, Hawaii
- Manchester, New Hampshire
- Hartford, Connecticut
- Orlando, Florida
If you're thinking of relocating to seek work as a real estate broker, you may be curious about which cities offer the best possible economic opportunities in this field. Let's explore the 5 most lucrative metropolitan areas for real estate brokers to live and work.
1. Sacramento, California
In California's capital city, brokers earn mean annual salaries of $156,780 and command hourly pay rates of $75.37. Thanks to a growing job market and a cost of living that's reasonable by California standards, Sacramento has experienced remarkable population growth of nearly 33 percent in the recent past. The housing market is strong in Sacramento right now. Sacramento-area home prices have appreciated by nearly 9 percent in the past year. Overall, the employment prospects and earning potential for brokers in San Francisco appear to be excellent at this time.
2. Urban Honolulu, Hawaii
Brokers in the urban area of Honolulu, Hawaii earn annual mean salaries of $155,400 and command a mean hourly pay rate of $74.71. While these wages might sound impressive, you also have to keep in mind that Honolulu's cost of living is astronomical; it's 99.80 percent higher than the US national average. This can offset the high paychecks to a substantial degree.
The housing market in Honolulu is strong and offers brokers significant earning potential. It's an attractive area for retirees to settle; for this reason and others, Honolulu's population has been growing at a rate of nearly 8 percent.
Buying a home in Honolulu is an expensive proposition. The median cost of a home in the area is $635,500. Honolulu homes have been appreciating over the last decade with an overall rise in cost of nearly 36 percent. In the last year alone, Honolulu home prices rose about 3 percent.
3. Manchester, New Hampshire
In the Manchester area, brokers earn mean annual paychecks of $150,980 and command a mean hourly pay rate of $72.59. In the recent past, Manchester has enjoyed population growth of nearly 11 percent.
4. Hartford, Connecticut
In the Hartford, Connecticut metropolitan area, brokers earn mean annual salaries of $146,730 and command an hourly mean pay rate of $70.54. Despite the high paychecks, Hartford is a challenging market for property brokers to succeed in right now. Hartford homes have not been appreciating in value; home prices have fallen by more than 9 percent in the past year. The 11 percent unemployment rate in Hartford is much higher than the US average of 5.2 percent. The population is declining at a rate of more than 11 percent as some of Hartford's citizens migrate elsewhere in search of employment.
5. Orlando, Florida
Brokers in Orlando, Florida earn annual mean salaries of $125,730. Their mean hourly rate of pay is $60.45. The housing market in Orlando is strong right now. The city's population has grown 64.5 percent in the recent past, according to the latest available data. In the last year, Orlando home prices have appreciated at a rate of slightly over 7 percent.
We hope this short list of broker-friendly US cities will prove useful to you as you think about whether a move might be worthwhile. These metropolitan areas are all excellent choices for a real estate broker to call home.