One of the first questions most people have when they consider starting a career in real estate is, how much do agents and brokers make? The answer varies depending on where you work, but there are some statistics that can give you a better idea of how much real estate agents make in Georgia.
Average Salary for Real Estate Agents in Georgia
The Bureau of Labor Statistics (BLS) gathers data on real estate income for every state. According to their latest info from May 2017, Georgia real estate agents make $46,220 a year on average. That works out to be $22.22 an hour for full-time agents.
While that may seem low compared to some other states, it’s actually right in line with the average annual salary of all occupations in Georgia ($47,200). It’s also pretty good considering that the median home price in Georgia was just $166,900 in 2016 based on stats from ATTOM Data Solutions.
Another thing to consider is that the average household income in Georgia is $51,244. That means the average real estate agent makes almost the same as two income earners in many households in the state.
Of course, real estate is a career where you don’t make a set salary. The BLS calculated the income range for Georgia agents as $20,360 for the 10th percentile all the way up to 78,090 for the 90th percentile.
Location within the state is a major factor. In the North Georgia Metropolitan Area, the average agent salary is $57,410. But down south in Valdosta, GA the annual income is $26,030 on average.
How Georgia Taxes Factor Into Agent Salary
Taxes will also affect your income no matter what profession you choose. Georgia is one of the many states that charge income tax. This is in addition to the federal income tax and has to be accounted for when you’re budgeting throughout the year.
Your neighbors next door in Florida don’t have to shell out state income tax, but at least Georgia’s taxes are low compared to other states. The top bracket is just 6%, but unfortunately, that rate kicks in at only $7,000.
The 2018 tax brackets in Georgia are:
$0+ - 1% $750+ - 2% $2,250+ - 3% $3,750+ - 4% $5,250+ - 5% $7,000+ - 6%
There is good news for Georgia real estate agents. Soon you’ll be keeping more of your income. The passage of House Bill 918 will lower the top income tax bracket to 5.5% by 2020. The standard deduction was also doubled.
How much you earn as a Georgia real estate agent depends on your niche, the commission split with your broker, the size of your referral network and how much you hustle. At the end of the day, you’re largely in control of your income so get out there and start generating leads!