Real Estate Average Salaries in Chicago 2022 - The Complete Guide (2023)

How much money does a person working in Real Estate make in Chicago?


Real Estate Average Salaries in Chicago 2022 - The Complete Guide (1)

Average Yearly Salary

124,000 USD

( 10,300 USD monthly)


LOW
45,700
USD
AVERAGE
124,000
USD
HIGH
212,000
USD

A person working in Real Estate in Chicago typically earns around 124,000 USD per year. Salaries range from 45,700 USD (lowest average) to 212,000 USD (highest average, actual maximum salary is higher).

This is the average yearly salary including housing, transport, and other benefits. Salaries vary drastically between different Real Estate careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
Acquisition Associate95,700 USD
Assistant Leasing Manager124,000 USD
Assistant Property Manager120,000 USD
Brokerage91,600 USD
Commercial Leasing Manager191,000 USD
Commercial Real Estate Manager204,000 USD
Community Development Manager180,000 USD
Compliance Specialist93,600 USD
Development Coordinator94,800 USD
Lease Administrator120,000 USD
Leasing Agent99,100 USD
Leasing Consultant119,000 USD
Leasing Manager126,000 USD
Lettings Assistant46,200 USD
Portfolio Analyst 163,000 USD
Portfolio Manager225,000 USD
Property Acquisition Agent85,800 USD
Property and Claims Specialist118,000 USD
Property Manager143,000 USD
Property Operations Manager194,000 USD
Property Tax Assistant97,700 USD
Real Estate Administrator106,000 USD
Real Estate Agent95,100 USD
Real Estate Analyst120,000 USD
Real Estate Appraiser104,000 USD
Real Estate Assistant88,400 USD
Real Estate Association Manager128,000 USD
Real Estate Broker90,700 USD
Real Estate General Manager201,000 USD
Real Estate Project Manager172,000 USD
Real Estate Sales Agent98,100 USD
Real Estate Valuer104,000 USD
Research Analyst86,600 USD
Residential Advisor111,000 USD
Residential Property Manager135,000 USD
Shopping Center Manager200,000 USD
Town Planner196,000 USD

6 simple ways for anyone to earn extra income25 simple money saving tips ($15000+ in savings!)How to write the perfect resume (complete guide)10 job hunting mistakes everyone is making12 careers for people who like to work alone

Real Estate Jobs Salary Distribution in Chicago

Real Estate Average Salaries in Chicago 2022 - The Complete Guide (8)

The median, the maximum, the minimum, and the range

  • Salary Range

    Real Estate salaries in Chicago range from 45,700 USD per year (minimum average salary) to 212,000 USD per year (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 134,000 USD per year, which means that half (50%) of people working in Real Estate are earning less than 134,000 USD while the other half are earning more than 134,000 USD. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Real Estate are earning less than 80,900 USD while 75% of them are earning more than 80,900 USD. Also from the diagram, 75% of people working in Real Estate are earning less than 187,000 USD while 25% are earning more than 187,000 USD.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

(Video) Chicago 2022 FIRST-TIME BUYER Guide

7 tricky job interview questions and answers21 high paying jobs that don't require a college degree8 Essential CV Tips That Will Make a Huge Difference9 deadly resume mistakes that you must avoid9 hobbies that can make great careers

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Real Estate Average Salaries in Chicago 2022 - The Complete Guide (14)

The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.

Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.

Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.

* Based on the average change in salary over time. Salary variations differ from person to person.

Salary Comparison By Education

How does the education level affect your salary?

Real Estate Average Salaries in Chicago 2022 - The Complete Guide (15)

It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.

Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

(Video) How Much I Made My First Year As A Real Estate Agent

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in United States costs anywhere from 39,500 US Dollar(s) to 118,000 US Dollar(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Top 10 Highest Paying Careers in United StatesSee Full List

Real Estate Salary Comparison By Gender

Real Estate Average Salaries in Chicago 2022 - The Complete Guide (17)

Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in United States who work in Real Estate earn 6% more than their female counterparts on average.

Male

110,000 USD

Female-6%

104,000 USD

Percentage increase and decrease are relative to the previous value


Salary Comparison By Gender in United States for all Careers

Real Estate Average Salaries in Chicago 2022 - The Complete Guide (18)

43 Careers That Pay Women More Than Men!Check The List
You deserve a salary increment but you are not sure how to ask.Check our 25 sample Salary Increase Request emailsGet Your Salary Increment

Real Estate Average Annual Salary Increment Percentage in United States

How much are annual salary increments in United States for Real Estate professionals? How often do employees get salary raises?

Real Estate

Real Estate professionals in United States are likely to observe a salary increase of approximately 9% every 15 months. The national average annual increment for all professions combined is 8% granted to employees every 16 months.

Real Estate Average Salaries in Chicago 2022 - The Complete Guide (19)

The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

United States / All Professions

The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

The average salary increase in one year (12 months) in United States is 6%.

Annual Increment Rate By Industry 2021

Banking

4%

Energy

8%

Information Technology

3%

Healthcare

7%

Travel

2%

Construction

6%

Education

1%

Listed above are the average annual increase rates for each industry in United States for the year 2021. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.

(Video) Warren Buffett: Why Real Estate Is a LOUSY Investment?


Worldwide Salary Raises: All Countries and All Jobs

Real Estate Average Salaries in Chicago 2022 - The Complete Guide (20)

25 Simple Ways to Reduce Bills and Save MoneyStart Saving!

Real Estate Bonus and Incentive Rates in United States

How much and how often are bonuses being awarded?Real Estate Average Salaries in Chicago 2022 - The Complete Guide (21)

Real Estate is considered to be a moderate bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

47% of surveyed staff in Real Estate reported that they haven't received any bonuses or incentives in the previous year while 53% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 3% to 6% of their annual salary.

Received Bonus

53%

No Bonus

47%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.

Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

21 High Paying Jobs That Don't Require a College Degree!Check The List

Real Estate Hourly Average Wage in Chicago

Real Estate Average Salaries in Chicago 2022 - The Complete Guide (22) 60 USD per hour

The average hourly wage (pay per hour) in Chicago is 60 USD. This means that the average person in Chicago earns approximately 60 USD for every worked hour.

Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

(Video) How To Become A Millionaire Through Real Estate Investing (Newbies!)

Real Estate VS Other Jobs

Real Estate Average Salaries in Chicago 2022 - The Complete Guide (23)

The average salary for Real Estate is 13% more than that of All Jobs.

Chicago VS United States

Real Estate Average Salaries in Chicago 2022 - The Complete Guide (24)

We compared Real Estate salaries in Chicago, Illinois, and United States and we found that Chicago salaries are 1% less than those of Illinois. We also found out that Illinois salaries are 17% more than those of United States.

Salary Comparison By City

CityAverage Salary
Chicago124,000 USD

Government vs Private Sector Salary Comparison

Where can you get paid more, working for a private company or for the government? Public sector employees in United States earn 5% more than their private sector counterparts on average across all sectors.

Private Sector

92,400 USD

Public Sector+5%

97,100 USD

Percentage increase and decrease are relative to the previous value

United States»Illinois»Chicago

All Jobs»Real Estate

Browse SalariesSalary Increase Letters

Best Paying Jobs

FAQs

How much does the average Chicago realtor make? ›

On average, real estate agents make $84,459 per year according to salaries reported by Indeed users. Was this answer helpful?

How much do top 1% real estate agents make? ›

Top producers earn around $112,610 a year to start, according to the BLS. 1 Mega-stars could earn $500,000 per year and up.

What is the average salary of a real estate agent in Illinois? ›

How much does a Realtor make in Illinois? The average Realtor salary in Illinois is $84,687 as of November 23, 2022, but the range typically falls between $72,251 and $100,378.

How much commission do most Realtors make? ›

As mentioned, it should be noted that while the national average for commission percentages sits between 5% and 6%, that is not necessarily the case for all agents. Some may charge higher and others lower. Some independent brokerages, such as SimpleShowing, offer sellers a low 1% listing fee.

What type of realtors make the most money? ›

Real Estate Broker

A career as a real estate broker is one of the highest paying and lucrative professions in the real estate industry. On average, experienced brokers take home a six-figure pay. You can only achieve this number once you get a significant amount of good reputation.

What city pays real estate agents the most? ›

Who is the highest-paid real estate agent? Real estate agents in high cost of living cities such as New York and San Francisco tend to be the highest earners.

Is it hard to make a lot of money as a real estate agent? ›

Hard work is essential to high salaries, however. While the average represents a high number, the salary range for California Real Estate agents falls between $24,970 on the low end and $123,700 for top earners. In order to become a top earner, agents must commit time, energy, and money.

Can you make millions being a Realtor? ›

If You're Going to Dream, Dream Big (and Plan Even Bigger) Consider what it would take to make $1 million in gross commissions your first year selling real estate (before expenses and taxes). It would involve selling approximately $50 million of real property with an average salesperson commission of 2%.

How long does it take to make money as a real estate agent? ›

It can take about six months to start making money as a real estate agent. Everyone is different, but six months is around the time many agents make their first sale. To start making consistent money, you should plan for about a year. To make a profit, you should plan for up to 18 months.

Is an estate agent a well paid job? ›

Currently there are 656 London Estate agent jobs. The average advertised salary for a Estate agent in London is 7% below the average salary for all jobs in London which is £43,076.

Do property agents make a lot? ›

It has been said 'The sky is the limit' when it comes to the amount of income a real estate agent can earn. It is true. I have seen agents, many of whom new to the industry, clocking in a 6-figure sales commission in a single month! This is no small feat and kudos to all who have done that!

How much money does a real estate agent make? ›

Average £64,859 per year

Is this useful?

What is Keller Williams commission split? ›

Keller Williams has a competitive split structure for real estate agents. They offer a 70-30 split. Meaning, 70 percent of the commission will go to the real estate agent and 30 percent will go to the brokerage. In addition, a real estate agent will pay a six percent franchise fee for each transaction up to $3,000.

Why is a good realtor worth the money you pay in commission? ›

A real estate commission covers all the work that goes into buying and selling property. Trust us, a great agent does a lot to help you buy or sell a house. A seller's agent shows you how to stage your home for buyers and—since they know what similar homes in your area are selling for—they help you price it right.

How much do top luxury real estate agents make? ›

While ZipRecruiter is seeing annual salaries as high as $129,000 and as low as $74,000, the majority of Luxury Real Estate Agent salaries currently range between $110,000 (25th percentile) to $120,000 (75th percentile) with top earners (90th percentile) making $120,000 annually across the United States.

Are attractive Realtors more successful? ›

Attractive agents don't necessarily earn more annually than less attractive agents. The houses they sell go for a higher price, but they sell fewer houses than do less attractive agents (presumably because each house is on the market for longer).

What do most Realtors major in? ›

Finance. A finance degree could make sense for you if becoming a real estate agent is your goal. As you study finance, you learn the basics of economics, financial reporting and more.

How to be rich in real estate? ›

The most popular way is to buy an investment property and slowly build up your portfolio. Generally, there are two primary ways to make money from real estate assets — appreciation, which is an increase in property value over a period of time, and rental income collected by renting out the property to tenants.

How can a realtor make extra money? ›

Real estate photography and videography, property staging, digital marketing, transaction management, and insurance inspections are all side gigs that can be turned into businesses of their own. If you have a skill or hobby worth charging money for, you can become your own boss and bring in extra cash every month.

Why do Realtors make so much money? ›

Most real estate agents make money through commissions that are based on a percentage of a property's selling price, (Commission can also be flat fees, but that is much less common.) Agents work under real estate brokers, and the commissions are paid directly to the brokers.

Do most real estate agents quit? ›

Now that you know why 87% of real agents fail, it's time to look at how you can beat these odds and grow a successful business. Below, you'll find tips that can help you perfect your craft and become a leader in the real estate industry.

Is Chicago a good place to be a real estate agent? ›

Chicago has made the list of best places to be a real estate agent, and in today's market. The Windy City ranked No. 134 on WalletHub's 2021's Best Places to Be a Real Estate Agent list.

Why I quit being a realtor? ›

Some common reasons why realtors may choose to leave their jobs could include feeling burned out from the long hours and high pressure of the job, feeling like they are not earning enough money, or simply wanting to try something new.

Is real estate a good career in 2022? ›

If you're thinking about real estate as a career, you should be thinking beyond just the next two years. Real estate has literally been around forever and will still be here when we are gone. Therefore, the career choice of becoming a real estate agent is a good one in 2022 or any other year.

Do attractive Realtors make more money? ›

Researchers looked at listing prices, sales prices and the time properties spent on the market before the sale was completed. In general, the research found that the agents who were rated more attractive had listings with higher prices and larger commissions, which comes from higher sales prices for attractive agents.

How many houses do I need to sell to make a million? ›

However, how many houses you have to sell you depends on how expensive the houses you sell are. If your average sales price is one million dollars, you only have to sell 50 houses a year to make one million dollars a year. Most agents are not in an area that will allow them to sell 50 one million dollar houses a year.

Does real estate make you rich? ›

Can real estate make you rich? It can, but it's not a sure bet. The real estate market has boom and bust cycles, and real estate investors can lose money as well as make money.

Why real estate is the best career? ›

Real estate agents value their flexible schedule

Real estate is a career that you can balance with family responsibilities, school and side projects. Since you are your own boss, you can decide when to work and how many hours to work each week. This can make it easier to juggle several responsibilities at once.

Is it hard to start in real estate? ›

It takes hard work, dedication, and perseverance to become a successful real estate agent. To become an agent, you must take classes, pass a test, and find a broker to work for. Once you get your license, the work is not over. You must learn to sell houses, which they do not teach in real estate school.

Is estate agent a stressful job? ›

Few people hold estate agents in high esteem. And depending on your own experiences, you may like or loathe them. However, the industry's less than favourable reputation often overshadows just how stressful a job estate agency can be.

How many days a week do estate agents work? ›

Estate Agency is a service industry, therefore you should be willing to provide one! This involves making yourself available to the public outside normal working hours. On average, the hours tend to be 8.30/9.00am through to 6.00/6.30pm Monday to Friday, with varying amounts of weekend work.

How much do property agents make a month? ›

Average RM 2,666 per month.

Is being a property agent easy? ›

The simple explanation is that being a property agent is hard. It is less like a job, and more like trying to run a business on your own (how many other salespeople also need to source for their own inventory?)

Is being a property agent hard? ›

Earning a living selling real estate is hard work. You have to be organized in order to keep track of legal documents, meetings, and all the tasks that go into multiple listings. You may go without a paycheck for periods of time because the work is often commission-based. If you don't sell, you don't earn anything.

How many houses do I need to sell to make 100k? ›

How many houses does an agent have to sell to make $100,000 a year? If you are selling $100,000 houses and paying 40 percent of your commission to your broker you would have to sell over 50 houses a year to gross $100,000 a year. That is a lot of houses to sell, especially for a new agent.

What is a Realtor's commission in Illinois? ›

In Illinois, the average real estate commission is 5.6%. But, most people are not aware that this is negotiable. So, if you are looking to get a lower commission rate, it is important to do your research and know what to ask for.

Videos

1. How Big Earners Reduce their Taxes to Zero
(Grant Cardone)
2. Housing Market Update - Real Estate Crash is Just Clickbait
(ClearValue Tax)
3. I Want to Become a Real Estate Agent, Have Any Advice?
(The Ramsey Show - Highlights)
4. Real Estate Practice Exam Questions 1-50 (2022)
(Real Estate License Wizard)
5. 4 Year Update - Are Solar Panels for Home Still Worth It?
(Undecided with Matt Ferrell)
6. How to be a SUCCESSFUL Real Estate Agent in 7 Steps | Ryan Serhant
(Ryan Serhant)
Top Articles
Latest Posts
Article information

Author: Reed Wilderman

Last Updated: 12/21/2022

Views: 5690

Rating: 4.1 / 5 (72 voted)

Reviews: 95% of readers found this page helpful

Author information

Name: Reed Wilderman

Birthday: 1992-06-14

Address: 998 Estell Village, Lake Oscarberg, SD 48713-6877

Phone: +21813267449721

Job: Technology Engineer

Hobby: Swimming, Do it yourself, Beekeeping, Lapidary, Cosplaying, Hiking, Graffiti

Introduction: My name is Reed Wilderman, I am a faithful, bright, lucky, adventurous, lively, rich, vast person who loves writing and wants to share my knowledge and understanding with you.