They call it the gig economy, working a part-time job, or “side hustle,” for extra cash. A new report found that 44 million Americans have a side gig today.
Thanks to that smartphone in your pocket, and an instant connection to potential customers, you can now drive your car, rent out your home or do tasks for people to make money.
But how much can you really make, working a side gig for Airbnb, Uber, Lyft, TaskRabbit, Etsy or other services?
A study claims you may not take home much of a salary if you are not completely committed to it.
Despite reports of people earning $100,000 a year at some of these services, a new report finds that 85% of side gig workers earn less than $500 a month.
The California based loan provider Earnest analyzed thousands of loan applications, and found the average pay of many gig economy jobs.
- Airbnb paid the most, with a median income of $440 a month. The average monthly income of users was $924.
- Lyft: median income of $210 a month. The average monthly income of users was $377.
- Uber: median income of $155 per month. The average monthly income of users was $364.
- Task Rabbit: median income of $110 a month. The average monthly income of users was $380.
- Doordash (a food delivery app): median income of $100 a month. The average monthly income was $229.
- Etsy: median income of $40 a month. The average monthly income was $151.
It’s important to note that there Earnest found a wide range of earnings—some Airbnb hosts, for example, made over $10,000 a month.
Why are so many people taking on these side jobs?
It’s not necessarily because they want to meet people, but because their regular job doesn’t pay enough to make ends meet or pay off college loans.
Written by John Matarese for Don’t Waste Your Money.