#15a All about Value How much Uber, Lyft drivers really make

How much Uber, Lyft drivers really make

By
Robert Annenberg
-

With the rise of the gig economy, many people are turning to ridesharing platforms such as Uber and Lyft to find work. But amid recent reports of declining earnings, how much do drivers really make?

Despite the differences in the platforms, average nationwide earnings for both Uber and Lyft are comparable. According to self-reported earnings on Glassdoor, the average hourly pay for an Uber driver is $14, compared to $15 for a Lyft driver. This translates to an average annual salary of $29,400 and $31,600, respectively.

A driver’s earnings, depending on where they are driving, could be significantly better or worse than the above figures. A 2015 study by SherpaShare found that an average driver’s gross earnings per trip in New York City was $29.34 for UberX and $28.82 for Lyft, compared with only $11.53 for UberX and $11.36 for Lyft in Los Angeles.

Most users, however, do not make anywhere near the estimated average annual salary. Though some drive full time, nearly 80 percent of drivers drive less than 35 hours per week, with more than half driving less than 15 hours a week, according to Uber.

So while driving for Uber or Lyft will not make you rich, it could serve as a profitable secondary source of income.

By Renwick Wilson | 

About The Author

Robert Annenberg
Robert Annenberg
Robert Louis Annenberg Is a 40 year seasoned property owner, manager, investor, builder/developer and business man who is also an author of five published books to date (Amazon.com) and the chief editor of LifeQuestJournal.com. He can be reached at: [email protected] and (201) 289-2500.