Home contracting is a lucrative and essential industry, especially in the United States, where people often spend around one-third of their lives at home. With people opting for home renovation, repairs, and improvements, home contractors are in high demand. However, the question that arises is, how much does a home contractor actually make?
The amount a home contractor makes depends on various factors such as location, experience, and type of work. According to the Bureau of Labor Statistics, the median annual wage for construction managers, which includes home contractors, was $95,260 in May 2020. However, the wage can range from $56,040 to $164,790 depending on the factors mentioned earlier.
For instance, a home contractor who specializes in kitchen and bathroom remodeling can earn anywhere from $40,000 to $75,000 in a year, depending on their experience level and the type of projects they undertake. Similarly, a home contractor who focuses on roofing or concrete work can earn around $60,000 to $80,000 per year. On the other hand, a general contractor who manages multiple projects can earn up to $100,000 in a year.
The location of a home contractor can also have a significant impact on their earnings. For example, a home contractor in California can earn around $75,000 to $100,000, while a contractor in Texas can earn around $60,000 to $85,000. Similarly, a contractor in New York City can earn around $80,000 to $120,000, whereas a contractor in a small town in Iowa might earn around $50,000 to $70,000.
Experience is another crucial factor that determines a home contractor`s earnings. A contractor who has been in the industry for several years and has developed a strong reputation can charge higher rates and take on more significant projects. On the other hand, a contractor who is just starting may have to work on smaller projects and charge lower rates.
In conclusion, the earnings of a home contractor depend on various factors such as location, experience, and type of work. While the median annual wage for construction managers is around $95,260, home contractors` wages can range from $56,040 to $164,790. As the demand for home improvement and renovation services continues to grow, home contracting remains a viable and profitable career option.