Degrees in several areas, including real estate, business administration, accounting and finance, all qualify workers to become real estate developers. Developing a piece of property includes managing both the business aspect, such as handling revenue and logistics, but also maintaining the property in a way that will raise its real estate value to ultimately sell. The salaries for real estate developers depend largely on their skill and experience, as well as the type of property they choose to develop.
On average, real estate developers in the U.S. earned $62,400 as of May 2010, according to the Bureau of Labor Statistics. Salaries began at less than $26,180 in the 10th percentile and less than $36,430 in the 25th percentile, with the median income at $51,480. Developers in the 75th percentile earned over $75,150 a year, and those in the 90th percentile earned over $111,320 a year.
The two largest industries in terms of employed real estate developers were activities related to real estate and lessors of real estate, which the bureau reports offered respective average salaries of $60,860 and $56,130, as of 2010. Developers working in the offices of real estate agents and brokers earned an average of $60,840 a year, and those employed by the local government earned an average of $62,540. Business, professional, labor and political organizations offered an average salary of $53,650 a year for real estate developers.
The highest concentration of jobs for real estate developers were in Nevada and Idaho as of 2010, where the bureau reports respective average salaries of $43,430 and $34,210 a year. New York was the highest paying state for developers with a salary average of $101,110, followed by Virginia at $89,330 and Rhode Island at $88,200 a year.
The bureau reports a predicted increase of eight percent in employment for real estate developers between 2008 and 2018, a growth which attributed to the growing population and increased development of apartment buildings, homeowner associations and senior housing. Developers with a minimum of a bachelor’s degree will have the best opportunities at earning higher than average wages; the bureau also states that those with experience in managing healthcare facilities will enjoy “particularly good opportunities.”