This information was compiled from the AppraisalWorld Residential Survey. As members join, they are asked for information about their profession and personal demographics. These results reflect the demographics of a typical residential appraiser.
As you probably suspect, the appraisal profession is heavily dominated by men-almost 4 out 5.
Note that the age groups are almost evenly divided. Appraisers in their 40s represent 30%, appraisers in their 50s make up 31% and appraisers under 40 represent 28%. Appraisers over 60 represent a little more than 10%.
Years of Experience Appraising
Interestingly, appraisers were split 50/50 with 50% having more than 10 years of experience and the other half having 10 or less years of appraisal experience. Note that there are very few trainees, but still a substantial number (23%) of relatively new appraisers with 1 to 5 years of experience.
Residential appraisers are quite an educated group, with more than three quarters having continued on after high school to get an advanced degree.
The education levels seem to be paying off in higher income levels as more than two-thirds of all appraisers are making over $50,000 per year. More than 30% of the appraisers are making over $80,000 per year. This also shows that some appraisers, 15%, are having a rougher time with incomes of less than $40,000 per year.
According to Money Magazine and Salary.com, the #6 Best Job in America for people over 50 is Residential Real Estate Appraising.
Here’s what Money has to say:
Median pay is $42,000; 90% make more than $30,900; 10% make more than $50,000; They estimate the 10 year job growth to be 23%. The #1 job for people over 50 was “Non-Profit Executive”; Highest paying job was Labor Relations manager with a median salary of $100,000.
Is Appraising the Primary Source of Income?
Overwhelmingly, 94% of residential appraisers stated that appraising was their primary source of income. Only 6% considered appraising to be secondary or supplemental income.
Has your identity ever been stolen?
AppraisalWorld is very concerned with building trust and reliability in the appraisal profession and so we asked appraisers about fraud and identity theft. hockingly, but perhaps not surprising, 5% have had their identity stolen.