What is actual income of Rideshare drivers in 2019 and is it worth it?
Let's look at the numbers.
Uber in particular has a reputation for… let's call it optimistic advertising. So we're going to ditch the theatrics. Rideshare drivers do not rake in the bucks as highway roaming, scarf-wearing, loft-partying Manhattanites. Uber's promise that you can "earn as much as you want" holds about as much water as those Disqus commenters who make $70,000 a year "working from home."
The company's claim that its New York City drivers rake in $90,000 got the company slapped with a $20 million fine for fraud, and false claim.
After paying all expenses, and after the app takes its cut, an average Uber or Lyft driver made between $8.55 and $11 per hour and thats if you live in cities like New York. That's quite a bit less than what the U.S. Bureau of Labor Services (BLS) has claimed as the average income. A mid range private sector worker earns $32.06 per hour but on the positive side, this is good for someone who is presently unemployed and is glad to have something in their bank account.
As an average driver that's how much money you'll make with Uber or Lyft (LYFT) . That's quite a bit less than, say the $20 billion that Lyft was valued at when investors were awaiting its IPO.
It's a photo finish with fast food as the lowest paid work in America, and considerably less than you'd make putting up with people at Walmart. On the other hand, as rideshare companies like Lyft or Uber (or Uber's offshoot Uber Eats) exhaustively advertise, you can set your own hours and be your own boss.
The trouble with nailing down firm numbers is that earnings vary wildly between individual drivers. This is a field that is just consistently inconsistent.
How often a driver chooses to work, where they drive and when all defines their outcomes.