71+ Intriguing Side Hustle Statistics, Trends and Facts [2024]

October 16, 2023 0 Comments

If you’re planning to start a side hustle, you’re not the only one!

The cost of living in the US has increased by 15-20% in the last five years.

About 45% of Americans have a side hustle to make ends meet.

Why are side hustles so popular?

How much do people make from their side gigs?

Check out the latest side hustle statistics to find all the answers you need.

Top Side Hustle Statistics- Editor’s Pick

  1. More than 1 in 3 Americans have a side hustle. [1]
  2. Americans make an average of $810 per month from their side hustle. [2]
  3. More than half of Gen Z employees have a side hustle in 2023. [3]
  4. The gig economy is expected to reach $455.2 billion in 2023. [4]
  5. 80% of people spend an average of 13 hours per week on their side hustle. [5]
  6. The main motivators for side hustlers are personal freedom and extra income. [6]
  7. 26% of side hustlers want to make it their full-time job. [7]
  8. Millennials make about $1,022 a month through their side hustle. [2]
  9. 44% of people believe that they’ll always need a side hustle. [2]
45% of Americans have a side hustle

General Side Hustle Statistics

Many people turn to side hustles to supplement their income, pursue their passions, and start their own businesses.

Here are some interesting side hustle statistics:

Why do people need side hustles?

A person with no dependents needs to earn at least $15/hour to cover their basic needs. [8]

More than half of US workers say that they are underpaid. [9]

Most employees turn to side hustles for passive income.

Almost 70% of sidehustlers say they rely on this supplementary income due to inflation. [10]

43% of people need extra money to pay their primary expenses or bills. [10]

What are the primary motivators for side hustlers?

motivators for side hustle
  1. 39% of side hustlers are motivated by personal freedom. [7]
  2. 27% of people have a side gig for extra income to invest, save, and spend.
  3. 12% have a side hustle to make ends meet.
  4. 6% feel that their side hustle is a creative outlet.
  5. 6% of side hustlers want to pay off debts faster.
  6. 5% say that their side hustle felt like a calling.

How much time do people spend on their side hustles?

On average, employees spend 13 hours a week to generate passive income. [1]

About 50% of side hustlers spend less than 10 hours a week on their side gig.

13% of people devote more than 30 hours a week to their side hustle.

Almost 30% of employees agree that they’ve increased the time they spend on their side hustles because of inflation.

Side Hustle Statistics by Demography

Demographics such as age, gender, income level, and location can all play a role in the type of side hustle someone chooses.

Let’s take a deep dive into side hustle statistics by demography.

Age distribution of side hustlers

Bankrate conducted a survey that revealed how popular side hustles are with different generations. [2]

Here’s what they found out:

Age Group% of Side Hustlers
Gen Z ( Ages 18-26)53%
Millennials (Ages 27-42)50%
Gen Xers (Ages 43-58)40%
Baby Boomers (Ages 59-77)24%

Millennials and Gen X spend about 14 hours on their part-time jobs, while Gen Z spends about 10 hours/ week. [1]

Primary income brackets of side hustlers

The number of side hustlers varies based on the annual income of their households. [2]

Almost 50% of employees with an annual income of $100,000 have a side hustle. 

The primary income of 35% of side hustlers is between $80,000 and $99,999.

40% of side hustlers have a primary income

 39% earn between $50,000 and $79,999 in their main jobs.

40% have an annual income of less than $50,000.

Side hustle statistics based on gender

Men are more into side hustling than women. [2]

43% of men said that they had a side gig, compared to 35% of women.

Men make $596 per month on average, while women make only $378 from their side hustle.

Men spend 14.5 hours per week, on average, working their side hustle. [1]

Women spend 12.2 hours per week on their side gigs. [1]

30% of men spend more than 20 hours on side hustles, while 25% of women spend the same amount of time.

How Much Do People Make with Side Hustles?

The passive income of side hustlers in the US is about $800 a month, on average. [2]

average monthly income

28% of people make less than $50 in a month.

15% get more than $1000/month.

14% of people earn somewhere between $51 and $100 per month.

14% of side hustlers earn more than $1,500 a month. [12]

12% of side hustlers make $500-$1000 per month. [2]

11% earn about $100-$200 in a month.

Only 8% of side hustlers make more than $2000 a month.

6% make $200-$300/ month.

Millennials make $1,022 a month. [1]

Gen Z earns $753/ month.

Gen X gets $670 per month.

Baby boomers earn $646 a month. 

The percentage of side hustlers making more than $1500 a month has doubled between 2020 and 2021. [12]

4.7% of side hustles make over $10,000 per month. [13]

From selling stuff on Etsy to freelancing, there is a wide range of side hustles that are popular among people.

Check out the statistics about some of the up-and-coming side gigs:

32% of side hustlers are selling a service [14]

Almost 40% of people offer services such as fitness training, house cleaning, photography, and babysitting.

What are the most lucrative side hustles?

An average side hustler makes $29k/year from real estate by spending just 6 hours per week. [15]

People who offer management consulting make $86/hour.

Investment management service providers earn $75/hour.

Investment bankers make about $70/hour.

Online businesses such as blogging, podcasting, online courses, and affiliate marketing are also quite lucrative. [13]

Selling products on Etsy, Amazon, and other e-commerce platforms helps people earn about $1000/month. 

Successful influencers on YouTube and other social media channels make up to $10,000/month. [16]

freelancers cane make up to $20k

Some freelancing gigs can make up to $20,000/year by just spending 15 hours a week. [17]

Here are some of the well-paying freelancing jobs:

JobsAverage Hourly Pay
Programmer$60-$70
Data Analyst$55-$65
Web Developer$50-$60
Graphic Designer$40-$45
Content Writing $30-$40

What Are the Challenges of Side Hustling?

Side hustles come with their own set of challenges. We’ve listed a few of them here:

  1. 48% of US side hustlers say they now spend less time with friends and family.
  2. 45% of people spend less time on leisure activities.
  3. 42% are not getting proper sleep.
  4. 36% of side hustlers don’t have enough time to exercise.
  5. 30% of Americans find it difficult to find time for their side hustles.
  6. 28% struggle to find the right idea.
  7. 14% of people want a side hustle but don’t know where to start.
  8. 9% face admin, tech, and legal issues.

FAQs About Side Hustles

What is a side hustle?

A side hustle is a job or business that you pursue in addition to your full-time job. More than 45% of Americans have a side hustle. 

Inflation is the main reason for the increase in the percentage of people with side hustles.

How much money can I make from a side hustle?

The amount of money you can make from a side hustle depends on the type of side hustle you have, how much time you put into it, and your skills

Some people make a few hundred dollars per month from their side hustle, while others make about $2000/month.

How do I get started with a side hustle?

  1. Choose an idea that you’re passionate about.
  2. Make sure the idea aligns with your skills and experience. 
  3. Develop a plan and set some goals. 
  4. Start taking action and marketing your side hustle.

Some popular side hustle ideas include:

  1. Freelancing
  2. Driving for a ride-sharing company
  3. Starting an online business
  4. Tutoring
  5. Selling products online
  6. Walking dogs
  7. Pet sitting
  8. Renting out your spare room or home
  9. Starting a blog or YouTube channel
  10. Writing and selling ebooks or online courses
  11. Consulting
  12. Providing social media management or marketing services

How can I be successful at side hustling?

  1. Start small and scale up gradually: Don’t try to do too much at once.
  2. Be patient and persistent: It takes time to build a successful side hustle.
  3. Network with other side hustlers: There are many online and offline communities where you can connect with other side hustlers and learn from their experiences.
  4. Set weekly goals: Setting weekly or monthly goals can help you manage your time.
  5. Set an average income goal: Create a benchmark of how much money you want to make and work towards that.

Summary

With the rise of inflation and living expenses, side hustles have become a necessity for most people. Employees aren’t just starting side hustles to afford their lavish lifestyles—they need it for basic necessities. 

You would’ve gotten some ideas about lucrative side gigs and their average incomes from this article. After you pick a side hustle, make sure you do proper research before getting into it.

Keep an eye on our website for the latest trends and statistics about various popular topics. 

Sources

  1. Zapier. Zapier report: 40% of Americans have a side hustle in 2022
  2. Bankrate. Survey: 39% have a side hustle, and 44% believe they’ll always need one
  3. CNBC. 44% of people with a side hustle think they’ll always need it — and more are picking one up
  4. Statista. Projected gross volume of the gig economy from 2018 to 2023
  5. Fox Business. Many Americans work a side hustle to make ends meet: survey
  6. GSA Business. Is the rise in side hustles part of the new American dream?
  7. All Business. Ideas for Running a Successful Side Hustle
  8. MIT. Living wage calculator
  9. ADP. People at Work 2023: A Global Workforce View
  10.  PR Newswire. 44% of Americans Have a Side Hustle Amid Inflation, Most Popular with Gen Zers
  11. The Ascent. Who Earns More Working Side Hustles: Men or Women?
  12. Upwork. What Is a Side Hustle? How To Start + Ideas To Consider
  13. Side Hustle Nation. 2023 Side Hustle Statistics and Survey Results: Income Levels, the Most Popular Gigs, and Common Struggles
  14. Dollar Sprout. Side Hustle Statistics 2019: Who, How Much & Most Popular Gigs
  15. The Hustle. The most lucrative side-hustles
  16. Zippia. 20+ MUST-KNOW SIDE HUSTLE STATISTICS [2023]: HOW MUCH DOES THE AVERAGE SIDE HUSTLE EARN?
  17. Upwork. How Much Can Freelancers Make in 2023?

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