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Are you looking for a job change and considering driving for Lyft? We can tell you all about what it’s like driving for Lyft. Is Lyft a good way to make money? We’ll cover that too and help you determine if Lyft can help provide income for your household.
How Much Can Drivers Make in Lyft Earnings?
We looked at Glassdoor and Indeed for some statistics on a Lyft driver salary. Please know that neither website gives the same figures, which is why some things are discussed for one source but not the other. Read below to see how Lyft pays.
Average Lyft Income According to Glassdoor
These statistics are based on 68 Lyft driver salary reports.
- Lyft hourly pay: $17/hour
- Lyft salary: Average $33,669/year
- Lyft cash bonus: Average $755
- Lyft tips: Average $972
Average Lyft Pay Rate According to Indeed
How much can you make with Lyft according to Indeed? The statistics below are based on 556 Lyft salary reports for drivers.
- Lyft hourly pay: $34.95/hour, which is 64% above the national average
- Lyft daily pay: $150/day, which meets the national average
- How much do Lyft drivers make a week? $1,499/week, which is 32% above the national average
- Lyft monthly salary: $3,911/month, which is 18% below the national average
- Lyft salary: Average $59,075/year, which is 11% above the national average
So, Do Lyft Drivers Make Good Money?
Remember, the numbers above are averages. Your income as a Lyft driver is going to depend on where you live, where you’ll be driving, and other factors. Larger cities mean more riders. If you look at the stats above from you’ll note that a Lyft driver can make an average of $33,000 to $59,000. Remember, those figures are averages, so there are drivers who make more, and drivers who make less. But considering that the national average wage index for 2016 was $48,642.15, Lyft appears to be a reasonable option for your income needs. Next you’re probably wondering how quickly you’ll be able to access your earnings. In other words, how does Lyft pay? That’s next!
Lyft Pay Structure
How do Lyft drivers get paid? Lyft pays its drivers weekly. Payments begin being processed on Tuesdays at around 5am. Depending on your bank, it may take a few hours, or even days, before the deposit appears in your account.
How does Lyft pay drivers sooner? If you need your money sooner, you can utilize Lyft’s Express Pay. Express Pay lets you cash out your earnings instantly (and according to them, they are the first and only ridesharing company to offer this) as long as you have earned $5.50 or more. How does it work? Lyft partnered with Stripe (a payment platform) that allows drivers to put their pay on a debit card (note: there’s a 50-cent transfer fee to collect Express Pay.) To start, you link your debit account and when ready to withdraw, you tap a button in the “Earnings” tab of your Lyft account. Most drivers will receive instant deposits, however some banks won’t allow funds to appear until next day.
How Much Can You Make with Lyft?
We reached out to actual drivers to find out their stories about how much they earn driving. Granted there are various factors like time of day, peak times and city you live in (see below). But hopefully these first-hand testimonials helps you get a better idea.
I normally drive around 3 or 4 nights a week and earn around $50-$75 per night during the week but on the weekends, its a different story. Since Nashville is one of the “It” cities right now, there are tourists everywhere and I easily make $200-$300 a night driving on the weekend. – Gene Caballero, Co-Founder GreenPal (Nashville)
I was happy if I made $50 a night or $150-200 for the weekend. I was looking for full time work and frankly with their auto deposit it sometimes kept our bank account $10-15 above 0 which means we avoided overdraft fees. So the potential to not lose more was huge! – Mike Magan, (Indianapolis)
Is Being a Lyft Driver Worth It?
Ultimately, it’s up to you to decide, but here are some things you’ll want to consider before driving for Lyft (or Uber, check out the differences.)
You may have to work in chunks of time during less-convenient hours. Many rides take place during commute times, which can begin at 6 am and finish up around 9 am. Then again for the evening commute, which starts around 3 pm and finishes up around 7 pm.
Other than commute times, you’ll need to take into consideration any events going on in your city (like sporting events) and any dinner/party times, which can start around 6 pm and finish up around 2 am (depending on bar close times). If you aren’t keen on giving drunk people rides (and potentially messing up your car), you should definitely avoid the bar scene.
A huge positive that people talk about is being your own boss. What we mean is that you get to work when you want to work. While there are definitely better times to drive, ultimately, it’s up to you when you want to “clock in.” If you are sick or have a doctor’s appointment, you don’t have to reach out to a boss and ask if it’s ok to miss work. You work when you want to when driving for Lyft.
If you’re curious about more specific salary numbers, checkout the stats we’ve collected for some of the major cities below.
- How much do Lyft drivers make in Atlanta
- How much do Lyft drivers make in Boston
- How much do Lyft drivers make in Chicago
- How much do Lyft drivers make in Los Angeles
- How much do Lyft drivers make in New York City
- How much do Lyft drivers make in Toronto, Canada
Is being a Lyft driver worth it?
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