Side hustles have become more than just a way to pick up some extra cash to get yourself a little treat—more people believe they need them just to survive.
According to a survey released last month from Lending Tree, 38% of Americans have a side hustle (down from 44% in 2022), and 43% of those earning extra income are doing so to cover their living expenses. A related survey from Bankrate, found that 32% of side hustlers believe they will always need that extra income to get by, while 16% want to one day turn the side hustle into their main hustle.
What’s Everyone Doing?
The best-paying side jobs are mostly web-based, like website designer and video editor – but you need pretty specialized skills for those gigs. Drop-shipping, driving for ride-hailing apps, delivery driving, and even recording voiceovers are among the most popular hustles.
The image of a side hustler is that of someone making a few extra bucks to cover expenses, but research shows most people acquiring part-time cash are often already well-off. For example, 40% of side hustlers have household incomes of at least $100,000 – and according to Fast Company, most reported their existing financial situation as “comfortable.” With the cost of living continuing to rise, 26 million more Americans are expected to join the side-hustle economy by 2027.
The most popular side hustles are delivering food or groceries (15%), online freelancing (15%) and part-time or seasonal work (14%). Side hustlers say they earn an average of $1,215 monthly, though the median is just $400. The Lending Tree survey showed that the most popular were food or grocery delivery (15%), online freelancing (15%), seasonal work (14%), housecleaning (13%), making and selling items (13%), e-commerce resale (12%) and social media influencing (11%). Further down the list were a variety of gigs, including babysitting, pet sitting or caretaking (9%), rideshare driving (8%), day trading (7%), tutoring or teaching (6%) and even OnlyFans (5%).
How Much Are They Earning?
For most, the extra monthly income they generate isn’t much. According to Bankrate data, 71% of people—and 80% of Gen Zers—make $500 or less – with only 19% of overall respondents taking home between $501 and $2,000. Lending Tree shows about the same range, with side hustlers earning a median $400/month. From both surveys, it’s clear that people of all ages, income levels and more are pursuing side hustles, at least to some degree.
Why Are They Doing It – and How Much Time Are They Spending?
There can be as many reasons for having a side hustle as there are stars in the sky. When asked why they have a side hustle, one-third said they needed it because of cost-of-living expenses, 29% said they needed it to pay bills, 28% said they wanted the money for discretionary spending and 24% needed to pay off debt.
Not everyone has a side hustle because they’re struggling, though. More than 1 in 5 (22%) do it to fill their spare time, 15% do it to help others and 14% do it to pursue their passions.
While 19% of side hustlers say they spend less than five hours a week on their hustles, 45% say they spend at least 10 hours a week. That includes 9% who spend more than 20 hours.
Even with that extreme time commitment, 77% say their side hustle improves their quality of life. Parents of young kids are among the most likely to say so, with 82% agreeing, including 47% who agree strongly.
Not surprisingly, all of the side-hustle surveys reveal that many Americans take on side hustles to help them manage debt. They’ve cut their spending to the bone to try to free up money to put toward the debt before realizing they need to bring in more income to make a real dent in their problem.
How To Choose the Right Side Hustle?
If you’re serious about bringing in more income over the long term, choosing the right side hustle matters. It isn’t about jumping on the first opportunity. It’s about finding something that matches your talents, meets a need in the marketplace and can be sustained over time.
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