How Much Can a Locksmith Earn?

Written by luanne kelchner
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How Much Can a Locksmith Earn?
Locksmiths make keys in addition to repairing locks. (keys image by Darko Draskovic from Fotolia.com)

A locksmith makes keys and opens, repairs and installs locks. The locksmith must be knowledgeable about different locking mechanisms including combination locks. Professionals in this field can work for a locksmith company, hardware store or be self-employed. The average annual salary for a locksmith in December 2010 is between £17,915 and £29,654, according to PayScale. The Bureau of Labor Statistics reports locksmiths earn a median annual salary of £23,257 and will see job growth of 7 to 13 per cent through 2018.

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Type of Employer

Self-employed locksmiths are the highest paid professionals in the field with yearly salary ranges between £16,532 and £63,871, while those working for a local or state government earn salaries between £17,629 and £26,634. While the salary for a government locksmith has a higher amount on the low-end of the range the potential for self-employed locksmiths is much higher, according to PayScale.

Location

The location in which the locksmith works is a factor in the salary he can earn. California locksmiths earn salaries up to £40,540a year and those in New York earn up to £32,773. Florida locksmiths earn lower salaries, of up to £19,838, according to PayScale. However, the cost of living in Los Angeles is 56 per cent higher than in Jacksonville, Florida, according to My Salary.

Experience

Locksmiths earn high salaries after gaining experience in the field. A locksmith with 10 to 19 years in the business can earn a salary range between £19,838 and £38,058, while those with less than a year as a locksmith earn between £11,296 and £17,225 annually. PayScale also reports the salary of a locksmith with one to four years experience earns an average salary range that is approximately £6,500 to £7,800 higher than the worker with less than a year experience.

Benefits

Companies and businesses that employ locksmiths may offer benefits to workers to create value for the position. Popular benefits for locksmiths include paid sick time, holiday and vacation pay, health insurance, 401k plans and company vehicles for making service calls. Self-employed locksmiths do not receive benefits and must pay out of their own pocket for health insurance and time off from the business.

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