Report: Most Uber, Lyft drivers make below minimum wage

Surprise! Lyft and Uber drivers don't make much money. 

Specifically, their median hourly wage is a whopping $3.37, according to a a paper published by MIT's Center for Energy and Environmental Policy Research, which compiled over 1,100 drivers' data from the United States Environmental Protection Agency and Kelly Blue Book, and estimates from Edmunds. 

The study found that because of the high costs of insurance, fuel, and car maintenance, 74 percent of ride-share workers make below minimum wage in their respective states, and 30 percent actually lose money on their jobs. Drivers earn a median of 59 cents per mile driven, while incurring a median expense of 30 cents per mile. 40 percent of those costs were attributed to insurance, maintenance, and repairs, 40 percent to gas, and 20 percent to depreciation.  Read more...