How to Set Your Freelance Journalism Rates in 2024

The number one question I get asked by freelance and full-time journalists alike is how to set your freelance rates. I run a successful Six-Figure Freelance Journalist Jobs Newsletter, and I've been a tremendously successful freelancer for more than ten years. I have seen the ups and downs of both freelance and full-time journalism work, and I've seen freelance rates run the gamut. Freelancers have to strategically navigate their pricing to balance competitiveness with a sustainable income, especially in a market where sub-par pay rates can challenge the viability of the profession. As I shared on LinkedIn last week, without fair, living wages, more journalists leave the business because they can't afford to live, and democracy is threatened. So, what's a freelancer to do? How do you know what to charge for your freelance work, especially in the face of the growing use of AI in journalism and the growing cost of living?

In 2024, what to charge for freelance work is a nuanced decision influenced by a range of factors, including market dynamics, personal expenses, and the nature of each project. Below is the strategy I use to set my own rates and everything you need to know about landing high-paying freelance journalism rates in 2024.

Understand the Current Market

The widespread adoption of AI in newsrooms, from CNET to The New York Times, has cut freelance journalism rates to the bone. Current freelance writing rates range from as little as $0.03 per word up to $2 per word or more, depending on the publication, an editor's budget, and the amount of work a story will take to report and write. I look at listings every single week for my newsletter, and I've seen plenty of high-profile outlets paying pennies for deeply reported stories, and it can feel very disheartening. That being said, there are still plenty of opportunities to earn what you're worth, especially as a freelance journalist.

Project-Based Pricing vs. Hourly Rates

Some outlets will come to you with project-based rates or hourly rates, and that can be a boon. While hourly rates provide a straightforward method for billing, they may not always reflect the amount of value that you deliver as a seasoned and professional journalist, especially for projects that have a high impact but require less time to complete.

For example, I recently discovered that a story I wrote in 2020 for Shondaland was syndicated and recently resurfaced on Pocket under Good Housekeeping's masthead. I only got paid on a per-word basis for the story I wrote for Shondaland four years ago. I don't get any revenue from page views or ad views that my story gets for any of the other outlets it shows up on. Had I charged a value-based price, I could have made more money in the long run.

Transitioning to value-based pricing, where charges are based on the project's outcome and impact rather than the time spent, can lead to higher earnings and better client relationships--even for professional six-figure journalists like me. Consider how you can align your pricing with the value of your work, and before setting a rate, think about the long-term impact that your reporting, research, and work could have. It can truly help you reframe how you work with any number of media outlets and help you align pricing with the value of your work.

Setting Your Rates to Become a Successful Six-Figure Journalist

Whenever I set my rates there are a number of things I consider. First and foremost, it's important to know that I change my rates based on a number of factors that include everything from how busy I am, to how much I want to write for a specific outlet or work with a certain person. I start by asking myself the following questions to set a competitive yet fair rate:

1. What's the scope of the story, and how much time do I have right now?

This is a really important question to ask when you're starting with a new client--as many outlets and editors can be obtuse, unclear, or simply unaware of how big or small the project is. Questions to ask include:

• How many interviews will it require?
• What kind of people do I need to interview? Are they tough to get to? (i.e., celebs, CEOs, and high-profile leaders tend to be very difficult to nail down for an interview, even for big-name publications.)
• How much knowledge do I already have about this specific topic? How much research do I need to do?
• What's the word count and deadline? What does my workload look like right now?
• What reputation does this outlet/editor/publication have? Do I want to work with them?
• Could this lead to more work with this outlet? How much is that worth to me?

You get the hint--these are the first questions to ask to get a good idea of the size of the project you're taking on and how much it's worth to you.

2. How does my experience and skillset dovetail with this outlet, its audience, and its "angle?" Your rates should reflect your experience, skills, and the quality of work you can deliver. As your expertise grows, your rates should increase accordingly. You also need to consider the bias that an organization has, especially in this hotly partisan political environment. Working for the "wrong" outlet can do tremendous reputational damage, so consider your options carefully.

3. How straightforward is the topic? How much nuance do I need to take into consideration? How much expertise do I have, and how much do I need? Projects that require high levels of research, expertise, or specialized knowledge should be priced higher than more straightforward tasks. Do not undersell your experience, expertise, or access. Ever.

Once you've taken these questions into consideration, you can set your rates. For anything that requires extensive knowledge, access, reporting, interviews, or deep dives into data, I suggest that you start at $1 per word, at a minimum. That's what I charge for the work I do for a wide variety of outlets. That's also the minimum pay that I require for freelance jobs to be included in my weekly Six-Figure Journalism Jobs Newsletter where all jobs are remote, I include editor email addresses and pitch guides (so you can pitch directly and accurately). You can see some examples of past newsletters here. For just $5 per month, paid subscribers get brand new weekly listings (and full-time journalism job openings) sent to their inbox.

Increasing Your Rates Over Time

You should review your rates periodically. This could be done annually or bi-annually, or even on a case-by-case basis. This ensures that your rates match your growing experience and the changing market conditions. When you’re ready to raise your rates, communicate this change transparently with your clients, providing justification for the increase based on your enhanced value or market changes. Adding new clients at a higher rate before increasing rates for existing clients can also ease a transition.

One other point I always make to freelancers: When you get too busy, raise your rates. While it may sound strange, it works to weed out low-paying clients and continue to increase your earning power as you get more experienced.

Networking and Market Positioning

Building a robust network and establishing a strong online presence can also help justify higher rates. Essentially, as a freelancer, you should think of your byline as your currency; You're only as good as your most recent byline. If you're trying to change verticals or shift your business to cover different topics, start small and know that you will need to keep your rates more competitive when you're just starting out. Once you begin to land bigger and more recognizable bylines, you can charge more.

By showcasing your expertise, past work, and testimonials on professional networks like LinkedIn, you can also set a foundation that justifies premium pricing.

Additionally, it pays to seek out and connect with other successful freelancers like me, whose business models and earnings you aspire to emulate.

Practical Tools and Resources

Freelancers should also consider using pricing guides and tools that provide up-to-date information on what peers are charging. These guides help gauge where your rates should stand in comparison to the market and can be adjusted based on specific project details or client budgets. I really like the Editorial Freelancers Association's Rate guide, which you can find here.

Become a paid subscriber to my Six-Figure Journalism Jobs Newsletter to get insights into which publications pay well (and are well worth working for) and which ones to avoid like the plague.

All listings pay at least $1 per word, or $100k in salary, and can be done remotely. I also have a section in each newsletter called "Dishonorable Mentions," and subscribers love it because it helps them understand more about setting rates and advocating for fair pay for their work. Each week I share a handful of full-time remote journalism jobs right here on LinkedIn, too, but you'll need to become a paid subscriber to get full access to the entire list (plus back editions).

The Bottom Line on Setting Your Freelance Journalism Rates

Setting freelance rates is more than just following a standard formula; it's about understanding your value, knowing the market, and strategically setting and adjusting prices to ensure both competitiveness and profitability. Remember, the goal is to not only survive but thrive in the competitive field of freelance journalism.