Counting real words would reward passages full of short words and punish technical text. A fixed five-character word makes a rate comparable across any passage, which is why typing tests and text-entry research both use it. The largest published typing dataset, Dhakal, Feit, Kristensson and Oulasvirta's "Observations on Typing from 136 Million Keystrokes" (CHI 2018), defines one word as any five characters in exactly this way.
That study measured 168,960 volunteers transcribing 15 English sentences. The average was 51.56 WPM (standard deviation 20.2), or about 258 characters a minute. The fastest 10% typed above roughly 78 WPM, the slowest 10% below roughly 26 WPM, and some participants exceeded 120 WPM. The average uncorrected error rate was 1.167%, and 90% of participants left fewer than 2.66% of characters wrong.
Read those as a reference point, not a norm. Participants were self-selected visitors to a typing-test website, mostly younger and US-based, and speed was timed from first to last keypress on short sentences. The study's speed is not error-adjusted, so compare it with gross WPM: the first example's 50 gross WPM sits just below the 51.56 average, and its 1.2% error rate (3 of 250 characters) is close to the study's 1.167% mean.