Wednesday, September 16, 2015

College Major as Predictor of House Prospects?

Graduates' college major may have a lot to do with how much home they can afford later on, according to a new analysis by realtor.com®.
For example, for engineering majors, they'll likely be successful in the housing market. Out of 300 majors evaluated by realtor.com®, petroleum engineers had the highest salaries that translated into being able to afford more house. Petroleum engineers had a midcareer salary of $168,000 and grads of that major could afford to buy up to $744,000 – more than three times the national average list price.
On the other end of the spectrum, education and liberal arts majors didn't fare as well as engineering jobs. Early-childhood education had a midcareer salary of $38,000, which is barely enough to purchase a home at $168,000 (which is below the national median). Social work is also among the lowest paid careers, with a midcareer salary of $45,700.
Realtor.com® used Payscale's midcareer salary estimates and realtor.com®'s own affordability calculator to calculate the maximum price typical grads could afford after working for 10 years according to their major. Midcareer employees with a bachelor's degree earn a median salary of $77,006, which means they can afford a house costing up to $341,000 – about 60 percent more than a high school graduate.
Source: "How Your College Major Predicts What House You Can Afford," realtor.com® (Sept. 14, 2015)

No comments:

Post a Comment

The Real Reason Home Sales Slowed in January. And It’s Not What You Think.

  The Real Reason Home Sales Slowed in January. And It’s Not What You Think. If you saw headlines that talked about how “ home sales fell sh...