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.
Read more: Best Cities for Recent Grads
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.
|TEAM THAYER REAL ESTATE NEWS|