A few years from now, when you’re ready to settle down and purchase a home, your major ,and if you went on to choose a profession in that field, can dramatically impact the price of the home you can afford.
A 2014 analysis by the Federal Reserve Bank of New York shows the average value of a college degree has remained near its all-time high since 1970. According to PayScale, an online salary, benefits and compensation information company, a midcareer employee with a bachelor’s degree earns a median salary of $77,006, meaning he or she can afford a house costing up to $341,000. That’s about 60% more than a high school graduate.
Engineering came out on top or more precisely petroleum engineering with a midcareer salary of $168,000, allowing these grads to afford a home as high as $744,000 – that is more than three times the national median list price. Not surprisingly, other engineering branches such as chemical engineering or computer science engineering are also more likely to earn six-figure salaries within a short period of time.
Other majors that will pay you a good salary and benefits are political science, nursing, business administration, communications and psychology.
If you are looking for a management position with a casino or hotel in Las Vegas or another area that has gaming establishments you may want to get a business degree in hotel, resort and casino management – UNLV has an excellent program. The average salary is $75,000 for mid level management. What this means is that earners of this level of salary will afford a home around $332,000.
At the bottom of the list of earning are liberal arts and education majors. Early-childhood education brings up the rear with a mid-career salary of $38, 000, barely enough to buy a house priced at $168,000 – below the national median. Another popular major social work – a really good cause, but among the lowest paid, with a mid-career salary of just $45,700. This level of salary would afford a home at only $202,000.