What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Conquering the Mortgage Lender’s Dilemmas

This webinar provides a roadmap for creating a sophisticated, digital-first cost improvement strategy to maximize profits by reducing high processing environments.

HW's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

We need higher mortgage rates to cool the housing market

2020-2024 will have the best housing market demographics and the lowest mortgage rates ever recorded, which could accelerate real home prices too quickly.

Real Estate

Want to buy a home at the start of your career? Get one of these 10 college degrees

One career stands above the rest

Although home prices continue rising, one degree stands above the rest as being the best for those who wish to buy at home closer to the start of their career.

Of the top 26 degrees that would allow graduates to purchase a home in four years, 22 of them involve engineering, a study from Realtor.com shows. The top degree enables buyers to purchase a home within 2.5 years of graduation.

“When it comes to homeownership, degrees in engineering really pay off,” realtor.com Senior Economist Joe Kirchner said. “While this analysis leverages averages and assumptions, it shows just how powerful a high starting salary can be when it comes to early home ownership.”

On the opposite end of the spectrum, education degrees have the longest path to homeownership with an average of seven years.

“Our analysis also underscores the importance of consistently saving, especially if you aren’t making a high starting salary,” Kirchner said. “While seven years may sound like a long time, putting away 20% each month could have education professionals in a home by their late twenties or early thirties.”

The analysis measures how long it would take to save for 20% down payment on a $250,000 home, based on the average starting salary by degree as reported by Payscale.com and saving 20% of one's income per year. Of course, there are many down payment options that are much lower than 20%. Many companies offer 3% or even 1% down payment programs.

Here are the top 10 degrees that provide the fastest path to homeownership:

10. Electrical Engineer

Starting Salary: $67,000

Savings per year: $13,400

Years: 3.7

9. Electronics and Communications Engineering

Starting Salary: $68,000

Savings per year: $13,600

Years: 3.7

8. Electrical and Computer Engineering

Starting Salary: $68,100

Savings per year: $13,620

Years: 3.7

7. Nuclear Engineering

Starting Salary: $68,500

Savings per year: $13,700

Years: 3.6

6. Computer Engineering

Starting Salary: $69,600

Savings per year: $13,920

Years: 3.6

5. Chemical Engineering

Starting Salary: $69,800

Savings per year: $13,960

Years: 3.6

4. Mining Engineering

Starting Salary: $70,200

Savings per year: $14,040

Years: 3.6

3. Computer Science and Engineering

Starting Salary: $71,200

Savings per year: $14,240

Years: 3.5

2. Physician Assistant Studies

Starting Salary: $85,200

Savings per year: $17,040

Years: 2.9

1. Petroleum Engineering

Starting Salary: $96,700

Savings per year: $19,340

Years: 2.6

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