Engineering college majors can become homeowners in the shortest amount of time compared with those who earned other college degrees, according to a realtor.com® analysis.
Engineering majors become homeowners, on average, in 2.6 years following graduation. Petroleum engineering majors earn a starting salary of $96,700, according to Payscale.com. The study estimates that they can, therefore, potentially save $19,340 a year, which could amount to a 20 percent down payment on a $250,000 home in about two-and-a-half years, according to realtor.com®’s study.
“When it comes to homeownership, degrees in engineering really pay off,” says Joe Kirchner, senior economist at realtor.com®. “While this analysis leverages averages and assumptions, it shows just how powerful a high starting salary can be when it comes to early homeownership.”
Additional degrees with short time spans to homeownership include physician assistants (2.9 years); computer science (3.5 years); chemical, computer, mining, or nuclear engineering (3.6 years); and electrical engineering, electronics, and communications engineering or electrical and computer engineering (3.7 years).
On the other hand, education majors may have one of the longest waits to homeownership. Education college majors average seven years saving for a down payment, according to the analysis.
Source: “Degrees With the Shortest Savings Path to Homeownership,” RISMedia (May 17, 2017)
