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But if you think he represents the population lamented in the topic/thread... you're missing it.
It's about the OTHER's who don't have real jobs or real families to fill in the gaps.
Most will never overcome the deficit.
His cohorts are in a similar position. His friend is a young diesel mechanic and working towards a diesel engineering degree- he's making over $100K which includes OT. Welders in the oil patch make over $100K- well over that if you know your stuff.
So to the poster I was responding to- It pretty much depends on what one does.
I don't disagree housing prices are absurdly high, but there are good paying jobs out there. Even in Montana.
A lot of people who want to save while they work on oil rigs end up blowing through all their money. The extreme pressure of the job, long hours make it hard to take care of yourself. Rent can be really expensive too, from what I hear. If people are prudent and able to save while doing that insane overtime they will be able to come up with a good down payment. Probably smart to buy a property during a “bust” period though, which will make financing that house difficult depending on your career. Hard to be recession proof in the O&G industry
The title of the thread probably should be “…… many cannot afford them”
People here can earn $300k at a young age too but they are not the ones of concern. The concern is about the teachers, the RNs, the ambulance and bus drivers and all the other essential workers who are being priced out of the real estate and rental markets.
Sydney is one of the world’s least affordable cities and most of our home mortgages are variable rate.
The problem is very widespread around the world, and we do not have as much option as in some countries to move to cheaper cities as so much employment is centred in the largest cities. As an example, people with serious health problems are routinely flown to Sydney hospitals for treatment, the largest universities are in Sydney etc.
The title of the thread probably should be “…… many cannot afford them”
People here can earn $300k at a young age too but they are not the ones of concern. The concern is about the teachers, the RNs, the ambulance and bus drivers and all the other essential workers who are being priced out of the real estate and rental markets.
Sydney is one of the world’s least affordable cities and most of our home mortgages are variable rate.
The problem is very widespread around the world, and we do not have as much option as in some countries to move to cheaper cities as so much employment is centred in the largest cities. As an example, people with serious health problems are routinely flown to Sydney hospitals for treatment, the largest universities are in Sydney etc.
The rate of marriage is so low compared to say the 80's and even 90's. You really need two incomes.
My son has his BS in mechanical engineering (materials science), working on a PhD- he's already been offered a job at $125K starting. He's not interested at the moment because he wants to complete his studies first.
The median entry level salary for a mechanical engineer is $77,100.
I really don’t see what the path to attaining permanent shelter is for the young generation with stats like this. Say you’re 30, have the 60k (a good down payment for a house 10 years ago) saved but only earn 75k. Should you spend that 60k on going back to school in the hope engineering will continue to be as lucrative when you graduate? What if you have kids? Every level of government seems to cater to existing homeowners at the expense of renters and the young. What kind of economic infanticide are we doing here? Give the kids a future, they’re inheriting the world we leave behind.
I really don’t see what the path to attaining permanent shelter is for the young generation with stats like this. Say you’re 30, have the 60k (a good down payment for a house 10 years ago) saved but only earn 75k. Should you spend that 60k on going back to school in the hope engineering will continue to be as lucrative when you graduate? What if you have kids? Every level of government seems to cater to existing homeowners at the expense of renters and the young. What kind of economic infanticide are we doing here? Give the kids a future, they’re inheriting the world we leave behind.
My son has his BS in mechanical engineering (materials science), working on a PhD- he's already been offered a job at $125K starting. He's not interested at the moment because he wants to complete his studies first.
But then again, just like housing, location is key. As is where you go to school, etc. For instance, take what I just found on the Cornell Engineering school website, which is a top engineering school in the country. Self-reported starting average salary is almost $105k, which is also well above the average starting engineer salary nationwide. https://www.engineering.cornell.edu/...ey%20of,Google
Take a look at MIT, where the average starting salary for all graduates is $126k, which again is far above the starting average for engineering students nationally. https://mitadmissions.org/help/faq/career-development/
But then look at the Rochester Institute of Technology, where most engineering starting salary (granted median and not average, which I argue is a better indicator anyway) seem to be more in line with national averages. https://www.rit.edu/careerservices/s...nd-career-info
Still another example--and just showing that where you go to school matters--Yale's engineering school has an average starting salary (all for BS degrees, which is the same as the aforementioned schools) of $76k, which is closer to the national average. https://seas.yale.edu/undergraduate-...t-destinations Note, despite the school name here, Yale Engineering School is not as highly regarded as, say, MIT or Cornell, and salaries reflect that.
To your point, though, depending on where one goes to school, ends up after school, etc., can make a big difference in whether one can afford houses in many areas of the country today upon graduation without the help of parents, etc.
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