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Old 06-30-2013, 01:59 PM
 
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Or close to it. I was looking at some census data for the District here:

American FactFinder - Results *

and noted that a lot of young twenty year olds are making around 30k. The number goes up for 25+, but it's including everyone in their 30s and up to mid 40s who are already established in their careers. Another relevant statistic would be the data about the non-family and living alone households since those are probably relevant to this age group as well.

Just from reading through this forum you would get the impression that everyone makes a ton of money because people might know lawyers high ranking civil servants who are young, but that doesn't seem to be the norm.
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Old 06-30-2013, 02:16 PM
 
Location: Frankfurt, Germany
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You can live in the DC area fairly comfortably on around $35K - $40K a year....IF you don't have any huge college loans or bills, IF you get roomates (or a room-to-rent somwhere in Northern Virginia), and IF you aren't high maintenance. I managed in DC with a salary figure of $37K after I graduated college, never starved, and still had plenty of beer money to blow on a Friday night.
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Old 06-30-2013, 02:20 PM
 
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Quote:
Originally Posted by evan83 View Post
You can live in the DC area fairly comfortably on around $35K - $40K a year....IF you don't have any huge college loans or bills, IF you get roomates (or a room-to-rent somwhere in Northern Virginia), and IF you aren't high maintenance. I managed in DC with a salary figure of $37K after I graduated college, never starved, and still had plenty of beer money to blow on a Friday night.
That's true especially the roommates and high maintenance part. The loans probably won't be as big of a deal provided one has graduated within the past couple years and can qualify for any of the income based repayment plans if they don't earn a lot. Civil servants get loan forgiveness after 10 years provided they make all of their payments during that ten year period.
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Old 06-30-2013, 03:09 PM
 
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Who thought that people in the 20s making six figures was common in DC?

It happens but that is pretty rare.
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Old 06-30-2013, 04:07 PM
 
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Everyone knows to make six figures in DC you need to drop out of high school, get a job at BAH, and move to Hawaii.
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Old 06-30-2013, 04:07 PM
 
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Younger professionals in DC are paid exceptionally well. Considerably more than other regions of the nation and that includes NYC and the SF Bay Area.

Married professional couples in lucrative occupations such as law, medicine, executive-salaried federal officials or corporate management are the main drivers of sky-high cost of living here. But the salary and incentives earned by 20-somethings and early-30somethings are also skewing the averages upward for DC and surrounding suburbs.

The professions that are the highest in demand and the highest rewarded in the National Capital region are Law AND Software/IT Network Engineering. Newly minted law grads start out in the $100-$140,000 per year range at the bigger DC law firms. Lawyers are probably vaulting into the $200-$250,000 income category by their early 30s as they make the climb to the partner status when they reach their 40s. Of course, we have to keep in mind that the law school loans are taking a nasty bite out of the paycheck. But the 20 and 30-something DC lawyers are still doing pretty well in the lifestyle and bank account departments.

Computer Science grads who have security clearances can clear $100,000 per year before they hit 30 years of age. Some computer/network professionals make way more than $100,000 if they are exceptionally skilled at developing new programs. IT engineers are highly valued by many Beltway Bandit firms and a few of the private-sector consumer oriented firms. I have heard of 22 year old VA Tech graduates getting offers starting in the $70,000 range because they have a CS degree and some sharp skills. Think of those $70,000+ income, single 22 year olds blowing their cash at restaurants, bars, retail outlets and you wonder why so many places that cater to 20-something crowds LAST SO LONG in Washington, DC.

In a way, Computer Science graduates have more disposable income than lawyers because they are not saddled with heavy student loan debt from a professional degree program. I would rather be an IT geek than a lawyer in DC because my money will go farther.

It's no wonder we are seeing late 20-somethings shop around for real estate TO BUY in some of the up & coming DC neighborhoods. A young couple can plop $40,000 from their savings accounts for that down payment and get a sweet deal from the mortgage interest rates. Oh yeah, I think The District still pays people to buy property.

So, if you don't work in Law/Lobbying or Information Technology then you will be seeing a smaller paycheck and you will struggle more with the high cost of living here.
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Old 06-30-2013, 06:32 PM
 
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Quote:
Originally Posted by cry_havoc View Post
Who thought that people in the 20s making six figures was common in DC?

It happens but that is pretty rare.
There are several topics about it and when the cost of living it's not that uncommon for someone to mention young professionals making a lot of money.

Quote:
Originally Posted by coldbliss View Post
Younger professionals in DC are paid exceptionally well. Considerably more than other regions of the nation and that includes NYC and the SF Bay Area.

Married professional couples in lucrative occupations such as law, medicine, executive-salaried federal officials or corporate management are the main drivers of sky-high cost of living here. But the salary and incentives earned by 20-somethings and early-30somethings are also skewing the averages upward for DC and surrounding suburbs.

The professions that are the highest in demand and the highest rewarded in the National Capital region are Law AND Software/IT Network Engineering. Newly minted law grads start out in the $100-$140,000 per year range at the bigger DC law firms. Lawyers are probably vaulting into the $200-$250,000 income category by their early 30s as they make the climb to the partner status when they reach their 40s. Of course, we have to keep in mind that the law school loans are taking a nasty bite out of the paycheck. But the 20 and 30-something DC lawyers are still doing pretty well in the lifestyle and bank account departments.

Computer Science grads who have security clearances can clear $100,000 per year before they hit 30 years of age. Some computer/network professionals make way more than $100,000 if they are exceptionally skilled at developing new programs. IT engineers are highly valued by many Beltway Bandit firms and a few of the private-sector consumer oriented firms. I have heard of 22 year old VA Tech graduates getting offers starting in the $70,000 range because they have a CS degree and some sharp skills. Think of those $70,000+ income, single 22 year olds blowing their cash at restaurants, bars, retail outlets and you wonder why so many places that cater to 20-something crowds LAST SO LONG in Washington, DC.

In a way, Computer Science graduates have more disposable income than lawyers because they are not saddled with heavy student loan debt from a professional degree program. I would rather be an IT geek than a lawyer in DC because my money will go farther.

It's no wonder we are seeing late 20-somethings shop around for real estate TO BUY in some of the up & coming DC neighborhoods. A young couple can plop $40,000 from their savings accounts for that down payment and get a sweet deal from the mortgage interest rates. Oh yeah, I think The District still pays people to buy property.

So, if you don't work in Law/Lobbying or Information Technology then you will be seeing a smaller paycheck and you will struggle more with the high cost of living here.
Do you have any data on this? I mean the number of young computer scientists making that much? And I always thought it was only a few lawyers who managed to make a ton of money like that.
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Old 06-30-2013, 08:25 PM
 
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Quote:
Originally Posted by Octa View Post
There are several topics about it and when the cost of living it's not that uncommon for someone to mention young professionals making a lot of money.



Do you have any data on this? I mean the number of young computer scientists making that much? And I always thought it was only a few lawyers who managed to make a ton of money like that.
Some do no doubt. However, six figures is definitely not the norm for people in there 20s.
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Old 07-01-2013, 10:47 AM
 
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The young people here seem to relocate together and live together as a couple before marriage. Combined income is better than one. I wonder if the bad economy will lead to more divorces in the decades to come, with people making decisions to live with someone and marry because of the economy.

The combined incomes of those couples who are living together also skew the higher cost of living in the D.C. region. Younger people can feel a lot wealthier than they actually are when combining incomes. The fact remains that marriage is more than a piece of paper.
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Old 07-01-2013, 11:59 AM
 
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Quote:
Originally Posted by evan83 View Post
You can live in the DC area fairly comfortably on around $35K - $40K a year....IF you don't have any huge college loans or bills, IF you get roomates (or a room-to-rent somwhere in Northern Virginia), and IF you aren't high maintenance. I managed in DC with a salary figure of $37K after I graduated college, never starved, and still had plenty of beer money to blow on a Friday night.
And that type of lifestyle usually becomes more and more unpopular with every passing day that a person participates in it.

Can it be done? Of course. But I don't think too many people in DC would argue that the lifestyle you speak of is ideal or idolized.
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