The Top 10 Careers for First-Time Home Buyers

home buyer careerAlthough home prices continue to rise, 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, according to a recent study from Realtor.com.  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. “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 7 years.  While that may sound like a long time, Kirchner adds that by putting away 20% each month education professionals could obtain  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. Here are the top 10 degrees that provide the fastest path to homeownership:

  1. Electrical Engineer
  • Starting Salary: $67,000
  • Savings per year: $13,400
  • Years: 3.7
  1. Electronics and Communications Engineering
  • Starting Salary: $68,000
  • Savings per year: $13,600
  • Years: 3.7
  1. Electrical and Computer Engineering
  • Starting Salary: $68,100
  • Savings per year: $13,620
  • Years: 3.7
  1. Nuclear Engineering
  • Starting Salary: $68,500
  • Savings per year: $13,700
  • Years: 3.6
  1. Computer Engineering
  • Starting Salary: $69,600
  • Savings per year: $13,920
  • Years: 3.6
  1. Chemical Engineering
  • Starting Salary: $69,800
  • Savings per year: $13,960
  • Years: 3.6
  1. Mining Engineering
  • Starting Salary: $70,200
  • Savings per year: $14,040
  • Years: 3.6
  1. Computer Science and Engineering
  • Starting Salary: $71,200
  • Savings per year: $14,240
  • Years: 3.5
  1. 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

Source:  Housing Wire/Realtor.com