In an economy where many industries are struggling, far too many people are having to make adjustments not only how they spend money, but also how they earn it. From calculating cost of living to median home values, it becomes critical for most people to factor in all the variables when looking for a new job.
While anyone can find a number of ways to make a few extra dollars here and there, the assumption these days has become a college degree isn’t worth what it once was. That may be true, but according to the data, acquiring that college degree can still make a significant difference in earning power.
The main motivation for most people to pursue a college degree is to secure a better career and thus, make more money. However, a variable exists that job seekers often fail to take into account. The amount of increased earning power your degree can grant you actually varies a great deal by state. Just like cost of living and base median incomes, the median income of a degree holder versus that of a high school graduate can range widely across regions of the country.
Related: 30 best paying college majors: 2017
This does add an additional layer of complication to the prospect of post-graduation job hunting, but awareness of this potentially huge factor can dramatically impact your relative income. In some states, that degree might only earn you a little over a third more income than your high school graduate colleagues, while in others it can more than double your annual earnings.
Combined with a good investment portfolio, the increased income from the best regions can help pay off debt or build your net worth much faster than if you choose to work in a state with a poor median degree holder income.
Take a look at the below infographic. It may just cause you to rethink your next career move.