First of all, I live in India. I will describe what I have experienced and seen. Most of the young developers who are passionate about the tech they don't get the chance to grow. Plus they are getting paid around $700 a month on average. once you have 5+ years of experience and you still getting paid $700. it's not gonna play out well for you. on top, you also have to deal with deadlines. most of them they quit their job and start there owns consulting or move on (now know why people prefer government job over tech. less stress and no-layoff plus good pay).
once who make $3000 a month. their work-life balance is just shit. most of them do contract work for us based clients.
in the past few days, I talked to 2 people they both make around $700 a month. one guy is working with elixir he has like 6+ years of experience in PHP, Java and some work in ROR. I am not saying that he is good or bad. I am just stating what I know.
Where I live it costs around 100000 USD to own a normal house. and one cannot dream of owning a house with that pay.
just to understand the business work. I talked to a guy who owns a small food stall about how much he makes. he said he makes more than $700 a month.
I will talk a bit about my self. I work as a full-stack developer for 8 years now. also, I am self-taught. I was still getting paid around $700. then I simply quit because of the deadlines. plus I found out that in some (corporation) anyone who just gets in makes around $1200 in the start. this kinda stayed with me and made me realized I cannot do it anymore. I think its better business to teach code than to work full-time. maybe I missed something or I am not that good of a programmer? I find it super hard to sell my self to others. I guess if you cannot sell your self you gonna end up like that.
NOTE: I am not saying all devs are getting paid less. it's all about finding the right place.