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Earlier quoted context omitted.
Exactly my thought when I read the title. I know the cost of living is higher in US but I'm always baffled by how much tech workers make on the other side of the pond. To me it sounds like a dream.
You're welcome to join us anytime friend!
A solid article, but it should have commented on single family home prices. If you use the 3x salary rule, a $120k a year techie couldn't afford the median home price in America ($374k). A software engineer in San Francisco would have to make $526k a year in cold hard cash to reasonably afford the median single family home ($1.58 million). Talking about six figure salaries as if they are unquestionably upper-middle c…
What 1980s fantasy is this 3x rule? Median household incomes to home price ratios have risen to ~8x across the US as a whole , not just crazy house price areas like SF/NYC. Canada and Australia are far worse again, pushing 15x in some cities. 3x, if it ever was a rule, has been dead for a long long time.
That doesn't mean "everyone" is spending huge multiples of their salary in cash, it just means a handful of people did. The rest rode the wave of equity.
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I don't feel underpaid, but I definitely feel like I've lost tons of ground in the last 2 years. The floor has risen big time. Entry level jobs are paying up to 60k these days, whereas they were closer to 30k a few years back. Good for them, seriously. But watching the floor rise closer to you is never a great feeling.
That's a strange concern you seem to have... why does it bother you that fellow programmers are getting salaries close to yours? Do you think it would feel better if your salary could be 5x higher than theirs? Why? That will not actually affect you negatively in any way! Unless you're being actually underpaid compared to your peers with the same experience and skills, there's only good things about people with lower…
I wasn't referring to programmers, but unskilled labor such as specifically, package sorting. Even some fast food jobs are approaching that number.
> That will not actually affect you negatively in any way
Absolutely untrue. When everyone has more money, money is worth less. See also, our current (underreported) inflation rate.
I'd be all for everyone making more money, unless it means money is worth less, which is what's happening now.
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> if fortune 500 CEO pay is up less than 11% on avg since 2020 It's up a /lot/ more than that! And what do you know, they're also not underpaid. The former will predict the latter pretty damn well, I think you'll find. So yes, strictly speaking, annual raises and having the market power to command meaningful ones do actually have everything to do with being over/under paid.
I'm not making a statement of fact about CEO pay since 2020. I'm saying that whether or not it's up by more or less than inflation since then has nothing to do with them being fundamentally overpaid. Apply this to dev pay as well. Just because you're a few % off since 2020 after inflation does not mean $300k salaries are overpaid or that they're appropriate. They're two unconnected data points.
If you don't have the market power to have garnered a good pay increase over the past 2 years of record profits you're almost certainly underpaid, like teachers, nurses etc. If you got massive pay increases you're almost certainly overpaid, like CEOs.
The connection is right there. Maybe these two things could somehow become disjointed but they really don't appear to be such in any meaningful way in the current economy.
Are six figure salaries an american thing? I see people saying "Entry level jobs are paying up to 60k" which is just crazy money! I have worked for the past 7 years as IT within the UK education sector and expect my salary to be lower than that of industry but I am not even making half that!
Not really sure if there's a larger point other than to say that there's always a tier of people above you making more money, so don't let it get you down.
>the average tech worker’s salary [will] reach $104,566 in the U.S. — a 6.9% increase since 2020, the report found. But inflation is over 11% since 2020. This isn't an increase. The average tech worker is making less than they were 2 years ago according to the Dice salary report. Why do tech workers feel underpaid? Many companies posted record growth and profits over the pandemic, but still give out paltry 3-5% raise…
> ...a 6.9% increase since 2020, the report found. But inflation is over 11% since 2020. This isn't an increase. The I have heard this point made a couple of times recently. Is there any reason why these two values should be the same? It is a point of concern for those on very low incomes who spent all their income and are not able to save anythiny, but if you are on a six figure income and only a portion of that inc…
A solid article, but it should have commented on single family home prices. If you use the 3x salary rule, a $120k a year techie couldn't afford the median home price in America ($374k). A software engineer in San Francisco would have to make $526k a year in cold hard cash to reasonably afford the median single family home ($1.58 million). Talking about six figure salaries as if they are unquestionably upper-middle c…
If you give someone 100 dollars a day they have to buy food, clothes, rent, education, transportation. You give them 1000 dollars a day they still have to buy the same things. They can then use this leftover to buy nicer food or nicer house. This is why values of homes can get so high in areas. For the people getting 1000 they chose where ti spend this extra money. For people with 100 a day they don’t have extras to reallocate towards rent.
It also makes us Europeans feel underpaid :) I have 20 years of experience and don't even make six figures. $350000 base pay sounds like a different world.
Tbh I don't feel underpaid; I feel the US/FAANG engineers are ridiculously overpaid.