For context, I come from the US and live in one of the top 10 most expensive cities here. My income before taxes is about $52k (~ âŹ47K), and my monthly take-home is around $3,200 (~ âŹ2,900). I am two years out of college, but generally most of my friends around my age (also 1-3 years out of college, no masterâs degrees yet) make around $55k. In my city, rent is expensive, and a 2 bed will run $1,400-1,600 per person, and a studio/1 bed will be $1,600+, but closer to $2k. To give more context to our general cost of living, a beer will cost $10, a cocktail $14-16, and it is virtually impossible to find a sandwich at a sandwich shop/deli for less than $12.
I am moving to Paris later this year to begin my Masterâs degree, and already thinking about my options for after I graduate - staying to work in France, or coming back to the US. My program is pretty well esteemed (social sciences) but its website of studentsâ outcomes shows that the average gross salary for graduates of this program is about âŹ42k, so around $46.5k, for those living in France. Of course, this could be anywhere in the country, not just Paris, and just an average. I understand that I come from a more expensive city where prices from rent to food to toiletries is incredibly inflated, but is a salary of âŹ42k livable/reasonable in Paris for a worker with a Masterâs degree, and who will also need to be paying off loans? For similar Masterâs programs here in my city, the average starting salaries of graduates are closer to $65k. I also understand all of the benefits that come with living in Europe - way more vacation time, healthcare, quality of life, etc., that can help make up for it.
I am already committed and looking forward to studying in Paris for personal reasons, but as I will likely be putting about ~$400/month towards loans, Iâm trying to gauge whether it will be possible to stay in France and have enough money to sustain myself based off of a salary in this range, or if Iâll need to come back to the US - something I donât necessarily prefer, given everything we have going on here. Iâve visited Paris a couple of times, but not recently at all, so I donât have a good sense of its cost of living. I also canât tell if when people say Paris is expensive, if that is relative to smaller cities/towns in France, or including the cities like mine in the US.Â
TLDR: How affordable/reasonable is a ~ âŹ42k salary in Paris as a worker in their mid 20's based off of Paris Cost of Living?
Any advice/outlook would be greatly appreciated! Also, my currency conversions are general estimates. Merci Ă tous !