Architect Job Outlook: A Growing, But Volatile Field

No matter where you’re sitting right now, you’re probably near the work of an architect. Most of the homes, coffee shops, churches and parks we enjoy on a daily basis began with the design work of talented architects.

If you’re thinking about entering the architectural field, there’s no doubt that you’re considering an industry that does important work. But you also need to consider how much work you’ll be able to find and for what pay.

The architect career path begins by earning a bachelor’s degree in architecture, which typically takes five years. Next, many architects choose to pursue an architecture master’s degree before completing an internship program (which typically lasts another three years). That’s a lot of time and work.

Learn more about the architect job outlook to help you decide if this career is worth the education, training and student loans.

Architect job outlook

The Bureau of Labor Statistics (BLS) says architect employment should experience 8% cumulative growth from 2018 to 2028. That means architect job growth is expected to be faster than the average for all job types, which is set at 5%.

The BLS says that some architect job growth will be driven by the need for new buildings at universities and schools. It also anticipates an increase in “green design” jobs. As people become more aware of how construction affects the environment, the BLS expects that architects will be asked to design structures that reduce pollution and waste and that better conserve our natural resources.

It’s important to point out that architecture jobs are heavily influenced by the construction industry as a whole. And unfortunately, construction is a historically volatile industry.

When it comes to the architect job outlook, architect job growth is only part of the picture. You also need to consider how many new architecture grads will be entering the workforce over the next decade.

According to the American Institute of Architects (AIA), 25,000 architect jobs are expected to open up over the next decade. But the AIA also expects 50,000 new architect grads to enter the field during that same period. This could mean heavier competition for architect jobs in the days ahead.

Architect job outlook: Is an architect job worth the debt?

To decide if an architect job is worth the student loans, you’ll want to know how much you can earn. According to the BLS, the median pay for architects in 2018 was $79,380. The lowest 10% of architects made less than $48,020, and the highest 10% earned more than $138,120 per year.

Next, you’ll need to estimate the amount of student loans you’ll end up with to become an architect. In 2012, the American Institute of Architecture Students (ASIS) polled over 600 architecture school grads. On average, they had $40,000 in student loans. But you could certainly graduate with more. Student Loan Planner®’s architect clients have an average student loan debt of $149,000.

In 2012, the average student loan debt for all bachelor’s degree graduates was $29,400. Today, that has risen by only $500 to $29,900. So it would seem reasonable that the typical architect grad can still expect to graduate with around $40,000 in student loans. But you could certainly graduate with more, especially if you decide to pursue a master’s degree.

Although $40,000 is nothing to sneeze at, it seems to be a reasonable amount of student debt in relation to the median architect pay. Student Loan Planner® consultants regularly see graduates in other professions with student loan totals that are more than double their annual income. The lack of a graduate degree requirement may be one of the reasons that an architect career path is still relatively affordable.

For now, it would appear that pursuing a career in architecture is worth the education cost. But paying back student loans will still need to be a priority.

Architect student loan forgiveness and repayment options

Since 2012, the AIA and AIAS have been trying to pass an architecture student loan bill called the National Design Services Act (NDSA). Over the years, the bill has gone through various changes. But at its core, the NDSA is crafted to provide student debt relief for architects who work at community design centers.

While the NDSA has yet to pass, it may be unnecessary. There’s actually a federal student loan forgiveness program that already exists. And architects who work at nonprofit centers may qualify for it. It’s called the Public Service Loan Forgiveness (PSLF) program.

Public Service Loan Forgiveness

In order to qualify for PSLF, you’ll need to work for a qualifying employer. Any government or 501(c)(3) not-for-profit organizations should qualify. With PSLF, you could receive tax-free student loan forgiveness after only 10 years (120 qualifying payments).

But to qualify for PSLF, you may need to choose a job with lower pay than you could find in the private sector. If public service work appeals to you, PSLF could relieve your student loan burden. But you’ll want to weigh the pros and cons.

Income-driven repayment plan forgiveness

If you owe more than 1.5 times your annual income, you may want to pursue student loan forgiveness through an income-driven repayment (IDR) plan.

There are four different IDR plans:

• Revised Pay As You Earn (REPAYE)
• Pay As You Earn (PAYE)
• Income-Based Repayment (IBR)
• Income-Contingent Repayment (ICR)

Depending on the IDR plan you choose, your monthly payment will generally be 10% to 20% of your discretionary income.

After 20 to 25 years on an IDR plan, you’ll be eligible for student loan forgiveness on the remaining balance. But you'll need to be prepared to pay income tax on the forgiven amount.

Related: Your Repayment Guide to Architecture Student Loans 

Student loan refinancing

If you owe less than 1.5 times your income in student debt, you may want to consider refinancing your student loans and following an aggressive repayment strategy. The idea behind this is to save as much as you can in interest and pay your loans back as fast as possible.

For example, if you graduated with $50,000 in student loans and land a starting salary of $50,000, you’d have a 1:1 debt-to-income ratio. In that situation, refinancing your student loans could be a good move. But if you graduated with $75,000 of student loans instead (1.5 times your income), you should probably stick with income-driven repayment.

No matter how much student debt you end up with, you need a plan for architect student loan repayment. If you go with refinancing, make sure that you both find a reputable lender and secure a lower interest rate. And if you pursue IDR or PSLF, you’ll want to make certain that you get on the right plan and fill out the proper paperwork.

If you’re not sure which architect career path would be best, a Student Loan Planner® consultant could help. If you haven’t started architecture school yet, a predebt consult would be a good place to start. And if you’ve already graduated with student loans, a Student Loan Planner® consultant can help you pick the right repayment strategy. Book a consultation today.