Is a PhD worth with an uncertain job market?
I have a master's in engineering and have spent the past year looking for a PhD position. I've worked as a researcher for the last 3 years, so this felt like the natural next step.
I've now received an offer, and I was thrilled at first. One thing is making me hesitate, though: the stipend is $1,300-1,400 a month. I have heard that the area is cheap. As a single person I could live on that, but only just, and only if inflation stays under control over the next few years.
The workload doesn't worry me. Peers have told me it's demanding, but I've been doing research for three years. I'd be close to mid 30s by the time I finish, assuming four years. Being single, moving isn't an issue.
What's bothering me is the bigger picture: AI changing the job market, weak hiring, a near-minimum-wage income, and four years without a clear career progression. I enjoy research, especially the technical work, but I also need to be able to support myself. I also don't want to start and then drop out, since that would waste a professor's time and feel unethical.
I'd appreciate any perspective, especially from people who've been in a similar situation.