I was hired a few years ago during a similar hiring cycle. I spent about 5 months on reserve, during which I made about the same as during training- $2000/mo. My year-to-date pay for the subsequent years has been: 37,300; 36,310; and 41,200. I am on the lowest payrate aircraft (t-prop).
There is a tremendous difference between reserve QOL and pay and that of a lineholder. It is really night and day. For example just in terms of days off- 11 on reserve and say 13 with a bottom line- if you are a lineholder you can pick up a 2-day trip on those 2 days you would have been on reserve and maybe make 8 hrs pay. At first year pay times 1.2 for OT that becomes about $250 per month or $3000 per year difference for working the same number of days as you would on reserve.
The other big help as someone mentioned before is per diem. With a time away from base of 250 hours per month as an average times $1.80 per hour you will make $450 per month ($5400 per year) of non-taxed income versus on reserve you will only get the time you sit at the airport or get a trip. Some will argue per diem is not really income but at the end of the month its money in your bank account so I count it.
Many lines have 15, 16 or more days off, and after the first year the payrate for the jets is much higher than props. And OT will be 1.2 times your payrate so a second-year jet FO is making $41 per hour for example for OT. It really is not that hard to make over $40,000 a year and still maintain some QOL. And as time goes on and your seniority improves it gets easier and easier.
If flying is something you want to do as a career now is the time to get hired somewhere (even at Eagle). The industry may be moving back in the right direction and the sooner you can get in the door (and off reserve) the better. Good luck.