Physiatry jobs, they come in many shapes and sizes but one factor, cost of living, can make all the difference in the world. I’ll never forget a physiatrist with an opening in Las Vegas, NV. He told me that because of the lower cost of living in NV, that a doctor moving from CA to NV could buy a new car every year!
Unlike other professions, physiatrists often receive greater financial income in pm&r jobs in less metropolitan areas. The basis for this is the law of supply and demand; more physiatrists want a practice opportunity in a metropolitan area so the physiatry supply is greater in metro areas. The financial remuneration maybe be lower in metro areas yet physiatrists are willing to take these positions.
Physiatrists who are willing to consider physiatry jobs in less metropolitan areas are often rewarded financially. It’s helpful to know that you can earn 15% to 20% more by living in middle America according to “Where Doctors Can Find a Higher Pay & Lower Cost of Living” https://www.hcplive.com/view/often-overlooked-way-fund-your-roth-ira-has-many-advantages,
When you’re considering physical medicine and rehabilitation jobs, the website Doximetry has a salary map which shows nationwide salaries on a county-by-county basis. According to Doximetry’s 2020 Physician Compensation Report – Physiatry is one of the top ten specialties with the largest increase in average annual compensation with $338,554 as the average compensation in 2019 versus $354,457 in 2020.
Some cost-of-living comparisons are as follows:
Moving from Los Angeles- to Phoenix, AZ with a salary in CA of $300,000. You’ll only need $201,486 for the same standard of living in Phoenix- a savings of $98,514!
Moving from Chicago, IL to Rockford, IL with a salary in Chicago of $300,000. You’ll only need $220,509 for the same standard of living in Rockford- a savings of $79,491!
Moving from Atlanta, GA to Florence, AL with a salary in Atlanta of $300,000. You’ll only need $247,110 for the same standard of living in Florence-a savings of $52,890
Moving from NY, NY to Allentown, PA with a salary in NYC of $300,000. You’ll only need $123,793 for the same standard of living in Allentown-a savings of $176,207!
These savings can provide monies to use as you wish such as travelling to the bigger cities in your spare time. So there’s a lot to consider when taking a new physiatry job, least or most of which may be the cost of living. To find great practice opportunities, click here.