Geographic Differences in salary and deciding

[NYYk9005]

Hey all,

I always knew there were differences on salary based on geographic location, but is as extreme as I heard?

I've heard in places like Texas, you can easily make 300k and possibly even 400k, whereas places like NY, you make 180k-200k. Does that seem correct?

If so, I need to balance the significantly less money with staying around my hometown with family and friends. How did you all make your decision?

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[GeneralVeers]

You also should factor in the cost of living. With New York the cost of living is much higher (especially NYC) and when you factor in the taxes, the differential could be as much as 5-8K per month.

Think of it this way: If you live in Texas and save $30,000 on taxes, you could afford to go to New York every other weekend, stay in a fancy hotel, eat a fancy meal, and still be making more money.

 

[DocEspana]

Hey all,

I always knew there were differences on salary based on geographic location, but is as extreme as I heard?

I've heard in places like Texas, you can easily make 300k and possibly even 400k, whereas places like NY, you make 180k-200k. Does that seem correct?

If so, I need to balance the significantly less money with staying around my hometown with family and friends. How did you all make your decision?

Let it be said that outliers exist everywhere. HHC (NYC's, generally poor, public hospital system) has the highest paid EM doctor in NY. A conservative estimate for him would be 400K on salary alone. (250 an hour working four 8 hour shifts a week). But this dude is a SUPER outlier for NYC and above average for NY State (he got recruited from the far northern part of the state where money like that is uncommon but not unheard of). But even still, in NYC you're usually talking a much more complicated salary output then it looks.

As an NYC resident we got a talk that the salaries in NYC usually end up being 175-215K, but that the salaries are GREATLY bolstered by getting academic positions. Not "assistant professor of blah blah blah". Those are 'medals'. AKA: shiny, and nice to show off, but ultimately worthless. I'm talking actually going to the med school every now and again and teaching a class. The payout for doing that is apparently absurd per class. Since NYC is more-or-less completely saturated by medical school affiliated hospitals, pretty much everyone does it. Those who don't will attempt to push research through whomever will accept it so that they get some side grant money.

If you won't hustle you might as well not stay in NYC because the pice differential compared to everywhere else will murder you.

But at the same time, right outside of NYC (westchester county) earning 300K is not odd at all. Why? Private hospitals and affluent communites. Same thing with western CT. And North Jersey (Though not paterson or newark).

Most of the country is really going to be paying about the same. The major teaching cities (NYC, Chicago, LA, SD) are going to pay much much less than their surrounding areas, but the surrounding areas should be about at the national average. Where things do change is 1) Taxes and cost of living. As said above, this is a big deal and 2) There are areas where the pay is unusually large. Texas (really the whole southwest), The southeast, and the ND/SD/Montana/Wyomind corridor. The latter just seems to pay much more, if the random recruiter I met is to be believed, than other "rural" areas. But as others will say, 'they pay you to be in the middle of nowhere'

So wouldnt be devastated about being far from your family. The salaries all around NYC are fine. Its just *in* NYC where its not comperable to the rest of the country. And Chicago. And... etc.

 

[Groove]

While you have loans, you are best served seeking jobs with higher pay until you get them paid off. The highest seem to be S/SE at the moment though there are exceptions. 400K is the average for SE from my estimate. That's working around 130h/mo with the ability to earn more if you are willing to work more. That kind of salary would certainly not be found in New England states, etc.. and most definitely not in NY. Texas seems to have the highest pay at the moment with the best malpractice climate and I sometimes daydream about working there at some point in the future, but who knows.

Pay is not everything. Look for states with low income tax (or none) and a good malpractice environment. As long as you have a major airport nearby, you can live pretty much anywhere and fly to your destination of choosing whenever it's convenient. If you truly want to live in say... NYC, AND have loans and require the best lifestyle, you should probably work locums and fly to work out of state where the pay is higher. Fly out twice a month and work a string of shifts at twice the pay that you would make in NYC, etc.. although you will still have a very high cost of living. After you have paid off your loans and started saving for retirement, you can afford to relax and find a nice balance of geography, lifestyle, pay, etc.. because then an extra 100-200K might not mean as much.

That being said, I would advice all new grads to take advantage of the relatively high salaries for as long as you can and try not to extrapolate a long term financial plan based on the current salaries because I truly don't expect it to stay this way forever. We're probably enjoying a golden age at the moment.