Resident salaries-- should it factor in your ranking

[buckley]

Ok, so Im doing my ranking here in the US, and I was surprised at the range of salaries. I never gave salaries much of a thought before because I felt that they didn't matter because basically residents get paid the same for the cost-of-living in the area where they are in. But now that I am comparing programs side by side, I was really surprised at the range...I see annual salaries of upper middle thirties and upper middle fifties! Is the cost of living really that different between NY, Chicago, Cleveland, Omaha and Boston? (Yup, foreigner here!)

To the residents now, did you consider salary? My chart actually was all about program components, but I decided to just write the salary so I will know....Yiiiikes! Curiosity killed the cat? And I certainly don't want to be a greedy cat...but I was thinking an extra thousand dollars a month will help a lot...Or will those just go into taxes anyway?

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[madtowngirl]

Among the places you listed, cost of living varies widely. I'd use one or more of the calculators you can find online to compare (just google "cost of living calculator"). And when you compare salaries, its also important to know what other perks are included or not in your salary (insurance, parking, liscensing, book stipend, travel stipend, etc. Even a housing allowance for pricey places like NYC, I think.). Personally I didn't factor salary into my decision, although most of my programs fell within about 5K of each other.

 

[Blade28]

Is the cost of living really that different between NY, Chicago, Cleveland, Omaha and Boston? (Yup, foreigner here!)

Oh absolutely cost of living varies from city to city.

Here in the US, the big ones (most expensive) are NY, SF, Boston, DC, LA. Other places like SD, Chicago, etc. can also get up there.

I'm of the belief that Phoenix and Atlanta are two of the last big cities in this country with reasonable housing costs.

Omaha and Cleveland? Much lower cost of living.

 

[VALSALVA]

I'm a PGY-I in Omaha and the 47,000 I'm making this year goes forever and ever in this city. Definitely a big plus!

 

[Heathcliff]

Valsalva would have to make over $80,000 per year to live as well in Los Angeles.

See for yourself at: http://cgi.money.cnn.com/tools/costofliving/costofliving.html

 

[buckley]

Thanks for the help guys! I guess cost-of-living is something you don't get a good feel for when visiting a city for three days. Hahaha! All I know is chap stick, chuck steak, and milk cost the same in omaha and new york so i thought it would apply the same to every other grocery item (?!?! Duh ?!?!) Teeheehee...Seriously, I thought basic commodities were more or less the same and the restaurants and the bars and the fancy boutiques were what differed. I'm not much of a high-end living gal, I'm actually happy to stay home and watch TV, so I thought only the rent should matter.
Parking, conference freebies...i did not really register those in my brain. I don't think I can afford a car or travel on my first year anyway.
I thought health insurance--single person---was free?

But bottomline...ANY residency program pays enough to keep you alive (eating 3 meals a day out of your own pocket with rent and utilities---also an internet connection please?), right?! Right?! Hahaha

I prefer to see residency more as a training than a job, but what do you think?

 

[Blade28]

But bottomline...ANY residency program pays enough to keep you alive (eating 3 meals a day out of your own pocket with rent and utilities---also an internet connection please?), right?! Right?! Hahaha

I prefer to see residency more as a training than a job, but what do you think?

Yes, I agree to both of the above.

Out of curiosity, where are you from?

 

[Bobblehead]

Parking, conference freebies...i did not really register those in my brain. I don't think I can afford a car or travel on my first year anyway.
I thought health insurance--single person---was free?

But bottomline...ANY residency program pays enough to keep you alive (eating 3 meals a day out of your own pocket with rent and utilities---also an internet connection please?), right?! Right?! Hahaha

I prefer to see residency more as a training than a job, but what do you think?

It depends on what you want for health insurance. In some instances if you opt for the cheapest plan that requires you to use services only in your hospital the insurance can be free for the individual. However it may cost you money per month. You're best served to discuss this directly with the GME office of any program you're considering. I would not take the program's word for it as they are frequently underinformed.

That depends on your definition of "rent" and "utilities" and what you think constitues a "meal" for you. Remember the first bedroom is always the most expensive so certainly you could should have enough for a roommate/multiple roomate situation anywhere you go. However getting a one bedroom could be challenging depending on where you live. The definition of "one bedroom" could also be slightly suspect in the lower strata of many rental markets. The same goes for utilities. The difference between keeping a leaky New England apartment at 75 degrees during the winter and at 63 degrees can be staggeringly high.

Mac & cheese is less than a dollar a box but if you're planning on eating a more balanced diet it could certainly exceed the threshold of what you're getting paid on a weekly basis.

If you have some concept of what your monthly expenditures are, the cost of living calculators along with the local craigslist apartment listings or realtor.com home listing are a helpful tool allow you to gauge your possible increases.

If you don't, I would severely underestimate your ability to pay monthly expenses. There are a lot of incidentals that quickly pop up: furniture, climate appropriate clothing, insurance, commuting costs, etc. While there are many ways to mitigate the costs of these items you still need some amount of money for them and the last thing you really want to do during residency is run up consumer debt on top of any educational debt you may have.

 

[Doowai]

Milwaukee - 2 million population and average house is about $120K. An hour from Chicago. FMG residents in Wisconsin can get fully licensed after one year. Lake Michigan is beautiful. 8 months of the year has greater than 50% average sunshine. Snow sucks - around 20 inches average in January. But snow removal is good.

Oh and for some of those that have been concerned in other threads - no questions about history of mental impairment on license applications

 

[Shalom77]

Salary was lower down on the list but it was a factor.

Really it's the cost of living/salary ratio.

There was one program that I interviewed at that paid less than any other program that I looked at and was in a very high cost of living city. I didn't actually think the program paid enough to meet reasonable expenses. (I didn't want to be eating macaroni and cheese my entire residency...)

Of course if it had been a "great" program I very likely would have ranked it... but it was a mediocre program that didn't pay enough given the cost of living. Nixed from my list.

 

[buckley]

Out of curiosity, where are you from?

Far far away No direct flights. This is the first time I've been to the US. So thanks everyone for your guidance. I love this forum and I'm so glad I bumped into it.

I did the cost-of-living calculator, and I am just flabbergasted. I literally yelled at the computer, "C'mon!" It turned out 38 k in one place is equal to 80k in New York. SO I'm like---whhhhhhaaaat?!?! So apparently, I'm actually getting the lower deal with the 50-something in new york?!?!?!?!? It boggles my mind how I really don't have an idea of what I'm doing here.

I have my spending in check. I'm actually pretty good with that. I can cook so I think I can beat the mac and cheese dollar deal. The basic insurance will have to do, I hope. It's another "foreign" concept to me, which I hope I never have to think about. Thank you for raising the heating issue though...

Where in the US will I end up in? I do hope I go somewhere good

 

[Shalom77]

I'd take that "cost of living" calculator with a grain of salt.

I like to think about where I'm likely to want to live in a city if I were to go to that program and look at apartment prices. Even though this cost of living calculator said the housing prices/general cost of living were lower in city A than city B (two cities I'm considering for residency)- the reverse is actually true if I looked at housing costs in areas where I'm likely to live. I know for example I'm not going to live an a cheaper area and commute by car in a city that's a traffic nightmare. I'm going to pay more in rent and live close. Turns out living close in City A is more expensive than living in City B (not to mention there are no traffic issues in City B), thus for me the personal cost of living in City A would be higher no matter what the calculator says.