Also got factor location... Nobody in NYC is making 250 as a hospitalist
Which begs the question... why the hell do people live in NYC?
The amateur economist in me would assume that the higher cost of living and lower pay would drive most physicians away, leading to a local shortage of physicians that would have to be compensated for by increasing salaries to an equilibrium point where they might be a bit lower than, say, in the Midwest, but only slightly so.
But this is what you get in Neurology, for instance.
http://img.medscape.com/pi/features/slideshow-slide/compensation/2014/neurology/fig6.jpg
For the privilege of living in the NE, you have to take something like a $35K paycut... AND put up with
higher taxes and a
higher cost of living.
Let's put it another way, assuming you're living in NYC and are currently earning 200K,
you'll have the same purchasing power as someone who lives on 97K in Columbus, OH.
In order to have the purchasing power of someone earning $200K in Columbus, OH,
you'd need to earn $409K in NYC.
But again, even before taking cost of living adjustments into account you're likely to get paid
more in nominal dollars for living in Columbus rather than NYC.
And it's not as though Columbus were in the boonies!
That's absolutely nuts. I assume that people who live in places like NYC must consider everything between the coasts "
flyover country" or whatever. But I wonder if they realize not just that their decision is costing them, but to what extent.