Physician salaries: Comparing cost of living in top-paying cities
Published: Feb 24, 2017
The cities with the highest paying jobs for physicians are scattered across the U.S., but salary isn't the only metric to look at when considering a new position. Cost of living will determine how much value you can get from that salary.
A high-paying job may sound attractive at first until you realize that home prices may not meet your standards. According to Sperling's Best Places, one way to determine how one U.S. city stacks up against another is to use the average cost of living across the country as a benchmark. If the average is represented by a score of 100, any city with a lower score is cheaper than average. Conversely, any city with a score higher than 100 is more expensive than average.
With that in mind, keep reading to see how the top-paying cities compare when cost of living is taken into account:
Nashua, New Hampshire - 117.90
The median yearly salary for physicians in Nashua is $201,034. However, the median home price is $241,000, with an average property tax of $21.95 per $1,000. Property taxes in New Hampshire are much higher than the national average because the state does not have income or sales tax. That could be good news for those with modest living needs, but could also mean paying higher taxes on more valuable property.
Medford, Oregon - 107.70
In Medford, physicians make an average salary of $257,980. This is just slightly above the average home value of $239,700. Property taxes here are relatively low, at just $9.49 per $1,000. It should also be noted that Oregon has no sales tax, though income tax is set at 9.90 percent for individuals who make over $125,000 per year.
Eau Claire, Wisconsin - 92.10
Physicians in Eau Claire, Wisconsin make about the national average of $187,200. However, that is still much higher the median home price of $137,000. Property taxes in Eau Claire are $18.75 per $1,000. These numbers are significantly lower than those of nearby metro areas, such as Madison, Wisconsin and Minneapolis, Minnesota.
Pensacola, Florida - 86.80
The average yearly salary for physicians in Pensacola is $255,630, but what may make the area even more attractive to job seekers is the average home price: $125,500. Additionally, property taxes here are $8.15 per $1,000. Florida also has no state income tax, and sales tax is set at 6 percent.
Florence, Alabama - 84.70
The Florence-Muscle Shoals area has some of the highest paid positions for physicians in the country, with average salaries around $280,650. Interestingly, median home prices in Florence are quite low, at just $116,800. And property taxes in Lauderdale County are only $4.75 per $1,000.
Of the cities listed above, Florence, Pensacola and Eau Claire offer the best overall value. But that's still not the only thing to take into account. When choosing your next job, there are many factors to consider, including the closeness of your friends and family as well as availability of the positions you're interested in. When you leverage this relevant information against your other essential criteria, such as climate, culture and commute times, you'll have a complete picture of your options.
If you're ready to find your next high-paying physician job, check out myHealthTalent.com!