Residency is a paradox. You are simultaneously a highly skilled doctor and a trainee, working grueling hours for a fraction of an attending’s pay. While the financial sacrifice is well-known, understanding the market rate for your labor is crucial for financial planning and ensuring you’re not being undervalued.
This comprehensive report breaks down 2024 resident salaries, stipends, and benefits nationwide. We’ve synthesized data from official sources and anonymous resident submissions to answer one pressing question: Are you getting a fair deal?
The National Average: A Snapshot of Resident Compensation
According to the 2024 AAMC Survey of Resident/Fellow Stipends and Benefits and crowd-sourced data from MedSalaryData.com, the average first-year (PGY-1) resident salary in the United States is approximately $65,000.
However, this number tells only part of the story. Compensation varies dramatically based on three key factors:
Post-Graduate Year (PGY)
Geographic Region
Hospital System and Program Type
Salary by Post-Graduate Year (PGY)
As you progress through training, your salary sees modest but consistent increases. Here’s the typical step-up structure:
| PGY Level | 2024 National Average Salary | Typical Increase from Previous Year |
|---|---|---|
| PGY-1 | $65,000 | - |
| PGY-2 | $67,500 | ~3.8% |
| PGY-3 | $70,200 | ~4.0% |
| PGY-4 | $73,000 | ~4.0% |
| PGY-5 | $76,000 | ~4.1% |
| PGY-6+ | $79,000 | ~3.9% |
*Note: These are averages. Specialized surgical residencies (e.g., neurosurgery, PGY-7) may see higher top-end salaries.*
The Geographic Divide: Where Residents Earn the Most (and Least)
Where you train has a massive impact on your paycheck, often correlating with local cost of living.
Highest-Paying Regions for Residents:
Northeast (e.g., New York, Massachusetts): Average PGY-1 ~ $68,000 - $72,000
West Coast (e.g., California, Washington): Average PGY-1 ~ $67,000 - $71,000
Lowest-Paying Regions for Residents:
Southeast (e.g., Alabama, Mississippi): Average PGY-1 ~ $58,000 - $62,000
Midwest (non-metro areas): Average PGY-1 ~ $60,000 - $64,000
Key Insight: A $70,000 salary in a low-cost city like Pittsburgh may offer a higher quality of life than $75,000 in New York City. Always factor in cost of living.
Beyond the Base Salary: Decoding Your Benefits Package
Your total compensation is more than your stipend. Benefits can add significant value—often $15,000-$25,000+.
| Benefit | What to Look For | Average Value/Quality |
|---|---|---|
| Health Insurance | Low premiums, low deductibles, good network. | Varies widely. Can save you $3,000-$7,000/yr. |
| Housing Stipend | Is it provided, or is there a housing allowance? | A $500/month stipend = $6,000/yr value. |
| Meal Allowance | Daily stipend or loaded card for hospital cafeteria. | $100-$250/month = $1,200-$3,000/yr value. |
| Retirement Plans | Is there a 401(a) or 403(b) with employer match? | Rare for residents. A 5% match is a ~$3,250/yr raise. |
| Parking | Free or subsidized parking is a major perk. | Can save $100-$200/month = $1,200-$2,400/yr. |
| Education Fund | Annual stipend for books, conferences, exams. | $500-$2,000/yr. Use it—it’s free money! |
Our anonymous survey indicates that less than 20% of residents feel their benefits package is "excellent," with most citing high healthcare deductibles and lack of retirement matching as key pain points.
How to Evaluate Your Compensation Package
Look Beyond the Stipend: A program offering $62,000 with free parking, a meal card, and excellent health insurance may be a better financial deal than a program offering $66,000 with no extras.
Ask Specific Questions During Interviews:
“Can you detail the health insurance premiums and deductibles?”
“Is there any employer contribution to a retirement plan?”
“What is the exact value of the meal and housing stipends?”
Calculate Your Hourly Rate: Divide your annual salary by your actual hours worked. This stark figure can be motivating for your future contract negotiations as an attending.
Use Your Resources: The AAMC, AMA, and Doximity release annual reports. Compare your program’s offer to these benchmarks.
Conclusion: Fairness is More Than a Number
While resident compensation is largely standardized within hospital systems, “fairness” is a personal calculation. It weighs financial stipends against benefits, workload, program quality, and cost of living.
Your priority is training, but you are also a professional. Being informed empowers you to advocate for yourself and make smart financial decisions during these critical years.
Disclaimer: *Data is aggregated from the AAMC, Doximity, and anonymous resident submissions for the 2023-2024 academic year. Salaries are pre-tax. Individual program compensation may vary. This is informational and not financial or career advice.*
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