Residency presents a unique financial paradox: physicians in training earn modest salaries despite advanced education, high responsibility, and demanding work hours.
After four years of medical school and hundreds of thousands of dollars in debt, you finally enter residency - only to discover that your hourly wage can dip below $16 per hour when the 80-hour work weeks are factored in. In some cases, effective hourly wages can approach or fall below local minimum wage levels when long work hours are considered.
But here's the thing: Resident salaries aren't one-size-fits-all. Where you train, what year you're in, and even which specialty you've chosen can swing your paycheck by $20,000 or more. A PGY-1 at the University of Pennsylvania earns $76,347 , while a first-year at MUSC makes $61,935 - a difference of nearly $15,000 for the same job.
This 2025 guide provides the definitive picture of resident compensation. We break down salaries by postgraduate year, analyze real data from programs across the country, calculate your true hourly wage, and explore the benefits that can add thousands to your total package. This guide is designed for: Medical students preparing for residency, Incoming residents evaluating program offers, Current residents analyzing compensation and benefits, Physicians comparing training environments across institutions. Rather than focusing only on salary figures, this guide explains how resident compensation works in real-world terms. At MedSalaryData, we analyze not only salary figures but also how workload, benefits, and cost of living influence real income during medical training.
The 2025 National Snapshot - How Much Do Residents Actually Earn?
The Big Picture
Resident salaries vary significantly by program, geography, and funding. But the data from real programs tells a clear story.
| PGY Level | Typical Range (2025-2026) | Low End | High End |
|---|---|---|---|
| PGY-1 | $61,935 – $87,044 | MUSC: $61,935 | Stamford: $87,044 |
| PGY-2 | $64,151 – $88,867 | MUSC: $64,151 | Stamford: $88,867 |
| PGY-3 | $66,221 – $93,975 | MUSC: $66,221 | Stamford: $93,975 |
| PGY-4 | $69,299 – $88,742 | MUSC: $69,299 | Denver: $88,742 |
| PGY-5 | $72,370 – $90,741 | MUSC: $72,370 | Penn: $90,741 |
| PGY-6 | $83,750 | Arizona: $83,750 | — |
| PGY-7 | $89,750 | Arizona: $89,750 | — |
| PGY-8 | $91,500 | Arizona: $91,500 | — |
What These Salary Differences Mean
These figures highlight that residency compensation is not standardized across institutions. Factors such as hospital funding, regional economics, and program-specific benefits can create meaningful differences in take-home income and overall financial experience during training.
The variation across programs is significant: A PGY-1 at Stamford Health earns $87,044 - more than a PGY-4 at MUSC . Location and institutional funding matter enormously.
What Actually Determines Resident Compensation
While salary tables provide useful benchmarks, resident compensation is shaped by several structural factors:
- Institutional funding and hospital resources
- Geographic cost of living adjustments
- Unionization and negotiated pay scales
- Inclusion of stipends (housing, meals, relocation)
One key pattern stands out:
Higher salaries do not always translate into better financial outcomes. Residents in high-cost cities may earn more on paper but retain less income after housing and living expenses.
This makes cost-adjusted income an important consideration when comparing programs.
Real Program Data - What Residents Actually Earn
Let's look at actual 2025-2026 salary scales from residency programs across the country.
University of Arizona College of Medicine – Phoenix
| PGY Level | AY 2025-2026 Salary |
|---|---|
| PGY-1 | $66,500 |
| PGY-2 | $69,000 |
| PGY-3 | $72,000 |
| PGY-4 | $76,000 |
| PGY-5 | $79,750 |
| PGY-6 | $83,750 |
| PGY-7 | $89,750 |
| PGY-8 | $91,500 |
University of Pennsylvania
| PGY Level | AY 2025-2026 Salary |
|---|---|
| PGY-1 | $76,347.74 |
| PGY-2 | $79,262.05 |
| PGY-3 | $83,115.00 |
| PGY-4 | $87,758.00 |
| PGY-5 | $90,741.14 |
Medical University of South Carolina (MUSC)
| PGY Level | AY 2025-2026 Salary |
|---|---|
| PGY-1 | $61,935 |
| PGY-2 | $64,151 |
| PGY-3 | $66,221 |
| PGY-4 | $69,299 |
| PGY-5 | $72,370 |
Stamford Health (with Housing Allowance)
| PGY Level | AY 2025-2026 Salary |
|---|---|
| PGY-1 | $87,044 |
| PGY-2 | $88,867 |
| PGY-3 | $93,975 |
Denver Health (Emergency Medicine)
| PGY Level | AY 2025-2026 Salary |
|---|---|
| PGY-1 | $78,073 |
| PGY-2 | $81,019 |
| PGY-3 | $83,747 |
| PGY-4 | $88,742 |
SIU Quincy Family Medicine
| PGY Level | AY 2025-2026 Salary | Book Stipend |
|---|---|---|
| PGY-1 | $68,640 | $1,750 |
| PGY-2 | $70,720 | $2,250 |
| PGY-3 | $73,840 | $5,000 |
| Sports Medicine Fellow | $77,098 | $8,500 |
| Onboarding Bonus | $5,000 (one-time) | — |
PGY-Level Progression: The Annual Bump
Across programs, the average increase between PGY levels is 3-5% :
| Transition | Average Increase |
|---|---|
| PGY-1 → PGY-2 | +3.5% |
| PGY-2 → PGY-3 | +4.2% |
| PGY-3 → PGY-4 | +4.8% |
| PGY-4 → PGY-5 | +5.1% |
Source: Calculated from program data above
The biggest jumps typically come in later years, particularly when residents move into fellowship or chief resident roles.
The Hourly Wage Reality - What You Actually Earn Per Hour
A key consideration is effective hourly compensation. ACGME rules limit residents to 80 hours per week, but many work right up to that limit - and sometimes beyond.
Effective Hourly Wage by PGY Level
Assuming a resident works the maximum permitted 80 hours per week for 50 weeks per year (accounting for vacation):
| PGY Level | Annual Salary | Weekly Hours | Hourly Wage |
|---|---|---|---|
| PGY-1 (Low end) | $61,935 | 80 | $15.48 |
| PGY-1 (Average) | $70,000 | 80 | $17.50 |
| PGY-1 (High end) | $87,044 | 80 | $21.76 |
| PGY-3 (Average) | $75,000 | 80 | $18.75 |
| PGY-5 (Average) | $85,000 | 70 | $24.28 |
The Math:
- $61,935 ÷ (80 hours × 50 weeks) = $15.48/hour
- That's less than the $17.40–17.85/hour minimum wage in British Columbia for some workers
"It was a rite of passage as a new intern to add up your actual hours worked and realize that you were making less than minimum wage." - Anonymous resident
The Reality Check
Even at the higher end, effective hourly wages typically fall within the $20–25 range. While this reflects a training-phase income model, it remains modest relative to the level of responsibility and educational investment required.
- The educational debt they carry (average $250,000 including undergraduate loans )
- The life-and-death decisions they make daily
- The 80-hour weeks that leave no time for side gigs
- The years of training before attending-level pay begins
The Benefits Package - Where Real Value Hides
Base salary tells only part of the story. Benefits can add $10,000–25,000+ in annual value.
Common Resident Benefits
| Benefit | Typical Value | Examples |
|---|---|---|
| Health Insurance | $5,000–12,000/year | Penn, MUSC, Stamford all offer |
| Dental/Vision | $500–1,500/year | Often included or low-cost |
| Retirement Plan | 4-10% of salary | Denver: 6% employer + 3.5% match ; Stamford: 4% automatic + 1% match |
| Disability Insurance | $600/month + group plans | MUSC provides basic LTD |
| Life Insurance | 1× salary typically | SIU provides term life equal to salary |
| Malpractice Insurance | $10,000–50,000+ (you don't pay) | Included at all programs |
| CME/Book Stipend | $1,500–5,000/year | SIU: $1,750–5,000 ; Denver: $150–300 |
| Conference Travel | $1,250–1,500 | Denver: up to $1,250 for posters, $1,500 for seniors |
| Meals/Food | $500–2,000/year | Denver: meal cards, Starbucks, cafeteria subsidies ; SIU: lunch provided |
| Parking/Transport | $500–2,400/year | Denver: free parking + EcoPass ; MUSC: paid parking |
| Technology | $500–1,500/year | MUSC: free iPhone ; SIU: laptop package |
| Gym Membership | $300–1,000/year | MUSC: free Wellness Center ; Denver: discounted membership |
Standout Benefits
Denver Health's Retirement Plan:
- Required 6.2% employee contribution to 401(a)
- Denver Health adds 6% of eligible pay
- Optional 457(b) with employer match up to 3.5%
- Note: Employees don't pay Social Security
Stamford Health's Housing Allowance:
- Monthly housing allowance included in salary figures
- Plus 4% automatic 403(b) contribution + 1% match
MUSC's iPhone Program:
- Free Apple iPhone with unlimited data
- Yours to keep after residency
The Financial Reality - Why Residents Struggle
Despite these salaries and benefits, many residents face significant financial constraints - especially those with families.
The Childcare Crisis
A 2024 nationwide study found that childcare is unaffordable for residents in 98% of programs. Even when subsidies exist, childcare consumes more than 12% of income - far above the federal affordability threshold .
Real Story: Jackline Joy Martín Lasola, MD, a second-year ob/gyn resident, faced a brutal choice. With her husband in residency in Baltimore and their three children needing care, she relocated to San Francisco—not because it was affordable (her 1,100-square-foot apartment costs $4,400/month), but because family was there to help. Employer-sponsored childcare through Bright Horizons would have cost $1,000+ for a toddler and $2,000–3,000 for an infant—"the equivalent of two Bay Area mortgages" .
"It would be like the equivalent of two Bay Area mortgages." — Jackline Joy Martín Lasola, MD, on childcare costs
Another Story: Erin Wildermuth, MD, PhD, an MS4 with three children and another on the way, has eliminated California, Boston, and New York from her residency applications entirely. "It's not just childcare," she said. "It's the whole housing situation when you need more bedrooms." Preschool slots require deposits before match results arrive, creating administrative and financial burdens before training even starts .
The Housing Crunch
Ryan Brewster, MD, who co-authored a 2024 study on childcare affordability, previously researched housing affordability for residents. His finding: "There is a mismatch between our payment and cost of living, particularly in coastal metropolitan areas" - something every resident knows intuitively .
The Fertility Dilemma
Many residents delay having children until after training, when hours ease and pay improves. But delays come with added risk of infertility and pregnancy complications. Some institutions offer fertility benefits like embryo freezing - a subtle contradiction .
"I was at a place in my life where I wasn't going to delay extending my family for training." — Jackline Joy Martín Lasola, MD
Brewster and his partner, both physicians, began IVF with out-of-pocket costs not covered by their benefits. "Both of us are in our early thirties and don't anticipate being in a stable position to start a family soon, so we made that investment. And it's illustrative of that conflict between what is expected of you as a physician and your family-building goals" .
Moonlighting - The Income Supplement
For residents who can handle the extra hours, moonlighting offers a path to significantly higher income.
Denver Health's Moonlighting Policy
| Eligibility | Details |
|---|---|
| Internal moonlighting | PGY-3+ in good standing |
| External moonlighting | PGY-4+ in good standing |
Typical Moonlighting Pay
| Setting | Typical Hourly Rate |
|---|---|
| Internal moonlighting | $50–100/hour |
| External (urgent care, etc.) | $80–150/hour |
| Locums (rare for residents) | $100–250/hour |
The Catch
Moonlighting is not permitted at all programs, and even where allowed, duty hour restrictions limit how much you can work. But for residents who can manage it, even 8 hours per month at $100/hour adds $9,600 annually - a significant boost.
The Push for Change
Advocacy Efforts
Groups like Parent Resources in Medical Education (PRIME) , founded by medical students at the University of Chicago Pritzker School of Medicine, are organizing to advocate for parental support, policy changes, and resources for parent trainees .
The American Medical Association (AMA) has adopted policy recommendations aimed at increasing on-site or subsidized childcare for medical trainees .
Institutional Progress
At the UNC School of Medicine, the Family Support Initiative helped develop a New Child Adjustment Policy in 2019, creating structured support for students when a new child enters their lives - including options for time away while maintaining benefits .
"One of the drivers behind the [childcare affordability] study was to put the data behind what we already know and to create momentum for that structural change at a programmatic level. And, more broadly, to revise how our residents' compensation model is framed." - Ryan Brewster, MD
Key Financial Pressures During Residency
Across programs, several recurring financial challenges emerge:
- High housing costs in major metropolitan areas
- Childcare expenses that exceed affordability thresholds
- Limited flexibility for supplemental income
- Ongoing student loan obligations
These factors often have a greater impact on financial well-being than base salary alone.
The Bottom Line: Resident Compensation in 2025
Residents in 2025 earn between $61,935 and $93,975, depending on year, location, and program.
| PGY Level | Typical Range | Effective Hourly Wage* |
|---|---|---|
| PGY-1 | $62,000 – $87,000 | $15.50 – $21.75 |
| PGY-2 | $64,000 – $89,000 | $16.00 – $22.25 |
| PGY-3 | $66,000 – $94,000 | $16.50 – $23.50 |
| PGY-4 | $69,000 – $89,000 | $17.25 – $22.25 |
| PGY-5 | $72,000 – $91,000 | $18.00 – $22.75 |
**Based on 80-hour weeks, 50 weeks/year*
The Reality:
| Factor | Impact |
|---|---|
| Base salary | Varies by $25,000+ between programs |
| Benefits | Add $10,000–25,000 in value |
| Childcare costs | Can consume 12%+ of income |
| Housing costs | Especially punishing in coastal cities |
| Student debt | Average $250,000 |
The good news: Resident salaries are rising, and benefits packages are increasingly generous. Programs like Stamford Health's $87,044 PGY-1 salary with housing allowance and strong retirement benefits are setting new standards .
The challenge: For residents with families - or those who want to start them - the current structure of residency compensation presents ongoing challenges, particularly for residents with families or those in high-cost regions. Childcare costs, housing prices, and the cultural expectation that training comes first create impossible choices .
The bottom line: If you're a resident - or considering becoming one - understand the numbers, maximize your benefits, and advocate for change. The data is on your side.
Understanding these figures is the first step. The next is using that information to make informed training and financial decisions.
About This Analysis
This guide is based on publicly available residency salary data from U.S. training programs, along with aggregated compensation benchmarks. The goal is to provide a clear, data-driven view of resident pay by combining salary figures with workload assumptions, benefits, and real-world financial considerations. All figures are estimates and may vary by institution, specialty, and individual circumstances.
Written by: MedSalaryData Editorial Team
Healthcare Salary & Career Analysis
Additional Resources
| Resource | Purpose |
|---|---|
| ACGME | Duty hour requirements and policies |
| AAMC FIRST | Financial planning tools for residents |
| PRIME (Parent Resources in Medical Education) | Advocacy and support for parent trainees |
| White Coat Investor | Resident-focused financial education |
*Disclaimer: Salary data are for the 2025-2026 academic year based on official program publications. Individual offers vary significantly by program, geography, and specialty. This information is for career planning purposes only and does not constitute financial advice.
: PGY Pay, Hourly Rates & Compensation Analysis){kind=link}
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