Miscellaneous Blog
How Much Do Residents Make?
The 2025 Numbers Explained
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Every year, the AAMC publishes its Survey of Resident and Fellow Salaries and Benefits Report, offering one of the most reliable snapshots of how much residents earn across the United States. The 2025 edition provides detailed insight into salary levels from PGY1 through PGY8, regional differences, and how compensation has changed over time when adjusted for inflation. Beyond general awareness, these numbers matter because they directly shape day-to-day financial realities during training, including housing affordability, transportation costs, childcare, loan repayment, and overall financial stability.
Interpreting these figures requires context. A higher nominal salary does not always translate into greater financial comfort, particularly in high-cost metropolitan areas where housing and basic living expenses can quickly offset income gains. Conversely, programs in lower-cost regions may offer more financial breathing room despite lower salaries. Applicants should therefore view national and regional averages as a starting point rather than a definitive measure of financial well-being.
When evaluating individual residency programs, applicants can find specific salary and benefits information through several reliable sources, including program GME websites, the AAMC FREIDA database, and publicly available union contracts for unionized programs. Comparing salaries alongside cost-of-living calculators, rental listings, and transportation costs can help translate national data into realistic, program-specific expectations.
It is also important to recognize that compensation extends well beyond base salary. Some programs are unionized, which can meaningfully affect not only annual raises but also policies around overtime protections, parental leave, meal stipends, call conditions, and mechanisms for addressing workplace concerns. As a result, two programs with similar salaries may feel very different financially and professionally.
Finally, benefits such as education funds, health and disability insurance, childcare support, relocation assistance, retirement contributions, meal allowances, and subsidized housing can substantially influence a resident’s bottom line and quality of life. For applicants comparing programs, the most informed decisions come from evaluating the full compensation package in the context of local living costs, rather than focusing solely on the PGY1 salary figure.
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Table of Contents
- Resident Salaries in 2025: What the AAMC Data Shows
- How Much Have Salaries Grown Over Time?
- Geographic Differences Matter
- How Much Do Residents Actually Take Home After Taxes?
- How Resident Salaries Compare to Attending Salaries
- Why These Numbers Matter for Future Residents
- Additional Practical Considerations for Residents Interpreting Salary Data
○ How to Read a Residency Benefits Package
○ Hidden Costs of Residency
○ Housing and Commuting Decisions
○ Overtime, Call Pay, and Moonlighting
○ Advocating for Yourself Within the System
○ Building Financial Stability During Residency
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Resident Salaries in 2025: What the AAMC Data Shows
The AAMC reports that the mean unweighted PGY1 salary as of July 1, 2025 is $68,166. This number is calculated using equal institutional weighting, meaning every program contributes one data point regardless of size. It prevents large programs from disproportionately influencing the average.
Salaries rise steadily across training years:
- PGY1: $68,166
- PGY2: $70,499
- PGY3: $73,301
- PGY4: $77,593
- PGY5: $81,807
- PGY6: $84,744
- PGY7: $89,187
- PGY8: $94,215
Across all levels, the median salary often sits a few thousand dollars lower than the mean, while the 75th percentile reflects the upper range of programs offering higher compensation. For PGY1, the median is $66,986 and the 75th percentile is $71,657.
These increments represent the national pattern: modest but steady increases each year of training, typically outpaced by cost-of-living growth in major metropolitan areas.
For more details on how physician pay differs by specialty in 2025, how resident salaries compare during training, and how taxes affect real take-home income, watch our YouTube video.
How Much Have Salaries Grown Over Time?
The AAMC report tracks PGY1 salaries from 1968 to the present and includes both raw dollar values and CPI-adjusted earnings.
Highlights from recent years:
- 2025 mean PGY1 salary: $68,166
- Percent increase from 2024: 2.2 percent
- Dollar increase from 2024: $1,453
This year’s increase is notably smaller than the 4 to 5 percent jumps seen in 2023 and 2024. For example:
- 2024 saw a 4.6 percent increase from the prior year.
- 2023 saw a 4.7 percent increase.
When adjusted for inflation using the CPI-U index, the mean inflation-adjusted PGY1 salary in 2025 is $7,332, slightly lower than the adjusted 2024 figure ($7,368). In other words, despite a nominal increase, the 2025 PGY1 salary actually represents a small decrease in inflation-adjusted value.
Compared to residents in 1968 to 1969, today’s residents make about 18 percent more after adjusting for inflation.
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Geographic Differences Matter
Although the AAMC report provides a national view, residents quickly learn that salaries vary by region.
Examples from the consolidated data:
- PGY1 salaries in the West average around $75,000, the highest regionally.
- Central region programs average around $65,000, closer to the national mean.
- Cost of living often cancels out these differences.
Regions with the lowest adjusted physician salaries (and consequently typically lower resident salaries) include Boston, Washington DC, Seattle, Denver, and San Francisco. These are also among the most expensive cities in the country, which affects the purchasing power of salaries even when nominal salaries seem competitive.
On the opposite end, cities like Rochester MN, St. Louis, Oklahoma City, and Omaha consistently show some of the strongest adjusted compensation for physicians and trainees alike.
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How Much Do Residents Actually Take Home After Taxes?
Nominal salary numbers often feel disconnected from what residents actually take home each month. An illustrative example from the consolidated data shows how a typical resident earning around $73,500 (roughly PGY2–PGY3 range) may see their pay divided:
- Federal tax: about $10,000
- Social Security: ~6.2 percent (≈ $4,500)
- Medicare: ~1.45 percent (≈ $1,000)
- State tax (example: PA): ~3.07 percent (≈ $2,200)
- City tax (example: Pittsburgh): 3 percent (≈ $2,200)
After all deductions, the resident’s annual net pay is around $53,000, or approximately $4,400 per month.
With typical resident schedules running 60 to 80 hours per week, the effective hourly wage often falls in the range of $15 to $18, depending on rotation load and call structure.
How Resident Salaries Compare to Attending Salaries
Resident salaries can feel modest, especially when viewed alongside attending compensation in the United States. For readers who may not have a frame of reference, particularly IMGs, it is helpful to understand the scale of physician earnings after training. According to 2025 physician compensation data, the highest-paid specialties include neurosurgery, orthopedic surgery, thoracic surgery, and plastic surgery, with typical compensation ranging roughly from the mid-$600,000s to $750,000 annually. Radiology and cardiology sit slightly lower but still average around the high-$500,000 range.
In contrast, core primary care fields earn substantially less but still far above resident income levels. Internal medicine and family medicine average in the low-to-mid $300,000 range. This gap illustrates the steep income progression that occurs after residency, but it does not meaningfully change the financial constraints residents face during training.
For practical decision-making, these attending salary figures should be viewed as long-term context rather than a factor in residency budgeting. Future earning potential does not reduce current housing costs, childcare expenses, transportation, or loan obligations. During residency, cash flow is limited and largely fixed, regardless of eventual specialty choice.
Because of this, applicants comparing programs should remain focused on resident-specific factors: base salary, cost of living, benefits, call structure, and institutional support. Attending compensation becomes relevant later, when choosing a specialty or practice setting, but it has little impact on the day-to-day financial realities of training.
For readers interested in a deeper breakdown of physician compensation across specialties, practice models, and regions, we cover that topic in a separate article focused specifically on attending salaries and long-term earning trajectories.
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Why These Numbers Matter for Future Residents
Understanding salary trends helps applicants:
- Anticipate realistic monthly budgets.
- Evaluate cost-of-living differences between programs.
- Plan for family, childcare, or relocation expenses.
- Interpret benefits packages beyond base salary.
- Make informed decisions when comparing programs across regions.
The 2025 data shows modest year-to-year growth but also the ongoing challenge of keeping salaries aligned with national inflation and rising living costs in major academic cities.
For prospective residents, these reports are more than numbers. They represent the financial framework in which trainees learn, grow, and navigate some of the most demanding years of their careers. A clear understanding upfront can make those years more manageable and allow applicants to approach residency planning with greater clarity and confidence.
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Additional Practical Considerations for Residents Interpreting Salary Data
How to Read a Residency Benefits Package
Base salary alone rarely reflects the true value of a residency position. Benefits packages vary widely across institutions and can significantly affect financial stability. Applicants should focus on how compensation interacts with local cost of living rather than salary in isolation. Meal stipends help reduce daily expenses during long shifts but usually have limited overall financial impact. Housing stipends or subsidized resident housing, when available, often provide far greater financial relief. Parental leave, sick time, and vacation policies differ substantially between programs and may influence both finances and well-being. Disability insurance is especially important during residency, as it protects income during the years when residents are most financially vulnerable.
Hidden Costs of Residency
Resident salaries often feel constrained because of expenses that are not apparent from salary tables. Common hidden costs include state medical licensing fees, USMLE Step 3 registration, board examination fees, required certifications such as ACLS or ATLS, and exam preparation resources. Hospital-related costs, including parking fees, badge charges, or required attire, may also apply. Relocation expenses, such as moving costs, security deposits, and temporary housing during onboarding, can place significant financial strain early in training.
Housing and Commuting Decisions
Housing and transportation choices strongly influence both financial sustainability and burnout. Living close to the hospital typically means higher rent but lower transportation costs, shorter commutes, more sleep, and greater flexibility after long shifts. Living farther away may reduce rent but increase commuting time, fatigue, and transportation expenses. Some programs offer subsidized housing or partnerships with nearby apartment complexes, particularly in high-cost cities, which can meaningfully offset modest salaries. Parking costs and access to public transportation should be considered alongside rent when comparing programs.
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Overtime, Call Pay, and Moonlighting
Although base salary is generally fixed, compensation structures differ between programs. Some institutions provide additional pay for specific call arrangements, backup coverage, or extra clinical shifts. Moonlighting opportunities may be available later in training depending on specialty, institutional policy, and state licensing rules. Moonlighting typically requires a full medical license, which may not be obtainable until after the first one or two years of residency. Clear policies regarding in-house versus home call and post-call relief can significantly affect quality of life even when salary remains unchanged.
Advocating for Yourself Within the System
Applicants are not expected to negotiate individual salaries, but they can still make informed decisions by asking appropriate questions during interviews. Understanding when salaries were last adjusted, how annual raises are determined, and whether residents have formal representation through a union or GME council provides insight into an institution’s transparency and responsiveness. Programs with clear pay structures and established feedback mechanisms often offer a more predictable training environment.
Building Financial Stability During Residency
While residency is not a high-income period, certain financial considerations are particularly relevant. Low taxable income years may make Roth IRA contributions attractive for those who are able. Even a modest emergency fund can reduce stress related to unexpected expenses. For residents with educational loans, income-driven repayment plans can help preserve cash flow during training. Disability insurance deserves careful attention early in a physician’s career, when future earning potential is high but personal savings are limited.
Together, these factors help translate national salary data into practical expectations. For many residents, benefits, housing options, and institutional policies ultimately have a greater impact on financial well-being than small differences in base salary.
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Good Luck Everyone!
By Michael Azeze Negussie
Sources:
AAMC Survey of Resident/Fellow Stipends and Benefits
Doximity 2025 Physician Compensation Report
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