How Much Does a Medical Resident Earn?

Medical residency is a crucial stage in a doctor’s career  a time when newly graduated physicians apply their academic knowledge in real world hospital settings under supervision. While it’s an essential training period, many people wonder: How much does a medical resident actually earn?

Average Medical Resident Salary in the U.S. (2024 Data)

According to the Association of American Medical Colleges (AAMC) and Medscape Resident Salary Report, the average medical resident in the U.S. earns between $60,000 to $75,000 per year.

• First-year residents (PGY-1) typically earn around $60,000.
• Senior residents (PGY-5+) may make up to $75,000 or more, depending on specialty and location.

Factors Affecting a Resident’s Salary

1. Year of Training (PGY Level) – Salaries increase slightly each year.
2. Specialty – Some specialties, like surgery or anesthesiology, may offer higher pay.
3. Geographic Location – Residents in high-cost cities (e.g., New York, San Francisco) often earn more.
4. Hospital or Program Funding – University-affiliated programs may pay differently than community hospitals.

How Much Does a Medical Resident Earn?

Highest-Paying Residency Specialties

While all medical residents earn modest stipends compared to practicing physicians, certain specialties tend to offer higher pay during training. In the U.S., surgical fields often lead the list with neurosurgery, orthopedic surgery and plastic surgery residents earning above the national average. Other well paying programs include dermatology, radiology and cardiology fellowships. These specialties not only have longer and more demanding training periods but also require advanced skills which justifies slightly higher stipends.

 Additionally, residents in high demand fields may receive bonuses for on call duties or night shifts. Despite these differences, the pay gap between highest and lowest paying residencies is not huge as all programs follow similar funding structures regulated by hospitals and training institutions.

While most residents earn similar base salaries, some specialties offer higher compensation:

• Radiology – ~$70,000
• Anesthesiology – ~$68,000
• Emergency Medicine – ~$67,000
• General Surgery – ~$65,000

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Do Residents Get Additional Benefits?

Yes, in addition to their base salary, medical residents typically receive a range of benefits that help offset living costs. Common perks include health, dental and vision insurance as well as paid time off for vacation, sick leave and personal days. Many programs also cover malpractice insurance during training. Some hospitals provide meal allowances, free parking or subsidized housing, especially in high cost cities. 

Residents may also access continuing education funds for conferences and exams. While these benefits add value, they don’t significantly raise overall compensation, making financial planning essential during the residency years.

Many residency programs provide benefits such as:

Paid time off (PTO) and sick leave

Health insurance

Retirement plans (e.g., 401k matching)

Malpractice insurance coverage

Is Resident Salary Enough to Live On?

A medical resident’s salary, averaging $60,000–$72,000 annually in the U.S., can cover basic living expenses but it often feels tight especially in high cost urban areas. Rent, utilities, transportation and food can consume a large portion of income, leaving little for savings or student loan repayment. 

Careful budgeting is essential and many residents share housing or live farther from hospitals to reduce costs. While benefits like health insurance and paid time off help, the long working hours limit opportunities for supplemental income. Ultimately, resident salaries are designed for subsistence during training with the expectation that higher earnings will come after completing residency.

Conclusion

Medical residents earn an average of $60,000–$75,000 per year with slight variations based on specialty, location and training year. While the pay may seem low compared to the workload, residency is a temporary phase leading to much higher earnings as a fully licensed physician.