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Geographic arbitrage is something more physicians are catching on to. In many cases not only is the COL lower in "flyover country, " the actual salary paid is higher. What's not to like about that?
About a decade ago I briefly considered moving back the the east coast. I would have taken about a 30% pay cut if I had done so, and my housing costs would have been higher. That's not the only reason I decided to stay put, but it did factor in.
That's because the coasts and large metro areas are where the majority of MD's are being cranked out. In order to get the practitioners to move to the middle of nowhere they have to pay more.
That's because the coasts and large metro areas are where the majority of MD's are being cranked out. In order to get the practitioners to move to the middle of nowhere they have to pay more.
Yes, and those who are willing to do so can find themselves handsomely rewarded!
Rural areas need good doctors, so just simple supply and demand makes that make sense. Even in urban areas, if you work in the worst areas, you'll often be paid more. My friend said it was comparable to some place like rural Nevada where the pay is high for doctors. In general what I find is that, while you're in a dangerous setting, people generally don't mess with the people that are there to take care of them. Friend is pulling in $200k working in the South Bronx and he graduated from Columbia University medical. Had another that worked a little bit north in the Bronx also pulling in $200k+. Not bad not bad.
Yes, and those who are willing to do so can find themselves handsomely rewarded!
Yeah my wife is willing to move, but there's no way I would. We aren't hurting for $ and there is no way I'm leaving California. Spent 8 years in the midwest and that is more than enough for one lifetime.
Not necessarily. Companies may have a harder time recruiting people to states with a high tax structure when there's little or no Federal relief. The company I joined in a KC suburb is still here although it was acquired in 2006. The acquiring company's HQ are in Westchester County, NY. There are a lot of new employees in my former department being hired in KC- it's not as expensive to pay employees here because the cost of living is lower. Not every company can choose to recruit in LCOL areas rather than adding to staff in the HCOL states, but for some it's an option. Jobs can move, too.
TL;DR people are attracted to city life and opportunities, even though plenty do leave. Ditto with smaller/remote areas. People are attracted to the lower CoL, but do move away because they miss family, and/or amenities
I don't doubt your statement either. I've done that myself several times... lived in remote areas. Like any place to live, it's a tradeoff. You need to drive 1 to 5 hours just to get to the closest city, and even though there are doctors in these remote areas, some medical services, you'll still need to go to larger town to get work done. Depending on just how remote and small your town is, products will need to be insourced, or you simply just need to make due without them. I've had people who live in such places saying how awesome it'd be if they could get a Costco, Trader Joes, Five Guys, Wendys, Wattaburger. I hated to break it to them, but they don't open up for places with only a few thousand to tens of thousands of people. If we ever get such establishments, then we've probably become a large enough town to have higher CoL.
The last Doc we lost choose Austin Texas over Santa Clara... penciled it out and said it was an easy choice
Sure from a cost perspective there's no question. It just comes down to how much is living in California worth to you? If you can comfortably live in CA and have afford what makes you happy, why go somewhere that you don't want to live?
Rural areas need good doctors, so just simple supply and demand makes that make sense. Even in urban areas, if you work in the worst areas, you'll often be paid more. My friend said it was comparable to some place like rural Nevada where the pay is high for doctors. In general what I find is that, while you're in a dangerous setting, people generally don't mess with the people that are there to take care of them. Friend is pulling in $200k working in the South Bronx and he graduated from Columbia University medical. Had another that worked a little bit north in the Bronx also pulling in $200k+. Not bad not bad.
Yeah I know several MDs that live in Orange County or LA and then commute out to underserved areas like Corona or Palmdale.
Sure from a cost perspective there's no question. It just comes down to how much is living in California worth to you? If you can comfortably live in CA and have afford what makes you happy, why go somewhere that you don't want to live?
I could live comfortably in CA. But that was where I didn't want to live. I'm freer and richer in AZ.
But hey, if you enjoy paying taxes, more power to you!
I could live comfortably in CA. But that was where I didn't want to live. I'm freer and richer in AZ.
But hey, if you enjoy paying taxes, more power to you!
Too, freaking, hot, in AZ. Some can put up with it. Others, they'd rather pay more to live in a place with better climate. Also, if taxes are well spent, then it can be worth it. There are places where they did away with a lot of taxes, but their infrastructure and public services took a crumble.
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