Top 7 Expenses for Young Physicians

We dug into Medscape’s “Young Physician Compensation Report 2022” to check out where young physicians tend to spend their money.

Medscape surveyed 2,000 physicians under age 40. According to the report, compensation is rising for young physicians, yet there are still heavy expenses involved.

Take a look to see how you compare with your peers!

Here are the top 7 major expenses reported by the 2,000 young physicians:

62% reported: Mortgage on primary residence

51% reported: Your own college or medical school loans

37% reported: Car loan

24% reported: Childcare

19% reported: Credit card debt

17% reported: Spouse/significant other school loans or debt

16% reported: Car lease

Over half of the young physicians reported having car-related expenses (with loans and leases combined).

These are major expenses as a young doctor, but maintaining a consistent budget and maximizing your savings can go a long way.

Get in touch to discuss banking solutions that fit your needs, including checking, savings, home loans, and more.

Are you a physician in need of a physician loan? Physician Bank was made for you! Start a conversation with us today.

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140 North Phillips Avenue Unit 101a, Sioux Falls

Ambur Brown ★★★★★ 6 months ago

Julie Velline is the absolute best! I have bought 8 homes in my lifetime and never have I had such excellent service with my mortgage. She is easy to talk to, responsive, very smart, and informed about mortgage options. She always answered … More all of my questions right away, even in the evening and on weekends. She worked with my real estate agent to make sure that my offer to buy a house was clear and well understood. She even spoke with the sellers agent for us! I whole heartedly recommend her. Thank you for all of your help in buying our dream house, Julie!

Johnny Holm ★★★★★ 3 weeks ago

I've closed several loans with Matt Velline and have every intention to only use his services in the future! Not only is Matt very experienced and knowledgeable, but makes himself available outside "banker hours!" That is … More a huge benefit to working with him. A true professional and a very patient and thorough loan officer! Matt and Physician Bank are the best!

Jessica Levy ★★★★★ 3 months ago

Our experience with Matt, Tanya & Juanita has been great! They took the time to answer all of our questions and ensure we felt comfortable throughout the entire process, even with the closing of our home falling over the holidays. We … More are so appreciative of all their support. Would definitely recommend!

Lauren Stipp ★★★★★ 4 months ago

Matt and Julie were persistent to help us from the first day we introduced ourselves ! They had worked countless hours, days prioritizing us . We are so appreciative of the professional service they provided . Absolutely recommend as we … More had a terrible experience in finding a construction loan up until this point . I cannot emphasize enough what a dream team they are !

Steven Gard ★★★★★ 6 months ago

Physician Bank associate, Julie, made the difficult home buying process relatively easy for my family and I! It was difficult to find a lending service I could trust that would thoroughly investigate all my options as a new resident coming … More straight out of medical school! Thank You for all your help Julie!

Hannah Thompson ★★★★★ 6 months ago

Julie Velline made our home buying process so easy! She was phenomenal to work with and always quick to respond to any questions we had!

4.9 32 reviews

Ambur Brown ★★★★★ 6 months ago
Julie Velline is the absolute best! I have bought 8 homes in my lifetime and never have I had such excellent service with my mortgage. She is easy to talk to, responsive, very smart, and informed about mortgage options. She always answered … More all of my questions right away, even in the evening and on weekends. She worked with my real estate agent to make sure that my offer to buy a house was clear and well understood. She even spoke with the sellers agent for us! I whole heartedly recommend her. Thank you for all of your help in buying our dream house, Julie!
Johnny Holm ★★★★★ 3 weeks ago
I've closed several loans with Matt Velline and have every intention to only use his services in the future! Not only is Matt very experienced and knowledgeable, but makes himself available outside "banker hours!" That is … More a huge benefit to working with him. A true professional and a very patient and thorough loan officer! Matt and Physician Bank are the best!
Jessica Levy ★★★★★ 3 months ago
Our experience with Matt, Tanya & Juanita has been great! They took the time to answer all of our questions and ensure we felt comfortable throughout the entire process, even with the closing of our home falling over the holidays. We … More are so appreciative of all their support. Would definitely recommend!
Lauren Stipp ★★★★★ 4 months ago
Matt and Julie were persistent to help us from the first day we introduced ourselves ! They had worked countless hours, days prioritizing us . We are so appreciative of the professional service they provided . Absolutely recommend as we … More had a terrible experience in finding a construction loan up until this point . I cannot emphasize enough what a dream team they are !
Steven Gard ★★★★★ 6 months ago
Physician Bank associate, Julie, made the difficult home buying process relatively easy for my family and I! It was difficult to find a lending service I could trust that would thoroughly investigate all my options as a new resident coming … More straight out of medical school! Thank You for all your help Julie!
Hannah Thompson ★★★★★ 6 months ago
Julie Velline made our home buying process so easy! She was phenomenal to work with and always quick to respond to any questions we had!

Top 7 Expenses for Young Physicians

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