Top 7 Expenses for Young Physicians

February 28, 2023
Physician Loans

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!

top 7 expenses for young physicians

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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