Average Family Medicine Physicians Salary in Lexington-Fayette, KY
Family Medicine Physicians in Lexington-Fayette, KY, earn an impressive average annual salary of $291,650, significantly surpassing the national average of $259,840. This elevated compensation is likely driven by the specific healthcare demands and economic landscape within the Lexington-Fayette region, reflecting a strong local market for these essential medical professionals.
Executive Summary
- Average Salary: $291,650 per year.
- Growth Trend: Salaries have shifted 45.8% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $437,475.
- Outlook: The job market for Family Medicine Physicians in Lexington-Fayette, KY, appears robust, supported by a local workforce of 240 professionals. A Location Quotient of 1.21 indicates a higher concentration of these physicians compared to the national average, suggesting consistent demand and a stable employment environment for those in the field within this metropolitan area.
Salary Overview
The average Family Medicine Physicians in Lexington-Fayette, KY earns+12.2%above the national average.
$140.2
$5,609
$24,304
Family Medicine Physicians Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Family Medicine Physicians in Lexington-Fayette, KY, have experienced steady growth over the past four years, mirroring national trends. Factors such as increasing healthcare needs, physician shortages in certain specialties, and inflation likely contribute to upward salary adjustments, ensuring competitive compensation for practitioners.
Family Medicine Physicians Salary Distribution in Lexington-Fayette, KY
Salary progression for Family Medicine Physicians in Lexington-Fayette, KY, typically correlates with experience. Entry-level physicians can expect to earn at the lower end of the pay scale, while seasoned professionals with extensive experience and specialized skills command higher salaries, often reaching the upper percentiles. The widening gap between entry-level and senior positions signifies clear career advancement and earning potential within the profession.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Resident / New GradClinical rotation complete. Gaining floor experience. | 10% (Entry) | $119,820 | $57.6 |
| Staff ClinicianFull patient caseload. Proficient in core procedures. | 25% (Junior) | $218,738 | $105.2 |
| Charge / SeniorShift lead. Precepts new hires. Specialized certification. | 50% (Median) | $291,658 | $140.2 |
| SpecialistAdvanced degree/cert (e.g., ICU, OR). High acuity cases. | 75% (Senior) | $364,563 | $175.3 |
| Director / LeadDepartment head or Advanced Practice Provider. | 90% (Expert) | $437,475 | $210.3 |
Detailed Family Medicine Physicians Market Analysis
Relocation Context
Nominal Salary
$291,650
Gross Pay
Real Wage (Purchasing Power)
$291,650
Adjusted for COL (100)
The average annual salary of $291,650 for Family Medicine Physicians in Lexington-Fayette, KY, offers excellent purchasing power, as the local Cost of Living Index is exactly at the national average of 100. This means that the nominal salary translates directly to strong real income, allowing physicians to maintain a high standard of living without the added financial burden of a higher cost of living.
Job Market Context
240
Total Jobs
0.846
Per 1K Jobs
1.21
Location Quotient
With a location quotient of 1.21, Lexington-Fayette, KY has a slightly higher-than-average concentration of Family Medicine Physicians roles compared to the national norm.
With a Location Quotient of 1.21, Lexington-Fayette, KY, demonstrates a notable concentration of Family Medicine Physicians relative to the national benchmark. This suggests a competitive yet potentially abundant job market, where demand is strong enough to support a higher-than-average number of practitioners, offering good opportunities for both new entrants and experienced physicians.
Nearby Job Markets
Nearby Cities for Family Medicine Physicians
| City | Salary | Dist. |
|---|---|---|
| Central Kentucky nonmetropolitan area Family Medicine Physicians Salary | $215,340↓ 26% | 28 mi |
| South Central Kentucky nonmetropolitan area Family Medicine Physicians Salary | $216,680↓ 26% | 28 mi |
| West Kentucky nonmetropolitan area Family Medicine Physicians Salary | $216,260↓ 26% | 28 mi |
| East Kentucky nonmetropolitan area Family Medicine Physicians Salary | $367,600↑ 26% | 28 mi |
Comparing salaries near Lexington-Fayette, KY
Hiring Family Medicine Physicianss?
Frequently Asked Questions
How much does a Family Medicine Physicians make in Lexington-Fayette, KY?
The median annual salary for a Family Medicine Physicians in Lexington-Fayette, KY is $291,650. This typically ranges from $119,820 for entry-level positions to $437,475 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Lexington-Fayette, KY is 12.2% higher than the national median of $259,840.
Is Lexington-Fayette, KY a lucrative place for Family Medicine Physicians?
Yes, it is a highly lucrative location for Family Medicine Physicians.Family Medicine Physicians in Lexington-Fayette, KY, earn significantly above the national average salary, and the cost of living is on par with the national average, maximizing purchasing power.
Is Lexington-Fayette, KY a good place to live for Family Medicine Physicians?
The Cost of Living Index in Lexington-Fayette, KY is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Lexington-Fayette, KY?
Some top paying nearby cities include Central Kentucky nonmetropolitan area ($215,340) and South Central Kentucky nonmetropolitan area.
How does the average salary in Lexington-Fayette compare to the national average?
The average annual salary for Family Medicine Physicians in Lexington-Fayette, KY, is $291,650, which is considerably higher than the national average of $259,840.
What is the Cost of Living Index in Lexington-Fayette, KY?
The Cost of Living Index in Lexington-Fayette, KY, is 100, which is precisely the national average, indicating that the general cost of goods and services is comparable to the rest of the country.
How concentrated are Family Medicine Physicians in Lexington-Fayette, KY?
The Location Quotient for Family Medicine Physicians in Lexington-Fayette, KY, is 1.21, meaning there is a 21% higher concentration of these professionals compared to the national average.
What is the total number of Family Medicine Physicians in Lexington-Fayette, KY?
There are approximately 240 Family Medicine Physicians employed within the Lexington-Fayette, KY, workforce.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 240 employees in the Lexington-Fayette, KY area with a job density of 0.846 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
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Semantic Salary Analysis for Family Medicine Physicians • Data source: BLS OEWS 2024 •Jobs in Lexington-Fayette, KY