Average Family Medicine Physicians Salary in Richmond, VA
Family Medicine Physicians in Richmond, VA, earn an average annual salary of $214,230. This figure is notably below the national average of $259,840, suggesting that while Richmond offers a stable market, compensation may be influenced by factors such as local demand, healthcare infrastructure, and the specific needs of the Virginia healthcare landscape. Understanding these local dynamics is key for physicians considering practice in this area.
Executive Summary
- Average Salary: $214,230 per year.
- Growth Trend: Salaries have shifted 11.5% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $321,345.
- Outlook: Richmond, VA, hosts a local workforce of 500 Family Medicine Physicians, with a Location Quotient of 1.09, indicating a slightly higher concentration of these professionals compared to the national average. This suggests a robust and established market for family medicine services, implying consistent demand and a healthy job environment for practitioners within the region.
Salary Overview
The average Family Medicine Physicians in Richmond, VA earns-17.6%below the national average.
$103
$4,120
$17,853
Family Medicine Physicians Salary Trends (2020-2024)
While specific historical data for Richmond is not provided, it is generally observed that salaries for Family Medicine Physicians nationwide have experienced steady growth over the past four years, driven by increasing healthcare needs and physician shortages. It is reasonable to assume that Richmond's market has followed this trend, with compensation likely seeing incremental increases to attract and retain qualified medical professionals.
Family Medicine Physicians Salary Distribution in Richmond, VA
Salary progression for Family Medicine Physicians in Richmond, VA, is strongly tied to experience. Entry-level positions typically command salaries at the lower end of the spectrum, while seasoned physicians with extensive experience and specialized skills can expect to earn significantly more, reaching into higher percentiles. The gap between entry-level and senior salaries reflects the value placed on accumulated expertise and a proven track record in patient care.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Resident / New GradClinical rotation complete. Gaining floor experience. | 10% (Entry) | $104,330 | $50.2 |
| Staff ClinicianFull patient caseload. Proficient in core procedures. | 25% (Junior) | $160,673 | $77.2 |
| Charge / SeniorShift lead. Precepts new hires. Specialized certification. | 50% (Median) | $201,570 | $96.9 |
| SpecialistAdvanced degree/cert (e.g., ICU, OR). High acuity cases. | 75% (Senior) | $267,788 | $128.7 |
| Director / LeadDepartment head or Advanced Practice Provider. | 90% (Expert) | $321,345 | $154.5 |
Detailed Family Medicine Physicians Market Analysis
Relocation Context
Nominal Salary
$214,230
Gross Pay
Real Wage (Purchasing Power)
$214,230
Adjusted for COL (100)
With an average annual salary of $214,230 and a Cost of Living Index of 100 (matching the national average), Family Medicine Physicians in Richmond, VA, can expect their nominal earnings to translate directly to purchasing power equivalent to the national standard. This means the salary offers a comparable lifestyle to what physicians might experience in other average-cost-of-living areas across the United States.
Job Market Context
500
Total Jobs
0.764
Per 1K Jobs
1.09
Location Quotient
With a location quotient of 1.09, Richmond, VA has a slightly higher-than-average concentration of Family Medicine Physicians roles compared to the national norm.
The Location Quotient of 1.09 for Family Medicine Physicians in Richmond, VA, signifies a market that is slightly more concentrated than the national average. This suggests that while the demand for family medicine services is present and perhaps even slightly elevated, the supply of physicians is also proportionally robust, indicating a competitive yet stable job market for these professionals.
Nearby Job Markets
Nearby Cities for Family Medicine Physicians
| City | Salary | Dist. |
|---|---|---|
| Southside Virginia nonmetropolitan area Family Medicine Physicians Salary | $204,620↓ 4% | 41 mi |
| Northern West Virginia nonmetropolitan area Family Medicine Physicians Salary | $269,340↑ 26% | 41 mi |
| Southwest Virginia nonmetropolitan area Family Medicine Physicians Salary | $269,920↑ 26% | 41 mi |
| Southern West Virginia nonmetropolitan area Family Medicine Physicians Salary | $228,580↑ 7% | 41 mi |
Comparing salaries near Richmond, VA
Hiring Family Medicine Physicianss?
Frequently Asked Questions
How much does a Family Medicine Physicians make in Richmond, VA?
The median annual salary for a Family Medicine Physicians in Richmond, VA is $214,230. This typically ranges from $104,330 for entry-level positions to $321,345 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Richmond, VA is 17.6% lower than the national median of $259,840.
Is Richmond, VA a lucrative place for Family Medicine Physicianss?
Yes, with caveats.Richmond, VA offers a competitive salary of $214,230, which aligns with the national average cost of living, making it a financially stable location. However, the salary is below the national average for the profession, indicating potential for higher earnings elsewhere.
Is Richmond, VA a good place to live for Family Medicine Physicians?
The Cost of Living Index in Richmond, VA is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Richmond, VA?
Some top paying nearby cities include Southside Virginia nonmetropolitan area ($204,620) and Northern West Virginia nonmetropolitan area.
How does Richmond's Family Medicine Physician salary compare to the national average?
The average annual salary for Family Medicine Physicians in Richmond, VA is $214,230, which is lower than the national average of $259,840.
What is the concentration of Family Medicine Physicians in Richmond, VA?
Richmond, VA has a Location Quotient of 1.09 for Family Medicine Physicians, indicating a slightly higher concentration of these professionals compared to the national average.
How does the cost of living in Richmond, VA affect physician salaries?
Richmond, VA has a Cost of Living Index of 100, which is the national average. This means the $214,230 salary offers purchasing power equivalent to the national standard, without the added financial strain of a higher cost of living.
What does the job market look like for Family Medicine Physicians in Richmond, VA?
With a workforce of 500 and a Location Quotient slightly above average, the job market in Richmond, VA, is stable and shows consistent demand for Family Medicine Physicians.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 500 employees in the Richmond, VA area with a job density of 0.764 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 Richmond, VA