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Average Psychiatrists Salary in Indiana

Psychiatrists in Indiana earn an impressive average annual salary of $327,760, notably exceeding the national average of $274,560. This elevated compensation is often influenced by the specific demand dynamics and the unique healthcare landscape within the state, reflecting a localized premium for specialized medical expertise.

Executive Summary

  • Average Salary: $327,760 per year.
  • Growth Trend: Salaries have shifted 26.1% ↗ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $491,640.
  • Outlook: With a total local workforce of 390 Psychiatrists and a Location Quotient of 0.76, Indiana presents a market where demand for these professionals is present, though not as concentrated as the national average. This suggests a stable, albeit not rapidly expanding, job market for psychiatrists, indicating consistent opportunities for qualified individuals.
2024 Market Data

Salary Overview

$327,760

The average Psychiatrists in Indiana earns+19.4%above the national average.

BreakdownBased on 40h/week
Hourly

$157.6

Weekly

$6,303

Monthly

$27,313

Psychiatrists Salary Distribution in Indiana

Salary progression for Psychiatrists in Indiana typically scales significantly with experience. Entry-level positions may start at a lower percentile, but seasoned professionals with extensive experience and specialized skills can command salaries well into the upper percentiles, reflecting the value placed on expertise and years of practice.

Experience LevelMarket PercentileAnnual WageHourly Rate
Resident / New GradClinical rotation complete. Gaining floor experience.10% (Entry)$141,960$68.3
Staff ClinicianFull patient caseload. Proficient in core procedures.25% (Junior)$245,820$118.2
Charge / SeniorShift lead. Precepts new hires. Specialized certification.50% (Median)$327,766$157.6
SpecialistAdvanced degree/cert (e.g., ICU, OR). High acuity cases.75% (Senior)$409,700$197
Director / LeadDepartment head or Advanced Practice Provider.90% (Expert)$491,640$236.4

Detailed Psychiatrists Market Analysis

Relocation Context

Nominal Salary

$327,760

Gross Pay

Real Wage (Purchasing Power)

$364,178

Adjusted for COL (90)

The average annual salary of $327,760 in Indiana offers substantial purchasing power, especially when considered against the state's Cost of Living Index of 90. This means that the nominal income translates to a higher real income, allowing Psychiatrists to enjoy a comfortable lifestyle and greater financial flexibility compared to areas with a higher cost of living.

Job Market Context

390

Total Jobs

0.122

Per 1K Jobs

0.76

Location Quotient

Below Average

Indiana has 0.76x the national average concentration of Psychiatrists jobs. This means there are fewer opportunities per capita here compared to the U.S. average — competition for roles may be higher.

Indiana's Location Quotient of 0.76 indicates that the concentration of Psychiatrists is slightly below the national average. This suggests that while the profession is established in the state, there may be fewer practitioners relative to other medical specialties, potentially leading to competitive opportunities for those entering the field.

Nearby Job Markets

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Frequently Asked Questions

How much does a Psychiatrists make in Indiana?

The median annual salary for a Psychiatrists in Indiana is $327,760. This typically ranges from $141,960 for entry-level positions to $491,640 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Indiana is 19.4% higher than the national median of $274,560.

Is Indiana a lucrative place for Psychiatrists?

Yes, Indiana is a lucrative place for Psychiatrists.Psychiatrists in Indiana earn significantly more than the national average, and the lower cost of living further enhances their earning potential and quality of life.

Is Indiana a good place to live for Psychiatrists?

With a Cost of Living Index of 90 (lower than the national average of 100), your salary goes further here.

How does Indiana's Psychiatrist salary compare to the national average?

Psychiatrists in Indiana earn an average of $327,760 annually, which is approximately $53,200 more than the national average salary of $274,560.

What is the concentration of Psychiatrists in Indiana?

Indiana has a Location Quotient of 0.76 for Psychiatrists, indicating a slightly lower concentration of these professionals compared to the national average.

How does the cost of living in Indiana affect a Psychiatrist's salary?

With a Cost of Living Index of 90 (100 being the national average), Indiana's lower cost of living means that the high average salary of $327,760 provides excellent purchasing power and a high standard of living.

What is the total number of Psychiatrists in Indiana?

The total local workforce for Psychiatrists in Indiana is approximately 390 individuals.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 390 employees in the Indiana area with a job density of 0.122 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.

Semantic Salary Analysis for Psychiatrists • Data source: BLS OEWS 2024 •Jobs in Indiana