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Average Psychiatrists Salary in Kentucky

Psychiatrists in Kentucky earn an average annual salary of $238,150. This figure is notably below the national average of $274,560, reflecting a complex interplay of regional demand, workforce concentration, and economic factors specific to the Bluegrass State. Understanding these dynamics is crucial for assessing career compensation in this vital medical field within Kentucky.

Executive Summary

  • Average Salary: $238,150 per year.
  • Growth Trend: Salaries have shifted 5.7% ↘ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $357,225.
  • Outlook: With a total local workforce of 200 Psychiatrists, Kentucky presents a relatively specialized job market. The Location Quotient of 0.62 indicates that the concentration of these professionals is lower than the national average, suggesting that while the absolute number is modest, the demand may be steady within its specific healthcare ecosystem.
2024 Market Data

Salary Overview

$238,150

The average Psychiatrists in Kentucky earns-13.3%below the national average.

BreakdownBased on 40h/week
Hourly

$114.5

Weekly

$4,580

Monthly

$19,846

Psychiatrists Salary Distribution in Kentucky

Salary progression for Psychiatrists in Kentucky, as elsewhere, is significantly influenced by experience. Entry-level positions will naturally command lower salaries, while seasoned professionals with extensive experience and specialized skills can expect to earn substantially more, potentially reaching higher percentiles of the salary range. The gap between entry-level and senior roles signifies clear career advancement opportunities.

Experience LevelMarket PercentileAnnual WageHourly Rate
Resident / New GradClinical rotation complete. Gaining floor experience.10% (Entry)$109,490$52.6
Staff ClinicianFull patient caseload. Proficient in core procedures.25% (Junior)$178,613$85.9
Charge / SeniorShift lead. Precepts new hires. Specialized certification.50% (Median)$229,630$110.4
SpecialistAdvanced degree/cert (e.g., ICU, OR). High acuity cases.75% (Senior)$297,688$143.1
Director / LeadDepartment head or Advanced Practice Provider.90% (Expert)$357,225$171.7

Detailed Psychiatrists Market Analysis

Relocation Context

Nominal Salary

$238,150

Gross Pay

Real Wage (Purchasing Power)

$265,200

Adjusted for COL (89.8)

The average annual salary of $238,150 in Kentucky is considerably bolstered by the state's Cost of Living Index of 89.8. This index, being below the national average of 100, means that the purchasing power of a Psychiatrist's salary in Kentucky is effectively higher than the nominal figure might suggest, offering a favorable economic environment for residents.

Job Market Context

200

Total Jobs

0.1

Per 1K Jobs

0.62

Location Quotient

Below Average

Kentucky has 0.62x 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.

Kentucky's Location Quotient of 0.62 for Psychiatrists indicates a lower concentration of these professionals compared to the national average. This suggests that the job market may be less saturated, potentially offering more opportunities for newly qualified or relocating Psychiatrists seeking to establish their practice within the state.

Nearby Job Markets

Nearby Cities for Psychiatrists

CitySalaryDist.
Lexington-Fayette, KY Psychiatrists Salary$249,800↑ 5%28 mi
Louisville/Jefferson County, KY-IN Psychiatrists Salary$231,420↓ 3%72 mi
Cincinnati, OH-KY-IN Psychiatrists Salary$300,610↑ 26%100 mi

Comparing salaries near Kentucky

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Frequently Asked Questions

How much does a Psychiatrists make in Kentucky?

The median annual salary for a Psychiatrists in Kentucky is $238,150. This typically ranges from $109,490 for entry-level positions to $357,225 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Kentucky is 13.3% lower than the national median of $274,560.

Is Kentucky a lucrative place for Psychiatrists?

Yes, with a caveat regarding the national average.While the average salary is below the national benchmark, Kentucky's lower cost of living significantly enhances the real value of the $238,150 average salary, making it financially advantageous.

Is Kentucky a good place to live for Psychiatrists?

With a Cost of Living Index of 89.8 (lower than the national average of 100), your salary goes further here.

Where are the highest paying cities near Kentucky?

Some top paying nearby cities include Lexington-Fayette, KY ($249,800) and Louisville/Jefferson County, KY-IN.

How does Kentucky's cost of living affect Psychiatrist salaries?

Kentucky's cost of living index of 89.8, which is below the national average, means that the $238,150 average salary for Psychiatrists offers greater purchasing power than it would in higher-cost states.

Is the job market for Psychiatrists competitive in Kentucky?

With a Location Quotient of 0.62, the market is less concentrated than the national average, suggesting potentially less intense competition and more available roles for qualified professionals.

What is the average number of Psychiatrists in Kentucky?

The total local workforce for Psychiatrists in Kentucky is approximately 200 individuals.

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

The average annual salary for Psychiatrists in Kentucky is $238,150, which is lower than the national average of $274,560.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 200 employees in the Kentucky area with a job density of 0.1 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 Kentucky