SalaryNode

Average Psychiatrists Salary in Minnesota

Psychiatrists in Minnesota earn a compelling average annual salary of $312,500, significantly surpassing the national average of $274,560. This elevated compensation reflects the specialized nature of psychiatric care and potentially higher demand or specific market dynamics within the state, contributing to attractive remuneration for these essential professionals.

Executive Summary

  • Average Salary: $312,500 per year.
  • Growth Trend: Salaries have shifted 12.3% ↗ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $468,750.
  • Outlook: With a local workforce of 610 Psychiatrists and a Location Quotient of 1.29, Minnesota demonstrates a concentration of these professionals that is 29% higher than the national average. This indicates a robust demand and a well-established presence for psychiatric services within the state, suggesting a stable and potentially growing job market for qualified individuals.
2024 Market Data

Salary Overview

$312,500

The average Psychiatrists in Minnesota earns+13.8%above the national average.

BreakdownBased on 40h/week
Hourly

$150.2

Weekly

$6,010

Monthly

$26,042

Psychiatrists Salary Distribution in Minnesota

Salary progression for Psychiatrists in Minnesota typically scales significantly with experience. Entry-level positions will command lower salaries, while seasoned professionals with extensive experience and specialized skills can expect to earn considerably more, potentially reaching into higher percentiles of the $312,500 average. The gap between entry-level and senior roles signifies substantial career growth opportunities and earning potential.

Experience LevelMarket PercentileAnnual WageHourly Rate
Resident / New GradClinical rotation complete. Gaining floor experience.10% (Entry)$87,370$42
Staff ClinicianFull patient caseload. Proficient in core procedures.25% (Junior)$234,375$112.7
Charge / SeniorShift lead. Precepts new hires. Specialized certification.50% (Median)$312,499$150.2
SpecialistAdvanced degree/cert (e.g., ICU, OR). High acuity cases.75% (Senior)$390,625$187.8
Director / LeadDepartment head or Advanced Practice Provider.90% (Expert)$468,750$225.4

Detailed Psychiatrists Market Analysis

Relocation Context

Nominal Salary

$312,500

Gross Pay

Real Wage (Purchasing Power)

$331,038

Adjusted for COL (94.4)

The average annual salary of $312,500 in Minnesota offers considerable purchasing power, especially when contrasted with the state's Cost of Living Index of 94.4, which is below the national average of 100. This means that the nominal salary translates into a higher real income, allowing Psychiatrists to enjoy a better standard of living compared to many other regions in the country.

Job Market Context

610

Total Jobs

0.208

Per 1K Jobs

1.29

Location Quotient

Above Average

With a location quotient of 1.29, Minnesota has a slightly higher-than-average concentration of Psychiatrists roles compared to the national norm.

A Location Quotient of 1.29 signifies that Psychiatrists are more concentrated in Minnesota than the national average. This suggests a competitive market where demand is strong enough to support a higher density of professionals, potentially leading to more specialized roles and opportunities for those seeking to establish or advance their careers in the state.

Nearby Job Markets

Hiring Psychiatristss?

Frequently Asked Questions

How much does a Psychiatrists make in Minnesota?

The median annual salary for a Psychiatrists in Minnesota is $312,500. This typically ranges from $87,370 for entry-level positions to $468,750 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Minnesota is 13.8% higher than the national median of $274,560.

Is Minnesota a lucrative place for Psychiatrists?

Yes, Minnesota is a lucrative state for Psychiatrists.Psychiatrists in Minnesota earn an average of $312,500 annually, significantly above the national average, and benefit from a cost of living that is lower than the national average.

Is Minnesota a good place to live for Psychiatrists?

With a Cost of Living Index of 94.4 (lower than the national average of 100), your salary goes further here.

How does the Minnesota Psychiatrist salary compare to the national average?

The average annual salary for Psychiatrists in Minnesota is $312,500, which is notably higher than the national average of $274,560.

What is the concentration of Psychiatrists in Minnesota?

Minnesota has a Location Quotient of 1.29 for Psychiatrists, indicating a concentration that is 29% higher than the national average.

How does the cost of living in Minnesota affect Psychiatrist salaries?

With a Cost of Living Index of 94.4, Minnesota's lower cost of living enhances the purchasing power of the $312,500 average salary, making it more financially advantageous than in higher-cost areas.

What does the total local workforce number imply for job availability?

The total local workforce of 610 Psychiatrists suggests a substantial, established professional community, indicating consistent demand and opportunities within the state.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 610 employees in the Minnesota area with a job density of 0.208 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 Minnesota