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Average Psychiatrists Salary in New Jersey

Psychiatrists in New Jersey earn an average annual salary of $248,800, which is notably below the national average of $274,560. This differential is often influenced by a complex interplay of factors specific to the Garden State, including demand for specialized mental health services, the cost of operating a practice, and the overall economic landscape.

Executive Summary

  • Average Salary: $248,800 per year.
  • Growth Trend: Salaries have shifted 5.6% ↗ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $373,200.
  • Outlook: With a local workforce of 890 Psychiatrists and a Location Quotient of 1.31, New Jersey demonstrates a concentration of these professionals exceeding the national average. This indicates a robust demand and a significant presence of these specialized roles within the state's healthcare sector, suggesting a stable job market for qualified individuals.
2024 Market Data

Salary Overview

$248,800

The average Psychiatrists in New Jersey earns-9.4%below the national average.

BreakdownBased on 40h/week
Hourly

$119.6

Weekly

$4,785

Monthly

$20,733

Psychiatrists Salary Distribution in New Jersey

The career trajectory for Psychiatrists in New Jersey offers substantial earning potential, with entry-level positions typically commanding lower salaries and senior roles with extensive experience reaching significantly higher compensation. The percentile gaps in salary, from the lower end to the top earners, clearly signify the progression and reward associated with accumulating expertise and specialization in the field.

Experience LevelMarket PercentileAnnual WageHourly Rate
Resident / New GradClinical rotation complete. Gaining floor experience.10% (Entry)$78,450$37.7
Staff ClinicianFull patient caseload. Proficient in core procedures.25% (Junior)$186,600$89.7
Charge / SeniorShift lead. Precepts new hires. Specialized certification.50% (Median)$248,789$119.6
SpecialistAdvanced degree/cert (e.g., ICU, OR). High acuity cases.75% (Senior)$311,000$149.5
Director / LeadDepartment head or Advanced Practice Provider.90% (Expert)$373,200$179.4

Detailed Psychiatrists Market Analysis

Relocation Context

Nominal Salary

$248,800

Gross Pay

Real Wage (Purchasing Power)

$221,352

Adjusted for COL (112.4)

While the nominal average salary for Psychiatrists in New Jersey stands at $248,800, the state's Cost of Living Index of 112.4 suggests that expenses are approximately 12.4% higher than the national average. This means that the purchasing power of the New Jersey salary is somewhat diminished when compared to areas with a lower cost of living, requiring careful financial planning.

Job Market Context

890

Total Jobs

0.21

Per 1K Jobs

1.31

Location Quotient

Above Average

With a location quotient of 1.31, New Jersey has a slightly higher-than-average concentration of Psychiatrists roles compared to the national norm.

New Jersey's Location Quotient of 1.31 signifies that Psychiatrists are more concentrated in this state than the national average. This suggests a competitive yet abundant job market, where employers may have a good pool of talent to draw from, but also indicates a strong demand that supports this higher concentration of professionals.

Nearby Job Markets

Nearby Cities for Psychiatrists

CitySalaryDist.
Trenton-Princeton, NJ Psychiatrists Salary$267,080↑ 7%14 mi
New York-Newark-Jersey City, NY-NJ Psychiatrists Salary$234,820↓ 6%39 mi
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Psychiatrists Salary$253,460↑ 2%42 mi

Comparing salaries near New Jersey

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Frequently Asked Questions

How much does a Psychiatrists make in New Jersey?

The median annual salary for a Psychiatrists in New Jersey is $248,800. This typically ranges from $78,450 for entry-level positions to $373,200 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in New Jersey is 9.4% lower than the national median of $274,560.

Is New Jersey a lucrative place for Psychiatrists?

Yes, with caveats.New Jersey offers a substantial average salary of $248,800 for Psychiatrists, exceeding many other states. However, the higher cost of living means that the real value of this salary should be carefully considered against personal expenses.

Is New Jersey a good place to live for Psychiatrists?

The Cost of Living Index in New Jersey is 112.4. While higher than average, this often correlates with higher wages.

Where are the highest paying cities near New Jersey?

Some top paying nearby cities include Trenton-Princeton, NJ ($267,080) and New York-Newark-Jersey City, NY-NJ.

How does the New Jersey Psychiatrist salary compare to the national average?

The average annual salary for Psychiatrists in New Jersey is $248,800, which is lower than the national average of $274,560.

What is the concentration of Psychiatrists in New Jersey?

New Jersey has a Location Quotient of 1.31 for Psychiatrists, indicating a higher concentration of these professionals compared to the national average.

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

With a Cost of Living Index of 112.4, New Jersey is more expensive than the national average, meaning the $248,800 salary may have less purchasing power than in lower-cost areas.

What is the total number of Psychiatrists in New Jersey?

There are approximately 890 Psychiatrists employed within New Jersey.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 890 employees in the New Jersey area with a job density of 0.21 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 New Jersey