Home » How Much Do Medical Residents Make? A Breakdown for Future MDs

How Much Do Medical Residents Make? A Breakdown for Future MDs

The Big Question

“Do you get paid during residency?”—it’s one of the most Googled questions for a reason. After four grueling years of med school, and likely hundreds of thousands in student loans, the idea of working and not getting paid? That’s enough to keep any future doctor up at night. Parents feel it too—cheering from the sidelines while wondering when all those tuition checks will finally turn into a paycheck.

Here’s the short answer: yes, residents do get paid. But—just like most things in medicine—it’s a little more complicated than that. A resident’s paycheck isn’t the kind of salary that’s going to wipe out debt overnight or fund a dream vacation to Bora Bora. Still, it’s real money, and it marks a huge step: you’re finally earning for the hard work you’ve been putting in. Let’s pull back the curtain on what that paycheck actually looks like and what it means for your financial future.

What Is Medical Residency, Really?

Meet Jamal, a fourth-year med student who’s just matched into his dream pediatrics residency. After years of late-night study sessions, white coat ceremonies, and board exams, he’s stepping into a new chapter—but don’t be fooled, this isn’t just a job. It’s residency: the intensive, hands-on training that turns medical school graduates into fully licensed, independent physicians.

Medical residency is where theory meets practice. For Jamal, it means long hours at the hospital, managing patients under supervision, writing orders, presenting cases, and learning to make real-time decisions that matter. It’s not just about acquiring knowledge—it’s about developing clinical judgment, confidence, and stamina. Residents carry real responsibility while still being closely guided by attending physicians.

The length of residency varies widely. Pediatrics, where Jamal is headed, typically runs three years. Internal medicine is the same. But if you’re eyeing surgery, dermatology, or neurosurgery, you could be in training for five, six, even seven years. Each specialty has its own timeline and demands.

What makes residency so crucial isn’t just the skills—it’s the transformation. You’re no longer a student; you’re a doctor-in-training, learning how to lead care teams, comfort families, and navigate the messy, miraculous world of real medicine. For Jamal, that means stepping into the shoes of the pediatricians who once inspired him—and starting to become one himself. Residency may be exhausting, but it’s where doctors are made.

Do Medical Residents Get Paid?

Yes, medical residents do get paid. It might not feel like a windfall after years of tuition bills and ramen dinners, but residency is a real job—with real pay.

Think of it this way: residents like Jamal aren’t just shadowing doctors or “continuing their education.” They are doctors, licensed to practice under supervision, and responsible for the care of real patients. They write orders, perform procedures, manage emergencies, and make critical decisions—often on very little sleep. The workload? It’s full-time and then some. It’s not unusual for residents to work 60 to 80 hours a week, including overnight shifts and weekends.

Because of that responsibility, residency is technically a salaried position. The funding comes from a few main sources—most notably Medicare, which contributes billions each year to teaching hospitals that train new physicians. Hospitals also chip in through their own operating budgets. The money helps cover resident salaries, benefits, and the infrastructure needed to support training programs.

Now, let’s be clear: while residents earn a salary, it’s not comparable to what fully licensed physicians make. Nationally, the average resident salary hovers around $60,000 a year—more in high-cost cities, slightly less in others. It’s enough to cover rent, groceries, and loan payments if you budget wisely, but it won’t exactly have you popping champagne every weekend.

Still, for many med school grads, that first paycheck is a huge milestone. After years of financial strain, it’s the moment you finally start getting paid to do what you love. And for residents like Jamal, it’s not just about the money—it’s about stepping into a role they’ve worked their whole lives to earn.

How Much Do You Actually Make in Residency?

So, how much do you actually make during residency? Let’s break it down—because while that white coat comes with a paycheck, it’s not exactly designer-label money (yet).

Most residents earn between $58,000 and $75,000 per year, depending on where they train, what year they’re in, and their specialty. It’s a salaried position, but several factors shape your exact number.

Factors That Affect Resident Salaries

• Geographic Location: Big cities like New York, San Francisco, and Boston often pay more to offset high living costs—but expenses can still outpace income. Rural programs may offer lower salaries but cheaper living.
• Residency Year: First-year residents (PGY1s) typically start near the lower end of the scale. Each year, your pay bumps up a little. By PGY3 or PGY4, you might be earning several thousand more annually.
• Specialty: Surgical and more competitive specialties sometimes offer slightly higher salaries, though not dramatically more. This often reflects longer hours and more demanding workloads.

Average Annual Salaries by Specialty (Approximate)

What’s Left After Taxes?

Let’s take Jamal, our pediatrics resident, earning $60,000 as a PGY1 in a mid-sized city. After federal taxes, state taxes, and deductions for benefits (like health insurance and retirement contributions), his monthly take-home pay might be around $3,800.

Here’s a rough look at where that might go:

• Rent & Utilities: $1,400
• Loan Payments: $500
• Groceries & Meals: $400
• Transportation: $200
• Health Insurance Premiums: $250
• Miscellaneous (phone, clothes, self-care): $300

That leaves Jamal with about $750–$800/month for savings, emergencies, or a rare night out. It’s tight, but manageable with good budgeting—and the light at the end of the tunnel is a six-figure attending salary. Just a few more years to go.

Is Residency Pay Enough to Live On? 

Is residency pay enough to live on? In short—yes, but you’ll need to get smart with your money. You won’t be rolling in cash, but most residents figure out how to make it work.

Take Lena, for example. She matched into an OB/GYN program in San Diego—beautiful city, sky-high rent. Her solution? She split a two-bedroom apartment with another resident from her program and lived walking distance from the hospital to avoid car expenses. Between a shared grocery plan and a strict “no Uber Eats” policy, she made her budget stretch without sacrificing her sanity.

That’s the reality for many residents: it’s doable, but it takes intentionality. Budgeting becomes a survival skill, especially in cities with inflated housing costs. Residents learn to prioritize needs over wants, meal prep like pros, and jump on every hospital-provided perk—free meals during shifts, discounted transit passes, even scrubs you don’t have to buy.

Loan payments can be another stressor—but many residents choose to defer federal student loans or opt for income-driven repayment plans during training. That keeps monthly payments low, sometimes under $100, while still staying in good standing.

Another resident, Priya, chose a rural family medicine program where rent was half what her med school classmates were paying in urban centers. She drove an old but reliable car, did her own cooking, and took advantage of employer-sponsored loan repayment benefits. Not glamorous—but effective.

Bottom line? Residency pay isn’t luxurious, but it’s enough to live on. With some planning and a supportive community (hello, co-residents and shared Costco runs), you can absolutely stay afloat while building toward your dream career.

FAQs and Misconceptions About Residency Pay

Let’s clear up some common myths and questions around residency pay—because there’s a lot of confusion out there.

Do you pay for residency?
Nope. You’re not paying to be there—you’re getting paid to work. Residency is a full-time, salaried job. You’ll still be training, yes, but hospitals are compensating you for your labor and responsibility.

Are med students paid?
Not during med school. As a medical student, you’re still in the learning phase—attending lectures, rotating through clinicals, and racking up those tuition bills. The paycheck doesn’t start until you officially graduate and begin residency.

Is the salary worth the hours?
It’s complicated. Residents work a lot—often 60 to 80 hours a week. The pay, averaging $60K, breaks down to a pretty modest hourly rate. But here’s the thing: this is an investment in your future. The hours are long, but the experience is invaluable. Residency is the final training ground before you step into a six-figure attending role.

So no, you’re not getting rich during residency—but you are getting paid to grow into the physician you’ve always dreamed of becoming. For many, that’s more than worth it.

Final Thoughts: Managing Expectations and Staying Motivated

Residency isn’t the financial finish line—it’s more like mile 20 in the marathon to becoming a doctor. You’re not coasting yet, but you’ve come too far to stop now. While the paycheck during residency won’t make you rich, it does mark a huge shift: you’re finally being paid to do what you’ve trained for. And just ahead? Those six-figure attending salaries that make all the years of sacrifice start to feel worth it.

Stay focused. Be strategic. Budget smart. Keep your eyes on the long game. Whether you’re already deep into med school or just starting to explore the path, know this: you can get through this stage—and thrive. And you don’t have to figure it all out alone.

At Admit Advantage, we help students navigate every phase of this journey, from med school applications to residency interviews and everything in between. Our team of expert advisors knows what it takes to stand out, stay resilient, and succeed.

So if you’re feeling overwhelmed or unsure about your next step, we’re here for you. Book a free consultation with us today—and let’s get you on the road to not just surviving this process, but owning it.