How Long Does It Take on an Average Physician Salary to Buy a Home in the US?
- Ahmed Mushir
- 6 days ago
- 6 min read
Welcome IMGs to yet another post by IMGROTATIONS.COM!
Here we will dive into an important topic that has been rarely covered. Securing a high-quality and safe living environment is the basic requirement for many physicians and their families all around the globe, but the amount of time it would take for a young physician to afford a house varies significantly from country to country, and even within the US itself!
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For international medical graduates (IMGs) pursuing a career in the United States, understanding the financial landscape is crucial. This article explores how long it typically takes a physician earning an average salary of $350,000 to purchase a home across various U.S. states, considering factors like home prices, loan options, and cost of living.
Average physician salaries and home affordability in the US
Physicians practicing in the United States are among the highest earners across all professions. Recent labor market analyses indicate that the average annual salary for physicians is approximately $371,732, though this figure varies based on specialty, geography, years in practice, and employment setting. Subspecialists such as orthopedic surgeons and cardiologists often command salaries exceeding $500,000 per year, while primary care physicians tend to earn between $230,000 and $280,000 annually.
This high-income potential offers a substantial foundation for financial stability and early homeownership. However, the feasibility and timeline for purchasing a home on a physician's salary differ significantly depending on the cost of living in each U.S. state. In low-cost areas such as West Virginia, Mississippi, or Arkansas, a physician earning the national average can afford a median-priced home outright within months of practice. By contrast, in high-cost coastal markets like California, Hawaii, and New York, it may take several years of saving or dual-income planning to reach the standard 20% down payment for a median-priced home.
Moreover, new physicians entering the workforce often carry substantial medical school debt, which may influence their mortgage eligibility, monthly budgeting, and timeline for homeownership. Despite this, the physician salary level generally allows for favorable mortgage terms, rapid debt repayment, and increased long-term equity in home investment.
Ultimately, while a $370,000 salary provides excellent purchasing power, the affordability and speed of homeownership are shaped by location-specific variables including property tax rates, home price appreciation, and access to physician home loan programs. For international medical graduates (IMGs) considering where to train and eventually settle, these economic factors are critical to long-term career and lifestyle planning.
Home prices by state
As of the first quarter of 2025, the median home price in the United States stands at $416,900, according to national housing market data. This figure, while useful as a general benchmark, conceals substantial variation across states. For physicians and international medical graduates (IMGs) planning their careers and long-term settlement in the U.S., understanding these regional differences in real estate affordability is critical for financial planning and practice location decisions.
States with the most affordable housing markets include West Virginia, where the median home costs approximately $155,773, and Mississippi, with a median price of $172,654. These regions not only offer lower entry points into homeownership but often come with reduced property taxes and a lower overall cost of living. For early-career physicians, especially those managing student loan repayment or saving for practice investments, these states provide a path to early real estate equity and long-term financial stability.
In contrast, housing markets in California and Hawaii present far greater financial hurdles. California’s median home price is approximately $785,900, while Hawaii follows closely at $720,200. These high costs often demand significantly larger down payments and monthly mortgage commitments, which can delay homeownership even for high-earning professionals. Urban centers like Los Angeles, San Francisco, and Honolulu are particularly competitive, with limited inventory and rapidly appreciating property values.
These disparities influence not just when physicians can afford to buy, but also what size and type of home they can purchase. In Mississippi, a physician earning the national average could reasonably afford a 4-bedroom single-family home within their first year of practice. In California, that same physician might be limited to a modest condominium after several years of saving, even with a comparable income.
For IMGs evaluating residency locations or post-training employment, factoring in state-specific housing affordability alongside salary potential, tax implications, and quality of life can inform a more sustainable and rewarding long-term career path.
Time to homeownership: State comparisons
One of the most practical ways to understand home affordability is by estimating how long it would take a physician to save for a down payment. Assuming a physician earning the national average salary of $350,000 to $370,000 annually allocates 20% of their income (approximately $70,000 per year) toward a home purchase, we can begin to assess how quickly homeownership can be achieved across various U.S. states.
In states with low housing costs, the time to purchase a median-priced home is notably short. For example, in West Virginia, where the median home price is $155,773, a physician could afford a 20% down payment in just 0.45 years, or approximately 5.4 months. Similarly, in Mississippi, a home priced at $172,654 would require only 0.49 years (about 5.9 months) of savings. These states offer the opportunity for physicians, especially international medical graduates (IMGs) beginning their U.S. careers, to achieve rapid homeownership and financial stability.
In moderate-cost markets such as Texas, where the median home price is $357,800, the timeline increases modestly. A down payment here would require around 1.02 years, or just over 12 months of disciplined saving. For many physicians, this is still a manageable target within the first year of independent practice.
By contrast, high-cost markets present significant barriers to entry. In California, with a median home price of $785,900, it would take a physician roughly 2.24 years, nearly 27 months, to save for a down payment. Similarly, in Hawaii, homeownership would take about 2.06 years, or 24.7 months. These extended timelines may force new physicians to rent for several years, even with a strong income, which can delay equity building and long-term wealth accumulation.
These comparisons underscore a key financial planning principle: where you choose to live and work as a physician directly affects your cost of living and time to asset ownership. For IMGs evaluating practice opportunities, these state-specific realities should be carefully weighed alongside salary offers, lifestyle preferences, and family goals.
To explore physician-friendly states with verified U.S. clinical experience (USCE) opportunities and affordable housing markets, visit www.imgrotations.com.
Advantages of practicing medicine in the U.S.
For international medical graduates (IMGs) and domestically trained physicians alike, the United States remains one of the most desirable countries to practice medicine. While the high earning potential often draws attention, there are numerous other advantages that make a career in U.S. healthcare rewarding, sustainable, and professionally enriching.
1. High Earning Potential
One of the most immediate and tangible benefits of practicing medicine in the U.S. is compensation. According to the latest surveys, the average salary for a U.S. physician is over $370,000 per year. Specialists, particularly in high-demand fields like orthopedic surgery, cardiology, dermatology, and radiology, routinely earn between $450,000 and $600,000 annually. Even primary care physicians, while earning less than their specialist counterparts, typically make well above the national median income. This level of compensation provides physicians with not only financial stability but also the ability to invest in real estate, retirement, education, and personal well-being.
2. Loan Forgiveness and Financial Support Programs
Despite the rising cost of medical education, there are structured pathways for managing and reducing debt. Programs like Public Service Loan Forgiveness (PSLF) enable physicians working in qualifying nonprofit or government settings to have their federal student loans forgiven after 120 qualifying monthly payments. Additionally, various state-based loan repayment initiatives exist, especially for those who practice in rural or underserved communities. These programs incentivize physicians to serve where the need is greatest while alleviating the long-term burden of educational debt.
3. Diverse Practice Settings and Flexibility
Physicians in the U.S. enjoy exceptional flexibility when it comes to choosing their work environment. Whether you prefer the pace and complexity of an academic medical center, the intimacy of a community hospital, or the independence of private practice, the system accommodates a wide range of preferences. IMGs often thrive in teaching hospitals, community health centers, or even telemedicine platforms. Furthermore, the growing demand for physicians across both urban and rural settings creates opportunities for tailored work-life balance, professional growth, and lifestyle alignment.
4. Access to Advanced Medical Technology
Practicing medicine in the U.S. offers exposure to some of the most advanced healthcare technologies and medical research in the world. Physicians have access to state-of-the-art diagnostic tools, minimally invasive surgical equipment, real-time telehealth capabilities, and cutting-edge therapies. For those interested in innovation or academic medicine, opportunities abound for participation in clinical trials, translational research, and interdisciplinary collaboration. These advancements not only enhance patient outcomes but also support continued learning and professional excellence.
Whether your goal is financial independence, a fulfilling career in a specialty of choice, or contributing to medical innovation, the U.S. offers an unparalleled environment for physicians to thrive. At IMG Rotations, we help international graduates take the first step toward these long-term goals through verified U.S. clinical experience (USCE), mentorship, and comprehensive residency application support.
Explore more at www.imgrotations.com or reach out to us at info@imgrotations.com for personalized advising.
Wow! You made it. This is the end of another informative post by imgrotations.com. We look forward to being part of your match journey.
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