Psychiatrist Salary 2026: Annual Pay, Hourly Rates & Career Outlook

A psychiatrist in the United States earns an average of $331,000 a year, according to the Medscape 2026 compensation report, while federal labor data places the median closer to $282,000. The gap between these figures comes down to what each source actually measures, so this guide breaks down the leading data sources, state-by-state pay, practice settings, and the career outlook for psychiatrists in 2026.

Psychiatrist Salary: Quick Answer

• Average annual pay: $331,000 (Medscape 2026 compensation report, reflecting 2025 earnings)
• Median annual pay: $281,870 (BLS Occupational Employment and Wage Statistics, May 2025 release)
• Typical range: The middle half of psychiatrists earn between $154,150 and $362,740 (BLS); recruiter surveys place typical attending pay between $290,000 and $360,000
• Hourly rate: Roughly $135 to $170 per hour, depending on setting and state
• Approximate monthly equivalent: About $27,600 per month on a $331,000 annual figure (before taxes and deductions, not guaranteed take-home pay)
• Starting pay after residency: Most new attendings land in the $290,000-plus range; residents earn a $60,000 to $75,000 stipend during training
• Top earners: Above $400,000, with the top 10 percent clearing $446,520 (BLS)

Salary varies by employer, experience, location, and compensation structure. No single figure applies to every psychiatrist.

Psychiatrist Salary Snapshot 2026

Source (data year)	Measure	Annual Pay
Medscape 2026 report (2025 earnings)	Average total compensation	$331,000
BLS OEWS (May 2025)	Median annual wage	$281,870
BLS OEWS (May 2025)	Mean annual wage	$269,940
Marit Health (2026, 616 salary reports)	Average total compensation	$349,000
SalaryDr (2026, 102 salary reports)	Median total compensation	$350,900
Glassdoor (2025)	Average reported pay	$353,000
Indeed (2025)	Average reported pay	$277,506
ZipRecruiter (2025)	Average reported pay	$259,497
Payscale (2024)	Average reported pay	$252,604

Sources: Medscape Physician Compensation Report 2026; BLS Occupational Employment and Wage Statistics; Marit Health; SalaryDr; Glassdoor; Indeed; ZipRecruiter; Payscale. Self-reported platforms reflect user-submitted data, while BLS and Medscape use structured surveys.

Psychiatrist Average and Median Pay

The headline psychiatrist salary changes depending on who is doing the counting. Medscape’s 2026 compensation report, based on a survey of more than 5,900 U.S. physicians, found that average total compensation for psychiatrists fell about 3 percent to $331,000 for 2025, down from $341,000 the year before. The same survey showed compensation of $323,000 for 2023, so the longer trend looks more like a bumpy plateau than a steady decline. Notably, 65 percent of psychiatrists said they feel fairly compensated, one of the highest satisfaction rates of any specialty.

The Bureau of Labor Statistics tells a different but compatible story. Its May 2025 wage survey reports a psychiatrist median of $281,870 and a mean of $269,940. Medscape figures run higher because they capture total compensation, including incentive bonuses, while BLS measures base wages from employers. SalaryDr’s 2026 data makes the point plainly: 79 percent of psychiatrists in its sample received bonus or incentive pay, with a median bonus of $60,000. Add a bonus like that to a base wage and you land close to the Medscape average.

Private-pay snapshots such as Marit Health ($349,000 average across 616 reports) and SalaryDr ($350,900 median across 102 reports) line up near the Medscape figure, while broad aggregators like ZipRecruiter and Payscale skew lower, in part because they blend part-time roles, trainees, and mixed job titles. For anyone negotiating an attending-level job, the $290,000 to $360,000 band is the practical range to anchor on.

Psychiatrist Hourly Rates

Psychiatrist pay converts to strong hourly rates, and they vary widely by market. The BLS May 2025 release puts the national median at $135.51 per hour. Becker’s analysis of BLS data found Louisiana the top-paying state on an unadjusted hourly basis at $165.88 per hour, rising to $179.72 after adjusting for cost of living.

Hourly figures become especially relevant for locum tenens work, where psychiatrists take temporary contracts, often in hard-to-fill markets. Listings-based data on SalaryDr showed advertised pay around $176 per hour on some postings, though that is unverified listing pay rather than surveyed compensation. Locum psychiatrists generally command premium hourly rates because facilities pay for flexibility and coverage, but those assignments come without the benefits, retirement contributions, and stability of a permanent role.

For full-time employed psychiatrists, hourly math matters less than the total package. Medscape reports psychiatrists work an average of 45 hours per week, below the 49-hour average across physicians overall, which makes the effective hourly rate more favorable than in many procedure-heavy specialties.

Psychiatrist Salary by State

Where a psychiatrist practices has a real, though not dramatic, effect on pay. Marit Health’s 2026 data shows the highest average total compensation in the West and Pacific Islands region at $375,000, with the Southwest region lowest at $331,500. That regional spread is narrower than in most specialties, partly because the national psychiatrist shortage keeps demand high almost everywhere.

State	Average Reported Pay	Reports
North Carolina	$393,500	17
California	$386,500	73
New Jersey	$379,000	17
Wisconsin	$366,000	15
Tennessee	$362,000	10
Massachusetts	$361,500	18
Washington	$359,000	16
Ohio	$357,500	26

Source: Marit Health, 2026 (physician-reported data). State medians built from small samples can shift as new reports arrive.

Other sources tell a complementary story. BLS wage data identifies New Mexico, Connecticut, Maine, North Dakota, Wisconsin, and Arizona as states where psychiatrist mean wages run well above $300,000. SalaryDr’s smaller sample showed Montana, Iowa, and Florida leading, again on just a few reports each. The pattern is consistent: many of the highest-paying markets are rural or shortage areas that pay premiums to recruit, so high pay often tracks shortage rather than cost of living. Psychiatrists in small metros averaged $357,500 and those in rural areas $354,500, compared with $351,000 in large metros, per Marit Health. Since psychiatry is the most telehealth-friendly specialty in medicine, holding licenses in several states can also unlock higher-paying contracts without relocating.

Psychiatrist Salary by Practice Setting

How a psychiatrist is employed changes both the number on the paycheck and what it takes to earn it. Private practice pays the most on paper, but employed roles bundle benefits, malpractice coverage, and predictable schedules.

Practice Setting	Reported Annual Pay	Source / Context
Private practice / outpatient	$385,000 average total compensation	SalaryDr 2026, 20 reports
Hospital / employed	$379,205 average total compensation	SalaryDr 2026, 34 reports
Private practice / outpatient	$179,000 to $350,000 range	Glassdoor 2025
Hospital / inpatient	$170,000 to $312,000 range	Glassdoor 2025
Academic / teaching	$126,000 to $225,000 range	Glassdoor 2025
Psychiatric and substance abuse hospitals	$253,000 mean annual wage	BLS OEWS, industry profile
Outpatient care centers	$276,570 mean annual wage	BLS OEWS, industry profile
Offices of physicians	$273,440 mean annual wage	BLS OEWS, industry profile

Private practice usually means more control over schedule and patient mix, and self-employed psychiatrists keep the revenue after overhead, but they also absorb billing, staffing, and insurance costs. Hospital roles may add inpatient care and on-call work, with higher base pay offset by heavier schedules. Academic psychiatry pays the least in cash but often brings research time, teaching, loan-forgiveness eligibility, and strong benefits. Among hospital settings, BLS industry data shows outpatient care centers and physician offices paying higher mean wages than psychiatric hospitals, reflecting the shift of psychiatric care toward outpatient and office-based treatment.

Psychiatrist Subspecialty Pay Differences

Psychiatrists who complete fellowship training in a subspecialty see only modest pay differences, unlike the large spreads in procedural fields. Marit Health’s 2026 data reports:

Subspecialty	Average Reported Pay	Reports
General psychiatrist	$349,000	616
Child and adolescent psychiatrist	$337,500	178
Addiction medicine psychiatrist	$331,500	40
Geriatric psychiatrist	$326,000	18

Source: Marit Health, 2026.

The real payoff of a subspecialty is demand, not a big pay bump. Child and adolescent psychiatry faces one of the steepest shortages in the field, and geriatric psychiatry demand is rising as the population ages. Addiction psychiatry tracks closely with policy funding and integrated-care trends. Forensic and consultation-liaison psychiatry roles also exist, though large-sample pay data for those niches is thin. If you are comparing clinical career options, our phlebotomist salary guide shows what another widely available clinical path pays, though psychiatry sits far higher on the earnings ladder.

Education and Residency Path to Becoming a Psychiatrist

Becoming a psychiatrist takes roughly 12 years after high school: a bachelor’s degree, medical school (MD or DO), and a four-year psychiatry residency. Along the way you must pass the medical licensing exams, obtain a state medical license, and most psychiatrists pursue board certification through the American Board of Psychiatry and Neurology.

During the four residency years, pay is modest. Psychiatry residents typically earn $60,000 to $75,000 a year, regardless of the attending salary waiting at the end. Meanwhile, average medical school debt runs about $212,000, and interest accrues during training. Pay roughly quadruples once residency ends and the first attending contract begins, which is why starting salaries matter less than the long-term earnings curve. Optional one- to two-year fellowships follow residency for subspecialties such as child, addiction, or geriatric psychiatry.

Psychiatrist Job Outlook and Demand

The job outlook for psychiatrists is one of the strongest in medicine. The BLS projects employment of psychiatrists to grow about 8 percent from 2023 to 2033, well above the average for physicians overall and far above the average for all occupations. The BLS also projects around 32,000 physician openings each year through 2033 across specialties.

The deeper story is a documented shortage. About 154.6 million Americans live in designated Mental Health Professional Shortage Areas, with roughly a quarter of the need met, according to HRSA. The agency projects a shortage of about 36,780 adult psychiatrists by 2038, with supply covering only about half of demand. One peer-reviewed study projects workforce adequacy falling from 70.2 percent in 2024 to 42.8 percent by 2037, with rural areas and the Midwest and South hit hardest. A large share of practicing psychiatrists are at or near retirement age, which will deepen the gap.

For job seekers, this shortage translates into leverage: faster hiring, signing bonuses, loan repayment assistance, and strong bargaining power on schedule and salary. Telepsychiatry, which expanded rapidly in recent years, adds another demand channel and lets psychiatrists practice across state lines with the right licenses.

Factors That Affect Psychiatrist Salary

• Practice setting: Private practice and outpatient settings average the highest total compensation, while academic roles trade cash for benefits and research time.
• Geography: Shortage and rural markets pay premiums; state averages span roughly $330,000 to $395,000 in physician-reported data.
• Employment model: Self-employed psychiatrists keep more revenue but pay their own overhead, malpractice, and benefits.
• Hours and call: Inpatient work and on-call coverage generally pay more than a straight outpatient schedule, in exchange for nights, weekends, and higher acuity.
• Subspecialty: Differences are modest, but high-demand niches such as child and adolescent psychiatry offer strong negotiating power.
• Experience: SalaryDr data shows pay holding steady across experience bands, with mid-career psychiatrists reporting the highest averages around $380,000.
• Bonuses and incentives: With 79 percent of psychiatrists receiving incentive pay and a median bonus of $60,000, incentives are a meaningful part of total compensation.
• Telehealth footprint: Multi-state licensing opens access to higher-paying contracts without relocating, especially in shortage areas.

Frequently Asked Questions

What is the average psychiatrist salary in the US in 2026?

It depends on the source. Medscape’s 2026 compensation report puts average total compensation at $331,000 (2025 earnings), while the BLS May 2025 wage survey reports a median of $281,870. Recruiter-reported datasets like Marit Health and SalaryDr cluster around $349,000 to $351,000. A realistic range for an attending psychiatrist is roughly $290,000 to $360,000.

How much do psychiatrists make per hour?

The BLS May 2025 median is $135.51 per hour. Adjusted for cost of living, the top state figure reaches about $180 per hour. Locum tenens postings sometimes advertise higher hourly rates, but those are listing-based figures without benefits.

What is the starting salary for a psychiatrist after residency?

Most new attending psychiatrists start in the $290,000-plus range, with many landing near $300,000 to $340,000 depending on setting and location. Academic starting salaries run lower, around the $200,000s, while private practice and shortage-area roles start higher.

How much does a psychiatrist make during residency?

Psychiatry residents typically earn a stipend of $60,000 to $75,000 per year during their four-year residency. This is training pay, not the attending salary, and it is earned while carrying average medical school debt of about $212,000.

Which state pays psychiatrists the most?

Physician-reported data from Marit Health ranks North Carolina, California, and New Jersey at the top, near $380,000 to $393,500. On an hourly basis adjusted for cost of living, Louisiana leads. Rural and shortage states frequently pay premiums to recruit, so the top-paying state for any given psychiatrist depends on setting and demand.

Do psychiatrists in private practice earn more than hospital psychiatrists?

Slightly, on average. SalaryDr’s 2026 data shows private practice psychiatrists averaging $385,000 in total compensation versus $379,205 for hospital-employed psychiatrists, a narrow gap that widens after accounting for overhead in private practice and benefits in employed roles.

What is the job outlook for psychiatrists?

Very strong. The BLS projects about 8 percent employment growth from 2023 to 2033, and HRSA projects a shortage of roughly 36,780 adult psychiatrists by 2038. Demand is driven by rising mental health needs, retirements, and severe shortages in rural and underserved areas.

Conclusion

Psychiatrist pay in 2026 lands in a well-documented band: around $331,000 in average total compensation per Medscape, a $281,870 median per the BLS, and recruiter-reported figures clustering near $350,000. Setting, geography, and incentive pay move the number more than subspecialty does, and the nationwide shortage gives psychiatrists real leverage on compensation. Before signing, compare the specific offer against the range for your setting and market, check the bonus structure, and confirm the data year behind any figure a recruiter cites. Readers weighing clinical careers more broadly can also check our phlebotomist salary guide for comparison.