Mortgage on their primary residence is the most common form of debt or expense for young physicians, according to Medscape's "2023 Young Physician Compensation Report."
The report, which surveyed 10,011 participants across more than 29 specialties between October 2022 and January 2023, defined "young physicians" as those 40 and younger.
Here are the most common source of debt for these young physicians:
|
Debt or expense |
Percentage |
|
Mortgage on primary residence |
66 percent |
|
College or medical school loans |
50 percent |
|
Car loan |
37 percent |
|
Child care |
26 percent |
|
Credit card |
20 percent |
|
Spouse or significant other's college, medical school or graduate school loans |
18 percent |
|
Car lease |
13 percent |
|
Medical expenses for self or loved one |
12 percent |
|
Private school tuition for children |
12 percent |
|
Mortgage on second home |
8 percent |
|
Business loan |
4 percent |
|
College tuition for children |
2 percent |
|
Graduate school tuition for children |
1 percent |
|
Alimony |
Less than 1 percent |
|
Other |
2 percent |
|
None |
7 percent |