More government support for mental health services and a higher demand for psychiatric treatment are expected to drive the psychiatrist market value to more than $320 billion by 2026.
The average starting salary for psychiatrists in 2022 was $299,000, a 7 percent increase from 2021’s average of $279,000. Here is the average salary for psychiatrists in the nine states with the highest rates of mental illness among their respective populations, and including Washington, D.C., using the most recent data available from the Bureau of Labor Statistics.
|
State |
Rate of mental illness |
Average psychiatrist salary |
|
26.9 percent |
$163,910 |
|
24.6 percent |
$312,560 |
|
23.8 percent |
$312,160 |
|
23.6 percent |
$248,470 |
|
23.4 percent |
$295,400 |
|
23.2 percent |
$267,780 |
|
22.8 percent |
$149,570 |
|
22.7 percent |
$324,840 |
|
22.6 percent |
⋝$208,000 per year |
|
22.5 percent |
$260,870 |
|
National (2022) |
19.9 percent |
$299,000 |