How well are psychiatrists paid in the best states for physicians?

Montana was named the best state for physicians to practice in 2023, according to financial website WalletHub's annual list. 

WalletHub compares the states and Washington, D.C., across two dimensions: opportunity and competition, and medical environment. The website evaluates those dimensions using 19 metrics, including the insured population rate, projected competition and hospitals per capita.

 At the same time, the average salary for a psychiatrist in the U.S. is $249,760, whereas psychiatrists in Montana make an average of $287,310.

 Here is a list of the average annual salary of psychiatrists in the top 10 states for physicians to practice, using income data from the Bureau of Labor Statistics:

1. Montana — $287,310
2. South Dakota — $198,750
3. Idaho — $260,443*
4. Wisconsin — $263,370
5. Minnesota — $290,570
6. Louisiana — $193,710
7. Utah — $163,910
8. Nebraska — $236,050
9. Iowa — $248,080
10. Indiana — $319,550

 *Income data for Idaho via Zip Recruiter.