Physical Therapists Salary
Also, on average, D.P.T.s earn an extra $18,000. This is in annual income. Let’s assume you’re able to sustain this income. That is as a physical therapist (for your entire 30-year career). It will amount to $540,000 in added wages. As such, that’s a pretty great return on an extra $71,500 in student debt. But there are still more factors to consider.
Factors Affecting Physical Therapists Salary
When calculating physical therapists salary, note this. Always remember those earnings are going to be taxed. That leaves us with an actual difference in salary.
So we’re talking about you having an extra in income to pay off the extra in student debt. However, doesn’t seem like a bad deal on the surface.
What still hasn’t been taken into account yet is interest cost. When looking at physical therapists salary, consider interest rate.
Many student loan borrowers spend 20 to 25 years paying off their massive loans. And interest will continue to accrue each year they are not paid off.
Another thing to consider is the investments. This can be like home ownership. Also, it can be like 401(k) contributions. You might delay because of the limited cash flow your student loan payments will cause.
What is the Outlook for Physical Therapists?
When looking at physical therapists salary, also consider the future. The physical therapy field is growing in both salary and job volume.
The salary for a physical therapist has increased at a rapid pace since 2010. The BLS opines the physical therapy field will grow 28% between 2016 and 2026. Also, this will be with 67,100 jobs added by that time.
Best-Paying Cities for Physical Therapists
- Also, Victoria, and Longview.
Other Best-Paying Cities for Physical Therapists
Some other cities that pay Physical Therapists the high salary are:
- Nevada ($102,860).
- New Jersey.
- Alaska ($97,150).
Physical Therapist Salary by Place of Employment
In addition to region and education and specialty, please note. Factors such as industry and employer have effect on physical therapists salary. The top-paying places of employment with the highest average annual salaries are:
- Home health care services ($96,070).
- Furthermore, Schools and instruction ($95,740).
- Also, retirement communities and assisted living facilities for the elderly ($93,710).
- Additionally, nursing care facilities ($92,270).
- And child day care services ($90,410).
While most physical therapists work full time, please note. Approximately one in five worked part-time hours in 2016. Physical therapists work during typical business hours. However, some work nights and weekends.
Frequently Asked Questions
A: In 2017, physical therapists earned an average salary of $84,560 in New York. Also, they make $92,810 in the New York City metropolitan area.Q: What is a physical therapist’s hourly wage?
A: Physical therapists made an average of $42.34 an hour in 2017.
Jobs Related to Physical Therapist
1. Physical Therapist Assistant – Average Salary $57,620
A physical therapist assistant helps physical therapists. He/she helps with the process of examining a patient. Also he/she helps with determining an action plan.
2. Occupational Therapist – Average Salary $84,620
An occupational therapist, treats injures or sick patients. Also, often he’s required to earn a master’s degree in occupational therapy. Also, he/she treats disabled people by helping them perform day-to-day activities.
3. Speech-Language Pathologist – Average Salary $79,770
An audiologist assesses a patient’s hearing. Also, he/she balances and treats issues such as vertigo or hearing impairment.
Is Physical Therapist Salary worth the Debt of Student Loan?
Whether or not a physical therapist salary is worth the student loans, always note. There are factors that need to be considered:
- Cost of the D.P.T. program.
- Location of employment.
Cost of the D.P.T. program
The best way to increase the chances that your physical therapy salary will be worth the debt is to decrease the cost of your education. As with most degrees, please note. The cost of DPT programs depends largely on where you go to school.
When looking at physical therapists’ salary, consider this. There’s a huge disparity between the average annual tuition of D.P.T. programs at state versus private schools.
- Public in-state: $14,427 (range: $3,387 to $45,340)
- Furthermore, public out-of-state: $29,157 (range: $8,425 to $65,156)
- Private: $31,716 (range: $19,500 to $94,020)
If you’re looking to begin a D.P.T. program, take note. Always check to see how much it would cost to enroll in one of your state schools. There are many high-quality state schools that offer D.P.T. degrees. They offer for less than $45,000 in total.
Also, if you happen to live in a state that doesn’t have a public university with a competitive D.P.T. program, take note. Enrolling in another state’s university could still save you money over a private school.
Location of Employment
When looking at physical therapists’ salary, consider this. The second key factor that will determine whether becoming a physical therapist makes sense financially is where you decide to start your practice. A physical therapist starting salary in the best-paying states could be higher than what 10-year veterans make in lower-paying areas.
California, for example, has long been one of the best places for physical therapists to work. For instance:
- The average physical therapist salary in California is $95,500.
- Also, California has the highest employment level for physical therapists.
- The highest-paying metropolitan area in the U.S. for physical therapists is Merced, California.
When looking at physical therapists salary, consider this. Texas is another great place to practice physical therapy. Currently, the average physical therapist salary in Texas is nearly $96,000. And remember, Texas has no income tax.
On the other hand, New York pays a middle-of-the-road average physical therapist salary of $84,500. That’s not terrible. But New York is also the state with the third-highest cost of living.
In a Nutshell
In summary, where you choose to work as a physical therapist affects your salary. For instance, lets assume that a physical therapist in New York has $150,000 in debt. With an income of $60,000 to $85,000 and a high cost of living, saving up enough money will be tough.
Also, the actual job you choose inside physical therapy affects your salary. Additionally, it can make a big difference on the return you receive from your student loans. Thus, when looking at physical therapists salary, consider this.
For example, physical therapists who own their own practice could make significantly more than the national average of $87,000. As such, it is important you carry out more research before making a choice on physical therapy. When looking at physical therapists salary, consider this