Psychiatrists Salary
The median pay for a psychiatrists in New Mexico is $227,730/year ($109.49/hour), per BLS data. The range runs from $172K at the entry level to $388K for experienced workers. Cost of living is below average (RPP 93.06), which stretches that salary to about $244,713 in buying power. Rent on a 2-bedroom averages $1,119/month, or 8.3% of estimated take-home pay.
Statewide average. Salary and cost of living vary significantly across New Mexico. Jump to a metro for precise data:
So what does $228K get you in New Mexico?
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What this looks like in New Mexico
Pay for psychiatrists in New Mexico runs about 19% below the U.S. median of $282K. Housing is manageable: a 2-bedroom at the HUD median costs $1,119/month, 8.5% of take-home, well inside the 30% guideline. Regional Price Parity sits at 93.06 (national = 100), meaning everyday costs run about 7% cheaper here. Your dollar stretches further than the headline salary suggests. Lower pay, lower costs, New Mexico can be a reasonable trade-off for psychiatristss who value affordability over top-dollar markets.
Compensation breakdown
Annual earnings by percentile, New Mexico
Entry-level psychiatrists (10th percentile) start around $172K. Mid-career wages sit at $228K. Top earners bring in $388K or more, a $216K spread from bottom to top.
Psychiatrists salary by metro in New Mexico
1 metro area with BLS data, ranked by median pay
| Metro area | Median salary | vs. state | Employment |
|---|---|---|---|
| Albuquerque | $236K | +4% | N/A |
Compare to other states
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BLS updates this data quarterly. We'll email you when New Mexico numbers change.
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Frequently asked questions
Can a psychiatrist afford a 2BR apartment alone in New Mexico?
Yes — at the median salary of $228K, rent takes 8.5% of take-home pay. A 2-bedroom at the HUD Fair Market Rent runs $1,119/month. That stays under the 30% guideline most financial planners use.
What’s the entry-level salary for psychiatrists in New Mexico?
The 10th-percentile wage — what new psychiatrists typically earn — is $172K/year. Take-home on that works out to about $10,340/month. At HUD’s $1,119/month FMR, rent would take 11% of that take-home — manageable on an entry-level income.
Is psychiatrist a high-paying job in New Mexico?
Local pay runs 19% below the national median — $228K here vs. $282K nationally. Cost of living is 7% below the national average, which narrows that gap in real purchasing power.
How does New Mexico compare to the national average for psychiatrists?
New Mexico pays $228K median vs. the U.S. average of $282K — that’s -19%. After adjusting for local cost of living (RPP 93.06), the purchasing-power equivalent is $245K — below the national median.
How much do psychiatrists make in New Mexico?
The median is $227,730 a year, that works out to about $109 an hour. But the range is wide: entry-level workers start around $172,340, and experienced psychiatrists can clear $388,100. These are BLS numbers, based on employer-reported data, not self-reported surveys.
Is $228K enough to live in New Mexico?
On that salary, you'd take home roughly $13,161/month after taxes. A 2-bedroom here rents for about $1,119/month, which eats 8.5% of your paycheck. That's under the 30% guideline most financial planners use, so the numbers work.
How far does a psychiatrists salary go in New Mexico?
New Mexico has a Regional Price Parity of 93.06 (100 is the national average). That's below average, your money stretches further here than the raw salary number suggests. After cost-of-living adjustment, the median psychiatrists salary is worth about $244,713 in national-average purchasing power.
Where do psychiatrists get paid the most?
The table above ranks every state by median pay for this role. Keep in mind that the highest-paying states tend to have the highest costs of living, so the top salary doesn't always mean the most money in your pocket.