In this article, we will look at the 17 highest-paying states for nurses. If you want to skip our in-depth analysis of the nursing sector, head straight to the 5 Highest Paying States for Nurses.
The United States is facing a severe shortage of skilled nurses, with 91% of nurses believing that the shortage is worsening, and 79% reporting inadequate staffing in their units. Burnout from COVID-19 has caused approximately 100,000 registered nurses (RNs) to quit, and another 610,388 RNs have expressed an “intent to leave” the workforce by 2027. Despite these departures, the U.S. Bureau of Labor Statistics predicts an annual average of 203,200 job openings for registered nurses over the next decade. Nurses have, therefore, one of the most in-demand jobs for the future.
In the short term, by 2025, there may be a shortage of 200,000 to 450,000 nurses available for patient care, according to McKinsey. Long-term projections are even bleaker owing to the aging baby boomer population, with over 73 million people aged 65 or older by 2030 hence, increasing the demand for healthcare services. It is unfortunate how despite being one of the most trusted professions in America, nurses have been a victim of burnout and mental health problems. It is even more sad to realize that these issues extend far beyond the borders of the US as nurses in all parts of the world are in the same boat. To read more about the global issues of nurses, check out our article on countries that need nurses the most.
Studies show that lower nurse-to-patient ratios result in higher mortality rates, more medication errors, increased infections, and increased nursing burnout. Domestic education alone cannot address this shortage, as nursing schools have turned away nearly 92,000 qualified applicants due to various constraints. However, these issues are not only restricted to the US, there are pressing shortages of nurses globally. To read more on the topic, check out our article on highest paying countries for nurses.
It is worth highlighting that the worst-paying state for nurses is South Dakota with an average salary of $60,540 while the average annual salary of a registered nurse in the US is $89,010.
Adtalem Global Education Inc (NYSE:ATGE), through its partnership with healthcare institutions like LCMC Health, is actively contributing to addressing the shortage of nurses in the United States. Adtalem Global Education Inc (NYSE:ATGE) has established programs such as the Called-to-Care Scholars Program, in collaboration with Chamberlain University, to attract and train future nurses. This initiative allows students to earn their Bachelor of Science in Nursing within hospital facilities and commits them to work for LCMC Health after graduation, with tuition covered for up to three years. By seamlessly integrating education into the healthcare environment, Adtalem Global Education Inc (NYSE:ATGE) is helping create a dedicated pipeline of skilled nurses who can join the workforce quickly.
To read more about Adtalem Global Education Inc (NYSE:ATGE), check out our article on Stocks that Analysts are Upgrading.
Tenet Healthcare Corp (NYSE:THC) is another major healthcare services company that operates hospitals, outpatient centers, and other healthcare facilities. They are involved in a number of healthcare facilities, which include a fairly large department of nurses. Thus, for nurses to be provided with a comfortable work environment, it is essential to analyze the financial standing of the company. It is also worth noting that the average salary of a registered nurse at Tenet Healthcare Corp (NYSE:THC) is $88,867, according to Indeed.com.
Greenlight Capital made the following comment about Tenet Healthcare Corp (NYSE:THC) in its second quarter 2023 investor letter:
“Tenet Healthcare Corporation (NYSE:THC), returned 37% on the back of first-quarter results that exceeded expectations and the company upgraded its annual outlook. After a rough patch last year due to COVID-related volume disruptions and elevated labor. costs, THC now appears back on track and executing well on its ambulatory surgery center growth strategy.”
With an annual revenue of $19.84 billion and a profit of $410 million in 2022, the company is projected to grow in the coming years. Tenet Healthcare Corporation (NYSE:THC) operates 61 acute care hospitals and 465 ambulatory surgery centers as well as the Conifer business and approximately 100 other outpatient facilities. To read more about their hospitals, check our article on the best for-profit hospitals in the US.
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Our Methodology
To list the highest paying states for nurses, we relied on data for average salaries for registered nurses in the United States in all states from nurse.org. Only the 17 highest-paying states were selected and have been ranked in ascending order of high average salary.
17. Georgia
Average Salary: $85,180
Georgia, particularly its city Atlanta, is a healthcare hub. Georgia has a growing need for nurses, and the aging workforce, coupled with an increasing elderly population, highlights the demand for nurses and explains their high salaries in the region. Moreover, it is worth noting that Mercer University’s ABSN program in Atlanta prepares students for a BSN degree in as few as 12 months. It is one of the top states for nurses.
16. New Mexico
Average Salary: $85,580
Nurses in New Mexico earn an average annual salary of $85,580, which is slightly higher than the national average. The cost of living in New Mexico is generally lower than the national average, making it one of the best states for nurses. The state had over 14,880 nurses in 2021, and job growth is expected to be high in the coming years.
15. Colorado
Average Salary: $86,590
Owing to the current nursing shortages in the state, Colorado State University Pueblo (CSU Pueblo) will receive a $1.3 million grant from the Opportunity Now program to address the nursing shortage in Colorado. The funding aims to train more nurses and nursing instructors, particularly in rural areas.
14. Arizona
Average Salary: $86,740
Registered nurses in Arizona are essential healthcare professionals with an average annual salary of about $86,740. RNs are in demand across the state, with many opportunities for specialization. The highest-paying cities for RNs in Arizona are Prescott and Phoenix. Despite earning less than some other healthcare professions like nurse anesthetists and nurse practitioners, RNs are vital members of the healthcare workforce who provide essential care and support to patients.
13. Maryland
Average Salary: $87,990
The average salary of a registered nurse in Maryland is slightly below the national average at $89,010 per year. While nurse specialties in the state also have varying salary ranges, Maryland has a higher cost of living. Moreover, job growth for nurses in Maryland is projected to be positive, with an expected increase in the number of working nurses. Maryland is one of the highest-paying states for nurses.
12. Rhode Island
Average Salary: $88,250
Rhode Island is among the top states for nurses with its nursing programs consistently producing skilled professionals. The nursing shortage in the state reduced the workforce by over 100,000 from 2020 to 2021. Moreover, initiatives like the Rhode Island Nurses Institute Middle College Charter High School (RINI) have played a pivotal role. RINI has achieved huge success, with nearly three-fourths of its graduates continuing their education at the college level, often accumulating as many as 18 college credits upon graduation.
11. Minnesota
Average Salary: $88,860
Nurses in Minnesota enjoy a highly respected and collaborative healthcare environment, with renowned facilities like the Mayo Clinic and the Minneapolis Heart Institute leading the way in medical innovation. The state’s emphasis on health technology and patient care has led to a population that is generally healthier than in most other states. It is one of the highest-paying states for nurses.
10. Connecticut
Average Salary: $94,260
While Connecticut is a high-paying state for nurses, nurses in Connecticut are facing significant challenges due to staffing shortages, high patient-to-nurse ratios, and mandatory overtime. Many nurses are advocating for legislative changes at both the state and federal levels to establish staffing requirements and improve workplace safety for healthcare professionals.
9. Nevada
Average Salary: $96,310
Nevada is currently experiencing a severe shortage of nurses. The state requires thousands of new registered nurses, and healthcare professionals to deal with the high patient-to-nurse ratios and burnout. On a side note, Nevada is also one of the states with the most electric vehicles.
8. New Jersey
Average Salary: $96,670
The average nurse salary in New Jersey is $96,670 per year, which is higher than the national average of $77,600. Nurse specialties in the state also offer competitive salaries, such as Med/Surg Nurses earning $107,526 on average. However, it is worth noting the cost of living in New Jersey is above the national average. It is one of the highest-paying states for nurses.
7. New York
Average Salary: $100,130
New York has recently implemented a new overtime law for nurses to prevent burnout by prohibiting mandatory overtime except in cases of health emergencies or patient care necessity. Reporting requirements are also in place for exceptions. The state aims to support its healthcare workforce, which has faced challenges due to the COVID-19 pandemic and staff retention issues. New York is one of the states with the highest salaries for nurses.
6. Washington
Average Salary: 101,670
In Washington, registered nurses (RNs) earn an average annual salary of $101,670. The top-paying cities for registered nurses in Washington are Vancouver, Tacoma, and Spokane, with average salaries of $101,710, $99,310, and $92,620 per year, respectively. The cost of living-adjusted RN salary is approximately $88,780 which reflects a 7% higher cost of living compared to the national average. RNs in Washington earn more than LPNs and pharmacy technicians but less than nurse anesthetists, nurse practitioners, and dental hygienists. Washington is also one of the states with the best drivers.
Click here to see the 5 Highest Paying States for Nurses.
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Disclosure: None. 17 Highest Paying States for Nurses is originally published on Insider Monkey.