Cost of Living vs. Your Travel RN Salary: The Most Affordable Destinations
By Anita Wong, contributor
When you're considering a travel assignment, higher-paying positions can be the most enticing — after all, we all have bills to pay. As a travel nurse, however, you may also want to think about how much it costs to live in a city. Affordability varies across the country, and balancing the cost of living with your travel RN salary means less money flowing to expenses and more tucked away in your bank account.
Highest paying states and metropolitan areas
Your travel RN salary is based on factors such as your experience and qualifications and the facility's budget and need. It can also depend on location. While the average wage for a registered nurse in 2018 was $36.30 per hour or $75,510 annually, salaries in some areas are significantly higher.
According to the Bureau of Labor Statistics (BLS), some of the highest-paying states/locations are:
- California: $51.42 per hour ($106,950 per year)
- Hawaii: $47.16 per hour ($98,080 per year)
- District of Columbia: $44.40 per hour ($92,350 per year)
California also has the ten highest-paying metropolitan areas for registered nurses. Salinas tops the list at $63.32 per hour, followed by San Francisco-Oakland-Hayward ($62.01) and San Jose-Sunnyvale-Santa Clara ($61.83). These metros all pay significantly more than the national average of $36.30 per hour.
Regional price parity
The highest-paying locations are also expensive places to live. The Bureau of Economic Analysis calculates a regional price parity (RPP) for different states and metropolitan areas, comparing the cost of goods and services, including housing, to the rest of the country. It's presented as a percentage of the national average.
Hawaii has the highest RPP at 118.5 — meaning it costs you 18.5% more to live in Hawaii than the national average. Also at the top of the list is California at 114.8 and the District of Columbia at 116.9.
Hawaii has the highest RPP for rent among all states at 156.4. For metropolitan areas, San Jose-Sunnyvale-Santa Clara, California, has a RPP for rent of 218.4, which is 118% higher than average. San Francisco-Oakland-Hayward has a RPP for rent of 195.0.
Free housing for travel nurses
You can still find ways to make a travel RN salary work in an expensive city. One of the benefits of travel nursing is free, furnished accommodation that's ready for you to move in. Not only does this make sense financially, but you don't have to worry about negotiating a short-term lease or extra expenses such as utilities, making your transition to a new location much easier.
You can also choose to take a housing subsidy and arrange your own accommodation. If you have friends or family that can put you up during your assignment, you can use the extra cash on something else.
Check out our tips for finding the ideal travel nurse housing option for you during an assignment.
The most affordable states
US News examined the basic affordability of each state based on cost of living and housing. It places Iowa, Ohio, Indiana, Oklahoma and Michigan at the top of its list for the most affordable places to live.
According to BLS, the average salary for a RN in these states is as follows:
- Iowa: $28.43
- Ohio: $32.13
- Indiana: $31.18
- Oklahoma: $30.33
- Michigan: $34.29
If you consider a travel RN salary is typically higher than an average staff RN wage, and add in benefits such as free housing, travel reimbursement and meal stipends, working in an affordable state can make great financial sense.
Compare salary ranges for open travel nurse jobs in your specialty.
Affordable, vibrant cities
MarketWatch published a study by Livability that considered affordability and other criteria important to millennials. Researchers looked at median home values, population, diversity and inclusion to come up with a list of affordable, vibrant cities that are attracting a dynamic population.
The 5 cities at the top of the list are:
- Boise, Idaho
- Raleigh, North Carolina
- Madison, Wisconsin
- Iowa City, Iowa
- Rochester, Minnesota (home to the Mayo Clinic)
Whether you want to find out why the most expensive cities are so desirable, or discover the secrets of lesser known gems, the appeal of a travel nurse job is that over time, you can try them all.
Find a travel nurse job that fits your lifestyle, and search for open positions in cities across the country.