Sixty percent of physicians said that mortgages on their primary residences is the largest expense they have, according to Medscape's 2024 "Physician Wealth and Debt Report," published June 12.
Car loans, credit cards and their own college or medical school loans were the three other expenses that more than 20% of physicians said they have.
The number of physicians paying off a mortgage dropped from 65% in Medscape's 2019 report to 60% in 2024.
The report surveyed 7,000 U.S. physicians across more than 29 specialties between Oct. 2, 2023, and Jan. 16, 2024.
Here are the common expenses and debts that physicians are paying off:
Note: Respondents could choose multiple options.
Mortgage on primary residence: 60%
Car loan: 31%
Credit card: 26%
Their own college or medical school loans: 21%
Children's college tuition: 19%
Family medical expenses: 16%
Mortgage on second home: 13%
Private school tuition for children: 13%
Childcare: 13%
Car lease: 12%
Spouse's or significant other's college, medical school or graduate school loans: 8%
Business loans: 7%
Graduate school tuition for children: 5%
Alimony: 2%
Other: 4%
None of these: 13%