Table of Contents
Nursing can be a well-paying profession. According to the Bureau of Labor Statistics (BLS), the median salary for a registered nurse (RN) is $98,430 per year or $47.32 per hour.
In fact, nursing can be a rewarding career path in more ways than one. Not only can these healthcare professionals provide for themselves financially, they also care for people during their times of need.
To better understand what it’s like working as a nurse and what the earning potential is, keep reading.
Key Points
• The median salary for registered nurses is $98,430 per year or $47.32 per hour, according to the Bureau of Labor Statistics.
• Nursing salaries vary by work setting, with government nurses earning a mean annual salary of $106,480, those working in hospitals $97,260, and those in ambulatory healthcare services $83,780.
• Location significantly impacts nurse salaries, with California offering the highest mean salary at $148,330 and South Dakota the lowest at $72,210.
• Nurses may be able to supplement their income by working overtime, night shifts, or holidays.
• The nursing field is projected to grow 5% between 2024 and 2034, with full-time positions often coming with benefits like health insurance and retirement plans.
Check your score with SoFi
Track your credit score for free. Sign up and get $10.*
What Are Nurses?
An RN provides patients with care and support, and they offer education on health issues and conditions. Responsibilities can vary by workplace and specialty. For example, a geriatric nurse works with elderly patients and provides a different type of care than an oncology nurse, who supports patients with cancer.
Generally speaking, an RN’s tasks often include the following:
• Evaluate the condition of patients
• Set up care plans for patients
• Consult and collaborate with doctors and other healthcare providers
• Operate and monitor medical equipment
• Document patients’ medical backgrounds and symptoms
• Administer medications and treatments
• Assist in conducting diagnostic tests and analyzing the results
• Educate patients and their families on managing illnesses or injuries
• Provide instructions for post-treatment care at home
Nurses often work on a team made up of other nurses, physicians, and healthcare specialists. Some nurses may even supervise other RNs, nursing assistants, or home health aides. Because of how much collaboration and patient interaction is involved in nursing, this role may not be a great fit for introverts.
💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.
How Much Do Starting Nurses Make?
On average, entry-level registered nurses earn around $64,108 a year or $31 per hour, according to ZipRecruiter. But keep in mind that amount represents a middle ground; incomes for RNs fresh out of school can run the gamut from $57,000 to $89,000.
Recommended: What Is Competitive Pay?
What Is the Average Salary for a Nurse?
Unlike some other healthcare professionals, nurses may be paid hourly or earn an annual salary. They can also make extra by working overtime, overnight, or on holidays. As mentioned, nurses who are paid by the hour earn a median rate of $47.32 or $98,430 per year.
It’s worth noting that where a nurse chooses to work can significantly affect how much they earn. When it comes to settings that pay the most money, the government comes out on top. Let’s take a look at the median annual wage for nurses across a variety of settings, per the BLS:
• Government: $106,480
• Hospitals: $97,260
• Ambulatory health care services: $83,780
• Nursing and residential care facilities: $81,820
• Educational services: $74,360
Nurses also have the option to take travel assignments, which can be an attractive option for professionals seeking flexibility, short-term assignments, and competitive pay. Travel nurses can expect to earn an average yearly salary of $101,132, according to ZipRecruiter.
To help manage that high level of income, consider digital tools like a money tracker app. In addition to being convenient, it can help take the guesswork out of budgeting and setting financial goals.
What Is the Average Salary by State for a Nurse?
The state a registered nurse chooses to work in can greatly influence how much they earn, as illustrated by the following table:
| State | Average Annual Salary |
|---|---|
| Alabama | $74,970 |
| Alaska | $112,040 |
| Arizona | $95,230 |
| Arkansas | $77,720 |
| California | $148,330 |
| Colorado | $95,470 |
| Connecticut | $103,670 |
| Delaware | $95,450 |
| District of Columbia | $109,240 |
| Florida | $88,200 |
| Georgia | $91,960 |
| Hawaii | $123,720 |
| Idaho | $89,770 |
| Illinois | $91,130 |
| Indiana | $85,850 |
| Iowa | $77,780 |
| Kansas | $79,430 |
| Kentucky | $83,900 |
| Louisiana | $84,110 |
| Maine | $87,440 |
| Maryland | $96,650 |
| Massachusetts | $112,610 |
| Michigan | $90,580 |
| Minnesota | $99,460 |
| Mississippi | $79,470 |
| Missouri | $81,950 |
| Montana | $88,480 |
| Nebraska | $82,890 |
| Nevada | $102,280 |
| New Hampshire | $94,620 |
| New Jersey | $106,990 |
| New Mexico | $94,360 |
| New York | $110,490 |
| North Carolina | $86,270 |
| North Dakota | $81,900 |
| Ohio | $86,110 |
| Oklahoma | $85,800 |
| Oregon | $120,470 |
| Pennsylvania | $90,830 |
| Puerto Rico | $41,470 |
| Rhode Island | $99,770 |
| South Carolina | $84,930 |
| South Dakota | $72,210 |
| Tennessee | $82,010 |
| Texas | $91,690 |
| Utah | $88,240 |
| Vermont | $92,710 |
| Virgin Islands | $73,280 |
| Virginia | $90,930 |
| Washington | $115,740 |
| West Virginia | $80,650 |
| Wisconsin | $90,450 |
| Wyoming | $88,020 |
Recommended: Is $100,000 a Good Salary?
Nurse Job Considerations for Pay and Benefits
Whether they’re paid by the hour or per year, a nurse can make a good living. And there are ways to supplement that income or create a flexible working schedule that supports a work-life balance. For instance, nurses can choose to work part-time, as many hospitals are short-staffed and need the extra help and expertise. There’s also travel nursing, which allows these healthcare professionals to pick up short-term assignments.
But if a full-time role with benefits is what you’re after, you may have little trouble finding one that fits. The BLS projects that between now and 2034, the number of RN jobs available in the field will grow 5%. And those on-staff positions can come with benefits like health insurance, retirement contribution matches, and tuition reimbursement.
Pros and Cons of Nurse Salary
Like any career path, working as an RN comes with a unique set of pros and cons that are worth keeping top of mind:
| Pros | Cons |
|---|---|
|
• High demand for nurses • Full-time work and benefits available • Flexible schedule may be an option, depending on the employer • Work can be emotionally rewarding |
• Physically and emotionally demanding work • Potential exposure to illnesses • May be required to work nights, weekends, or holidays • Limited work-from-home options (aside from telehealth roles) |
đź’ˇ Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
The Takeaway
While the hours can be long and the work physically demanding, nurses have the potential to earn a lot of money. As they gain years of experience or use their skills in more lucrative industries, these professionals can potentially earn six-figure salaries. Bottom line: If you’re passionate about health care and helping others, you may find that a career in nursing is both professionally and financially rewarding.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
FAQ
What is the highest-paid RN job?
The type of nursing role an RN takes can affect how much they earn. Those looking to earn high incomes may want to pursue government nursing, which earns a median salary of $106,480, according to the Bureau of Labor Statistics.
How much money does a RN make in California?
In the state of California, an RN can expect to earn a mean salary of $148,330 per year, according to the Bureau of Labor Statistics.
What state pays nurses the lowest?
Of all the 50 states, South Dakota pays its registered nurses the least, according to the Bureau of Labor Statistics. RNs there earn a mean annual salary of $72,210.
Photo credit: iStock/FG Trade
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
SORL-Q425-035