There are several reasons why traveling nurses make more money than other nurses. The biggest influence on higher wages is the demand for travel nurses. There is a great demand for nurses who can travel temporarily or permanently and that means greater salary possibilities. According to CNBC, at the start of the COVID-19 pandemic, travel nurses' salaries were at record levels.
That said, it's important to remember that housing costs and duplicate expenses are wild cards when it comes to determining how much travel nurses earn. If you want to prepare for success as a travel nurse (and minimize the chances that you will feel completely out of control) during your first assignment, here are some other factors you may want to consider before taking the leap. Once you have a few years of experience and have received your compact license, you should be ready to find work as a travel nurse. However, if you work in a state that pays lower than average wages and incurs low duplicate expenses, you will most likely earn much more as a travel nurse.
Similarly, if you're an itinerant worker with no duplicate expenses, you'll most likely earn more money as a travel nurse. It's fair to say that the higher net pay serves to offset the double expenses incurred by travel nurses. Therefore, it's extremely important to consider these costs when analyzing how much money traveling nurses make. We haven't discussed the major inaccuracies yet, but, as you can see, much of the information available on the salary of travel nurses is wildly inaccurate.
However, now that COVID-19 cases have started to stabilize, the demand for travel nurses has declined. Instead, we'll provide a set of principles to help you determine how much money you'll make as a travel nurse based on your unique circumstances. In fact, a survey of hospital executives found that traveling nurses work an average of 7 hours overtime per week. With all this in mind, it's important to keep in mind that the costs you incur as a travel nurse will depend on your particular circumstances.
Ultimately, many of the “free benefits” that nursing travel agencies advertise are simply services that agencies provide for a price. This is why it's not uncommon for a travel nurse to make as much money working 100 miles from home as they would if they worked 300 miles from home. This is because travel nurses routinely work with several agencies to get the jobs they want in the places they want.