A new study cited in the Washington Post suggests physicians in states with unlimited “homestead” exceptions purchase more expensive houses that are protected if the physician files for bankruptcy. Here are five key notes:
1. Physicians in states with homestead exemptions purchased houses that were 13 percent more expensive on average than in states where the homestead exceptions don’t exist.
2. Business executives and lawyers in the same states didn’t purchase bigger homes. But dentists showed the same pattern as physicians; dentists are also susceptible to malpractice lawsuits.
3. Physicians with incomes between $300,000 and $350,000 annually in states with unlimited homestead exemptions purchased $613,712 homes, compared with other professionals who have a similar income who purchased homes worth $528,090.
4. Physicians in states with limited exemptions purchase homes worth around $691,894, which was comparable to other professionals.
5. The correlation doesn’t necessarily mean causation; physicians who spend several years in medical school and training may decide to make big purchases once they enter into full practice because they’ve spent such a long period of time without it.
More articles on physicians:
What do Americans want from their next president’s healthcare policy? 5 things to know
Which US states have the fewest number of physicians?
10 things to know about social media in healthcare: Who’s using it? Does it make a difference?
