The Economy is Changing—Is Travel Nursing Still Worth It?
The economy has been a hot topic lately, and if you’re like many travel nurses, you’re probably wondering: Is travel nursing still worth the risk in this uncertain economy?
With rising costs, talk of a recession, and constant changes in the job market, it’s easy to feel anxious about your career. But before you make any big decisions, let’s take a closer look at what’s really happening and how you can protect yourself.
In this blog, we’ll break down the challenges facing travel nurses today and share some practical tips to help you not just survive—but thrive—no matter what the economy throws your way.
Now, let’s dive into one of the biggest concerns for travel nurses right now: housing. With rent prices going through the roof, it’s essential to find smart ways to manage this expense without sacrificing your paycheck.
Housing Crisis: Navigating Skyrocketing Rent as a Travel Nurse
the challenge
Housing is often one of the biggest expenses for travel nurses. With rent prices skyrocketing in many areas due to high demand and limited availability, finding affordable short-term housing near your assignments has become a real challenge. The last thing you want is to end up spending a huge chunk of your paycheck on rent, leaving you with less money to save or enjoy.
the solution
Don’t worry; there are smart ways to handle this. First, think about sharing a place with other travel nurses. Not only does this cut down on your expenses, but it also gives you a built-in support system. Another key tip is to negotiate a higher housing stipend with your agency. Why? Because it’s tax-free income, which means more money stays in your pocket after taxes. And if you’re looking to save even more, consider taking assignments in areas where the cost of living is lower but still offers a great quality of life—places like Dallas, Texas; Albuquerque, New Mexico; and Phoenix, Arizona are good options.
Travel Nursing and Rising Interest Rates: How to Protect Your Finances
The Challenge
With interest rates climbing higher, the cost of borrowing money—whether for mortgages, credit cards, or personal loans—has become more expensive. For travel nurses, this means managing existing debt or considering new loans can put more strain on your finances than before.
The solution
To protect your finances in this volatile economy, consider these strategies:
Ask Your Agency for Help: Did you know some travel nurse agencies offer financial assistance, like pay advances? You can also negotiate a higher travel reimbursement to cover costs like housing, flights, or car shipping instead of relying on credit.
Avoid New Debt: With interest rates going up, now’s not the time to rack up new debt. Instead, try to knock out those existing balances, especially on high-interest credit cards, to keep more of your hard-earned money.
Build an Emergency Fund: Having a financial cushion can save you from turning to credit when unexpected expenses pop up. Try to stash away enough to cover three to six months’ worth of living expenses—your future self will thank you.
With rising interest rates squeezing your budget, healthcare facilities are also tightening theirs, making contract negotiations trickier.
Budget Cuts in Healthcare: What It Means for Travel Nurse Contracts
the challenge
With healthcare facilities tightening their budgets, many travel nurses are facing fewer contract opportunities and lower pay rates. These budget cuts often mean reduced staffing, which can lead to less demand for travel nurses or less attractive contract terms.
the solution
To navigate these challenges, here are some steps you can take:
Diversify Your Skills: Right now, hospitals are prioritizing nurses with strong acute care backgrounds—outpatient roles are less in demand. Getting experience in high-acuity, high-volume settings like Level 1 trauma centers will make you more versatile and your resume more competitive. The more adaptable you are, the easier it’ll be to secure assignments, even in a competitive market.
Target In-Demand Locations: Focus on regions where there’s still strong demand for travel nurses, even with budget cuts. States like Texas, Florida, and Arizona often have a high need for healthcare workers, so targeting these areas can increase your chances of landing a good contract.
Strengthen Relationships with Recruiters: Get to know your recruiters and build solid relationships with them. When they know and trust you, you’re more likely to get first dibs on assignments—especially when contracts are tight. Also, think about working with larger agencies that have more pull or exclusive deals with top hospitals. This can give you access to prime assignments that smaller agencies might not offer.
Even with these strategies, the job market can still be unpredictable, so it's important to stay proactive in securing steady work as a travel nurse.
Job Market Uncertainty: How Travel Nurses Can Stay Employed
the challenge
The job market has been all over the place lately, with fewer assignments available and more competition for the best contracts. This uncertainty can make it tough for travel nurses to find steady work, especially when contracts are getting canceled or cut short.
the solution
Have a Backup Plan: Picking up PRN (as-needed) jobs is a smart way to create a safety net when full-time contracts are scarce. These flexible positions let you stay in control of your schedule and keep the money coming in, even if your main contract falls through. Plus, staying connected with a local facility through PRN work can open doors to full-time opportunities when they become available.
Be Open to New Locations: Flexibility is key. If you’re willing to take assignments in less popular locations, you’ll increase your chances of landing a contract. Cities like Indianapolis, Oklahoma City, and Raleigh might not be top of your list, but they often have more openings and lower competition.
Cross-Train for More Opportunities: Cross-training in different units can be a game-changer. If you’re qualified to work in more than one area, like both ICU and Med-Surg, you’ll double your job opportunities and be less likely to face cancellations. Plus, the more versatile you are, the more valuable you become to hospitals looking to fill multiple needs.
While navigating the job market is crucial, staying on top of tax law changes is just as important to ensure you’re not leaving money on the table.
New Tax Laws: How Travel Nurses Can Save More Money
The Challenge
Tax laws are always changing, and as a travel nurse working across multiple states, these changes can have a big impact on how much money you take home. The complexity of filing taxes for multiple states and keeping track of deductible expenses can make it easy to miss out on potential savings.
the solution
Let’s be real—doing your own taxes might feel like you’re saving money, but it’s probably costing you more than you think. I learned this the hard way when I lost out on $20k in tax deductions during my first year as a traveler because I didn’t consult a tax professional. You can hear the full story on my Instagram, but trust me, it’s not a situation you want to be in. Don’t make the same mistake. A tax expert who understands the unique challenges of travel nursing can help you avoid this nightmare and make sure you’re getting every deduction possible. The peace of mind is worth every penny.
Conclusion: Is Travel Nursing Still Worth It?
Navigating the challenges of today’s economy might feel overwhelming, but with the right strategies, travel nursing can still be an incredibly rewarding career. From rising housing costs to unpredictable job markets and ever-changing tax laws, the key is to stay informed, flexible, and proactive.
By taking smart steps—like securing affordable housing, protecting your finances from rising interest rates, and working closely with recruiters—you can continue to thrive as a travel nurse. And don’t forget the importance of working with a tax professional to ensure you’re keeping as much of your hard-earned money as possible.
Remember, the economy might be unpredictable, but your success doesn’t have to be. With the right approach, you can navigate these economic challenges and continue to build a fulfilling and lucrative travel nursing career.
To help you stay ahead, I created the Six Figure Travel Nurse (SFTN) membership—a program designed to future-proof your career. With exclusive access to the latest industry trends, a supportive network of fellow travel nurses, and expert advice, you’ll stay ahead of the curve—even in a competitive job market.
In an uncertain economy, the best investment you can make is in your own future. Click here to join our community and get the knowledge to not just survive, but thrive, no matter what challenges lie ahead.