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Average Credit Counselors Salary in Michigan

Credit Counselors in Michigan earn an average annual salary of $58,180, surpassing the national average of $55,430. This elevated compensation is likely influenced by a combination of factors specific to the Michigan labor market, including regional demand and the cost of living adjustments that employers make to attract and retain talent.

Executive Summary

  • Average Salary: $58,180 per year.
  • Growth Trend: Salaries have shifted 27.3% ↗ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $90,800.
  • Outlook: With a local workforce of 1,280 Credit Counselors, Michigan demonstrates a notable presence in this field. The Location Quotient of 1.6 indicates a concentration of these roles significantly above the national average, suggesting a robust and potentially growing demand for financial advisory services within the state.
2024 Market Data

Salary Overview

$58,180

The average Credit Counselors in Michigan earns+5.0%above the national average.

BreakdownBased on 40h/week
Hourly

$28

Weekly

$1,119

Monthly

$4,848

Credit Counselors Salary Distribution in Michigan

Career progression for Credit Counselors in Michigan typically correlates with increased earning potential. Entry-level positions might start closer to the lower end of the salary spectrum, while seasoned professionals with extensive experience and specialized skills can command salaries significantly higher than the average. The widening gap between entry-level and senior roles reflects the value placed on expertise and a proven track record.

Experience LevelMarket PercentileAnnual WageHourly Rate
Associate / AnalystData entry, reporting, supporting senior staff.10% (Entry)$40,720$19.6
Senior AnalystIndependent analysis, forecasting, client interaction.25% (Junior)$43,635$21
ManagerOversees team, compliance, and project delivery.50% (Median)$51,000$24.5
Director / VPStrategic planning, budget ownership, risk management.75% (Senior)$72,725$35
Executive / PartnerC-level leadership. High-level strategy & relations.90% (Expert)$90,800$43.7

Detailed Credit Counselors Market Analysis

Relocation Context

Nominal Salary

$58,180

Gross Pay

Real Wage (Purchasing Power)

$64,216

Adjusted for COL (90.6)

The average annual salary of $58,180 in Michigan presents a favorable financial standing, especially when considered against the state's Cost of Living Index of 90.6. This index, being below the national average of 100, suggests that the purchasing power of a Credit Counselor's salary in Michigan is likely higher than in many other parts of the country, allowing for a comfortable lifestyle.

Job Market Context

1,280

Total Jobs

0.291

Per 1K Jobs

1.6

Location Quotient

Major Hub

Michigan has 1.6x the national concentration of Credit Counselors jobs — a major employment hub for this role. Job seekers will find significantly more opportunities here than in most other areas.

A Location Quotient of 1.6 for Credit Counselors in Michigan signifies a market where this profession is 60% more concentrated than the national average. This indicates a strong presence and potentially higher demand relative to the general workforce, suggesting that job opportunities may be more abundant and competition could be less fierce compared to national benchmarks.

Nearby Job Markets

Nearby Cities for Credit Counselors

CitySalaryDist.
Saginaw, MI Credit Counselors Salary$53,310↓ 8%30 mi
Lansing-East Lansing, MI Credit Counselors Salary$50,270↓ 14%42 mi

Comparing salaries near Michigan

Hiring Credit Counselorss?

Frequently Asked Questions

How much does a Credit Counselors make in Michigan?

The median annual salary for a Credit Counselors in Michigan is $58,180. This typically ranges from $40,720 for entry-level positions to $90,800 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Michigan is 5.0% higher than the national median of $55,430.

Is Michigan a lucrative place for Credit Counselors?

Yes, Michigan offers a lucrative environment for Credit Counselors.The average salary exceeds the national average, and the lower cost of living further enhances the financial benefits of working in this role within the state.

Is Michigan a good place to live for Credit Counselors?

With a Cost of Living Index of 90.6 (lower than the national average of 100), your salary goes further here.

Where are the highest paying cities near Michigan?

Some top paying nearby cities include Saginaw, MI ($53,310) and Lansing-East Lansing, MI.

How does Michigan's cost of living affect a Credit Counselor's salary?

Michigan's cost of living index of 90.6, which is below the national average, means that the average salary of $58,180 provides a higher effective purchasing power for Credit Counselors residing in the state.

What does the Location Quotient of 1.6 mean for Credit Counselors in Michigan?

A Location Quotient of 1.6 indicates that Credit Counselors are more concentrated in Michigan than the national average, suggesting a stronger local job market and potentially higher demand for these professionals.

How many Credit Counselors are there in Michigan?

There are approximately 1,280 Credit Counselors employed within Michigan, representing a significant portion of the workforce in this specialized field.

Is the job market for Credit Counselors strong in Michigan?

Yes, the market appears strong, evidenced by the higher-than-average salary and the significant concentration of roles indicated by the Location Quotient of 1.6.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 1,280 employees in the Michigan area with a job density of 0.291 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.

Semantic Salary Analysis for Credit Counselors • Data source: BLS OEWS 2024 •Jobs in Michigan