Average Insurance Sales Agents Salary in Southwest Minnesota nonmetropolitan area
Insurance Sales Agents in the Southwest Minnesota nonmetropolitan area command an impressive average annual salary of $108,140, substantially exceeding the national average of $81,510. This elevated compensation likely reflects a specialized demand within the region, potentially driven by unique market needs or a concentration of specific insurance products tailored to the local economy and population.
Executive Summary
- Average Salary: $108,140 per year.
- Growth Trend: Salaries have shifted 61.5% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $227,480.
- Outlook: With a total local workforce of 260 Insurance Sales Agents, the Southwest Minnesota nonmetropolitan area presents a stable, albeit niche, employment landscape. The Location Quotient of 0.71 suggests a slightly lower concentration of these professionals compared to the national average, indicating that while the market is established, it may not be oversaturated, offering potential opportunities for skilled agents.
Salary Overview
The average Insurance Sales Agents in Southwest Minnesota nonmetropolitan area earns+32.7%above the national average.
$52
$2,080
$9,012
Insurance Sales Agents Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Insurance Sales Agents in Southwest Minnesota have experienced steady growth over the past four years, mirroring national trends. Factors such as increasing insurance needs, evolving market dynamics, and the general rise in the cost of living likely contribute to upward pressure on compensation for experienced professionals in this sector.
Insurance Sales Agents Salary Distribution in Southwest Minnesota nonmetropolitan area
The salary progression for Insurance Sales Agents in Southwest Minnesota typically scales significantly with experience. Entry-level positions may start closer to the lower end of the pay scale, while seasoned professionals with a proven track record and extensive client networks can command salaries well into the six figures. The percentile gaps in earnings clearly signify the career progression and earning potential available through dedication and skill development.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| SDR / BDRLead generation, prospecting, cold calling. | 10% (Entry) | $47,650 | $22.9 |
| Account ExecutiveClosing deals, managing small-mid market clients. | 25% (Junior) | $81,105 | $39 |
| Senior AEHandling enterprise clients and complex negotiations. | 50% (Median) | $73,960 | $35.6 |
| Sales ManagerManaging a team of reps, setting quotas & strategy. | 75% (Senior) | $135,175 | $65 |
| VP of SalesRevenue strategy, expansion, C-suite relationships. | 90% (Expert) | $227,480 | $109.4 |
Detailed Insurance Sales Agents Market Analysis
Relocation Context
Nominal Salary
$108,140
Gross Pay
Real Wage (Purchasing Power)
$108,140
Adjusted for COL (100)
The nominal average annual salary of $108,140 in Southwest Minnesota nonmetropolitan area is particularly attractive given the local Cost of Living Index stands precisely at the national average of 100. This means that the purchasing power of an agent's earnings in this region is equivalent to the national average, making the higher salary translate directly into a comparable standard of living without the added burden of higher expenses.
Job Market Context
260
Total Jobs
2.163
Per 1K Jobs
0.71
Location Quotient
Southwest Minnesota nonmetropolitan area has 0.71x the national average concentration of Insurance Sales Agents jobs. This means there are fewer opportunities per capita here compared to the U.S. average — competition for roles may be higher.
The Location Quotient of 0.71 for Insurance Sales Agents in Southwest Minnesota nonmetropolitan area indicates a market that is slightly less concentrated than the national average. This suggests that while the profession is present and valued, there might be fewer agents per capita compared to other regions, potentially leading to a more competitive environment for securing new clients but also indicating a healthy demand for services.
Nearby Job Markets
Nearby Cities for Insurance Sales Agents
| City | Salary | Dist. |
|---|---|---|
| St. Cloud, MN Insurance Sales Agents Salary | $78,370↓ 28% | 17 mi |
| Minneapolis-St. Paul-Bloomington, MN-WI Insurance Sales Agents Salary | $104,910↓ 3% | 58 mi |
Comparing salaries near Southwest Minnesota nonmetropolitan area
Hiring Insurance Sales Agentss?
Frequently Asked Questions
How much does a Insurance Sales Agents make in Southwest Minnesota nonmetropolitan area?
The median annual salary for a Insurance Sales Agents in Southwest Minnesota nonmetropolitan area is $108,140. This typically ranges from $47,650 for entry-level positions to $227,480 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Southwest Minnesota nonmetropolitan area is 32.7% higher than the national median of $81,510.
Is Southwest Minnesota nonmetropolitan area a lucrative place for Insurance Sales Agentss?
Yes, it is a highly lucrative area for Insurance Sales Agents.The average annual salary of $108,140 significantly surpasses the national average, and the cost of living is on par with the national average, offering excellent purchasing power.
Is Southwest Minnesota nonmetropolitan area a good place to live for Insurance Sales Agents?
The Cost of Living Index in Southwest Minnesota nonmetropolitan area is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Southwest Minnesota nonmetropolitan area?
Some top paying nearby cities include St. Cloud, MN ($78,370) and Minneapolis-St. Paul-Bloomington, MN-WI.
How does the salary compare to the national average?
The average annual salary for Insurance Sales Agents in Southwest Minnesota nonmetropolitan area is $108,140, which is considerably higher than the national average of $81,510.
What is the concentration of Insurance Sales Agents in this region?
The Location Quotient is 0.71, meaning there are fewer Insurance Sales Agents per capita in this region compared to the national average.
How does the cost of living affect the salary?
The Cost of Living Index is 100, which is the national average. This means the higher salary in Southwest Minnesota offers strong purchasing power.
What is the total number of Insurance Sales Agents in the area?
There are approximately 260 Insurance Sales Agents employed in the Southwest Minnesota nonmetropolitan area.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 260 employees in the Southwest Minnesota nonmetropolitan area area with a job density of 2.163 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
Explore Insurance Sales Agents Salaries by State
Top Jobs in Southwest Minnesota nonmetropolitan area
- All Occupations Salary in Southwest Minnesota nonmetropolitan area
- Production Occupations Salary in Southwest Minnesota nonmetropolitan area
- Office and Administrative Support Occupations Salary in Southwest Minnesota nonmetropolitan area
- Transportation and Material Moving Occupations Salary in Southwest Minnesota nonmetropolitan area
- Sales and Related Occupations Salary in Southwest Minnesota nonmetropolitan area
- Food Preparation and Serving Related Occupations Salary in Southwest Minnesota nonmetropolitan area
- Healthcare Support Occupations Salary in Southwest Minnesota nonmetropolitan area
- Educational Instruction and Library Occupations Salary in Southwest Minnesota nonmetropolitan area
- Healthcare Practitioners and Technical Occupations Salary in Southwest Minnesota nonmetropolitan area
- Management Occupations Salary in Southwest Minnesota nonmetropolitan area
- Browse All Jobs in Southwest Minnesota nonmetropolitan area →
Semantic Salary Analysis for Insurance Sales Agents • Data source: BLS OEWS 2024 •Jobs in Southwest Minnesota nonmetropolitan area