Average Loan Officers Salary in Akron, OH
Loan Officers in Akron, OH earn an average annual salary of $72,190. This figure is notably below the national average of $86,220, indicating localized economic factors and market demand play a significant role in compensation within the Akron area. The specific economic landscape and the concentration of financial institutions in Ohio's "Rubber Capital" influence these pay scales.
Executive Summary
- Average Salary: $72,190 per year.
- Growth Trend: Salaries have shifted 12.9% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $125,520.
- Outlook: With a total local workforce of 380 Loan Officers, Akron presents a moderate employment base for this profession. The Location Quotient of 0.62 suggests that while the profession is present, it is less concentrated than the national average, implying a steady but not booming demand. The number of jobs per 1,000 workers (1.173) further supports this, indicating a stable job market for skilled loan officers.
Salary Overview
The average Loan Officers in Akron, OH earns-16.3%below the national average.
$34.7
$1,388
$6,016
Loan Officers Salary Trends (2020-2024)
While specific historical data for Akron is not provided, it is generally observed that salaries for Loan Officers nationwide have experienced consistent growth over the past four years, driven by evolving financial markets and increased demand for lending services. It is reasonable to assume that Akron's market has mirrored this trend, with incremental salary increases reflecting broader economic shifts and inflation.
Loan Officers Salary Distribution in Akron, OH
Salary progression for Loan Officers in Akron, OH, typically correlates with experience. Entry-level positions may start at the lower end of the pay scale, while seasoned professionals with a proven track record in mortgage, commercial, or consumer lending can command significantly higher salaries. The percentile gaps in earnings clearly signify career advancement opportunities, with senior Loan Officers often earning well above the average.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $32,210 | $15.5 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $54,143 | $26 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $61,730 | $29.7 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $90,238 | $43.4 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $125,520 | $60.3 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$72,190
Gross Pay
Real Wage (Purchasing Power)
$72,190
Adjusted for COL (100)
The average annual salary of $72,190 in Akron, OH, aligns perfectly with the local Cost of Living Index of 100, which is the national average. This means that the purchasing power of a Loan Officer's salary in Akron is equivalent to the national average, offering a stable financial standing relative to the cost of goods and services.
Job Market Context
380
Total Jobs
1.173
Per 1K Jobs
0.62
Location Quotient
Akron, OH has 0.62x the national average concentration of Loan Officers jobs. This means there are fewer opportunities per capita here compared to the U.S. average — competition for roles may be higher.
A Location Quotient of 0.62 for Loan Officers in Akron, OH, indicates that the profession is less concentrated in this area compared to the national average. This suggests that while there is a stable presence of Loan Officers, the market is not saturated, potentially offering good opportunities for skilled professionals entering the field or seeking to advance their careers without intense competition.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Canton-Massillon, OH Loan Officers Salary | $67,640↓ 6% | 20 mi |
| Cleveland, OH Loan Officers Salary | $82,760↑ 15% | 29 mi |
| Youngstown-Warren, OH Loan Officers Salary | $69,940↓ 3% | 46 mi |
| Mansfield, OH Loan Officers Salary | $73,030↑ 1% | 57 mi |
| Sandusky, OH Loan Officers Salary | $88,490↑ 23% | 66 mi |
Comparing salaries near Akron, OH
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in Akron, OH?
The median annual salary for a Loan Officers in Akron, OH is $72,190. This typically ranges from $32,210 for entry-level positions to $125,520 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Akron, OH is 16.3% lower than the national median of $86,220.
Is Akron, OH a lucrative place for Loan Officers?
No, not exceptionally lucrative compared to the national average.While the average salary of $72,190 is stable relative to the cost of living, it falls below the national average of $86,220. This suggests that Akron offers standard compensation rather than premium pay for Loan Officers.
Is Akron, OH a good place to live for Loan Officers?
The Cost of Living Index in Akron, OH is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Akron, OH?
Some top paying nearby cities include Canton-Massillon, OH ($67,640) and Cleveland, OH.
What is the average salary for a Loan Officer in Akron, OH?
The average annual salary for a Loan Officer in Akron, OH is $72,190.
How does Akron's Loan Officer salary compare to the national average?
The average salary in Akron ($72,190) is lower than the national average ($86,220).
What is the Cost of Living Index in Akron, OH?
Akron, OH has a Cost of Living Index of 100, which is equivalent to the national average.
Is there high demand for Loan Officers in Akron, OH?
The demand appears stable, with 1.173 jobs per 1,000 workers and a Location Quotient of 0.62, indicating a presence but not an oversaturated market.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 380 employees in the Akron, OH area with a job density of 1.173 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
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Semantic Salary Analysis for Loan Officers • Data source: BLS OEWS 2024 •Jobs in Akron, OH