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Average Loan Officers Salary in Birmingham, AL

Loan Officers in Birmingham, AL earn an average annual salary of $79,250. This figure is notably below the national average of $86,220, suggesting that local market dynamics, such as demand and the overall economic landscape of Alabama, play a significant role in compensation levels for this financial profession.

Executive Summary

  • Average Salary: $79,250 per year.
  • Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $147,120.
  • Outlook: With a local workforce of 1,810 Loan Officers, Birmingham demonstrates a substantial presence in this sector. The Location Quotient of 1.85 indicates a concentration of these roles significantly higher than the national average, pointing towards robust local demand and a potentially stable job market for skilled professionals in this field.
2024 Market Data

Salary Overview

$79,250

The average Loan Officers in Birmingham, AL earns-8.1%below the national average.

BreakdownBased on 40h/week
Hourly

$38.1

Weekly

$1,524

Monthly

$6,604

Loan Officers Salary Distribution in Birmingham, AL

Career progression for Loan Officers in Birmingham, AL, typically involves a significant salary increase with experience. Entry-level positions might start closer to the lower percentiles, while seasoned professionals with proven track records and specialized skills can command salaries in the upper percentiles, reflecting a clear path for advancement and increased earning potential.

Experience LevelMarket PercentileAnnual WageHourly Rate
Associate / AnalystData entry, reporting, supporting senior staff.10% (Entry)$40,700$19.6
Senior AnalystIndependent analysis, forecasting, client interaction.25% (Junior)$59,438$28.6
ManagerOversees team, compliance, and project delivery.50% (Median)$61,240$29.4
Director / VPStrategic planning, budget ownership, risk management.75% (Senior)$99,063$47.6
Executive / PartnerC-level leadership. High-level strategy & relations.90% (Expert)$147,120$70.7

Detailed Loan Officers Market Analysis

Relocation Context

Nominal Salary

$79,250

Gross Pay

Real Wage (Purchasing Power)

$79,250

Adjusted for COL (100)

The average annual salary of $79,250 in Birmingham, AL, aligns perfectly with the national average Cost of Living Index of 100. This means that the purchasing power of a Loan Officer's salary in Birmingham is equivalent to the national average, offering a stable financial standing relative to the cost of everyday expenses.

Job Market Context

1,810

Total Jobs

3.489

Per 1K Jobs

1.85

Location Quotient

Major Hub

Birmingham, AL has 1.9x the national concentration of Loan Officers jobs — a major employment hub for this role. Job seekers will find significantly more opportunities here than in most other areas.

Birmingham's Location Quotient of 1.85 signifies a market where Loan Officers are more than 85% more concentrated than the national average. This suggests a competitive yet abundant job market, where employers may actively seek talent, and professionals have a good number of opportunities available within the region.

Nearby Job Markets

Nearby Cities for Loan Officers

CitySalaryDist.
Tuscaloosa, AL Loan Officers Salary$86,960↑ 10%47 mi
Northeast Alabama nonmetropolitan area Loan Officers Salary$69,810↓ 12%50 mi
Southeast Alabama nonmetropolitan area Loan Officers Salary$75,340↓ 5%50 mi
Northwest Alabama nonmetropolitan area Loan Officers Salary$73,450↓ 7%50 mi
Southwest Alabama nonmetropolitan area Loan Officers Salary$87,340↑ 10%50 mi

Comparing salaries near Birmingham, AL

Hiring Loan Officerss?

Frequently Asked Questions

How much does a Loan Officers make in Birmingham, AL?

The median annual salary for a Loan Officers in Birmingham, AL is $79,250. This typically ranges from $40,700 for entry-level positions to $147,120 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Birmingham, AL is 8.1% lower than the national median of $86,220.

Is Birmingham, AL a lucrative place for Loan Officers?

No, not when compared to the national average.While the average salary of $79,250 is substantial, it falls below the national average of $86,220. However, the cost of living being at the national average means the salary's purchasing power is consistent nationally.

Is Birmingham, AL a good place to live for Loan Officers?

The Cost of Living Index in Birmingham, AL is 100. While higher than average, this often correlates with higher wages.

Where are the highest paying cities near Birmingham, AL?

Some top paying nearby cities include Tuscaloosa, AL ($86,960) and Northeast Alabama nonmetropolitan area.

How does Birmingham's Loan Officer salary compare to the national average?

The average annual salary for Loan Officers in Birmingham, AL is $79,250, which is lower than the national average of $86,220.

What is the concentration of Loan Officers in Birmingham, AL?

Birmingham, AL has a Location Quotient of 1.85 for Loan Officers, indicating a concentration that is 85% higher than the national average.

How does the cost of living in Birmingham affect a Loan Officer's salary?

With a Cost of Living Index of 100, the national average, a Loan Officer's salary of $79,250 in Birmingham has the same purchasing power as the national average salary.

What is the total number of Loan Officers in Birmingham, AL?

There are approximately 1,810 Loan Officers employed in the Birmingham, AL area.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 1,810 employees in the Birmingham, AL area with a job density of 3.489 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.

Semantic Salary Analysis for Loan Officers • Data source: BLS OEWS 2024 •Jobs in Birmingham, AL