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Average Loan Officers Salary in Buffalo-Cheektowaga, NY

Loan Officers in Buffalo-Cheektowaga, NY, command an impressive average annual salary of $100,200. This figure significantly surpasses the national average of $86,220, indicating a localized premium for this profession. Factors such as regional economic drivers and specific market demands within the Buffalo area likely contribute to this elevated compensation.

Executive Summary

  • Average Salary: $100,200 per year.
  • Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $171,880.
  • Outlook: With a local workforce of 870 Loan Officers, Buffalo-Cheektowaga presents a moderately sized but established market for this role. The Location Quotient of 0.87 suggests that while the concentration of Loan Officers is slightly below the national average, the presence of nearly 1.64 jobs per 1,000 workers indicates consistent demand and a stable job market for skilled professionals.
2024 Market Data

Salary Overview

$100,200

The average Loan Officers in Buffalo-Cheektowaga, NY earns+16.2%above the national average.

BreakdownBased on 40h/week
Hourly

$48.2

Weekly

$1,927

Monthly

$8,350

Loan Officers Salary Distribution in Buffalo-Cheektowaga, NY

Salary progression for Loan Officers is strongly tied to experience. Entry-level positions typically start at the lower end of the pay scale, while seasoned professionals with a proven track record and specialized skills can command significantly higher salaries. The percentile gaps in compensation clearly signify career advancement opportunities, rewarding expertise and performance.

Experience LevelMarket PercentileAnnual WageHourly Rate
Associate / AnalystData entry, reporting, supporting senior staff.10% (Entry)$39,640$19.1
Senior AnalystIndependent analysis, forecasting, client interaction.25% (Junior)$75,150$36.1
ManagerOversees team, compliance, and project delivery.50% (Median)$79,450$38.2
Director / VPStrategic planning, budget ownership, risk management.75% (Senior)$125,250$60.2
Executive / PartnerC-level leadership. High-level strategy & relations.90% (Expert)$171,880$82.6

Detailed Loan Officers Market Analysis

Relocation Context

Nominal Salary

$100,200

Gross Pay

Real Wage (Purchasing Power)

$100,200

Adjusted for COL (100)

The average annual salary of $100,200 in Buffalo-Cheektowaga 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 this region is equivalent to the national standard, offering a stable financial foundation without the added pressure of a higher cost of living.

Job Market Context

870

Total Jobs

1.638

Per 1K Jobs

0.87

Location Quotient

Below Average

Buffalo-Cheektowaga, NY has 0.87x 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 0.87 indicates that Buffalo-Cheektowaga has a slightly lower concentration of Loan Officers compared to the national average. This suggests that while the profession is well-established, the market may not be oversaturated, potentially offering good opportunities for skilled individuals entering or advancing within the field.

Nearby Job Markets

Nearby Cities for Loan Officers

CitySalaryDist.
Rochester, NY Loan Officers Salary$102,540↑ 2%65 mi
Erie, PA Loan Officers Salary$59,640↓ 40%83 mi

Comparing salaries near Buffalo-Cheektowaga, NY

Hiring Loan Officerss?

Frequently Asked Questions

How much does a Loan Officers make in Buffalo-Cheektowaga, NY?

The median annual salary for a Loan Officers in Buffalo-Cheektowaga, NY is $100,200. This typically ranges from $39,640 for entry-level positions to $171,880 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Buffalo-Cheektowaga, NY is 16.2% higher than the national median of $86,220.

Is Buffalo-Cheektowaga, NY a lucrative place for Loan Officers?

Yes, Buffalo-Cheektowaga, NY is a lucrative place for Loan Officers.Loan Officers in this area earn an average of $100,200 annually, significantly above the national average. Coupled with a cost of living index at the national average, this salary offers strong purchasing power.

Is Buffalo-Cheektowaga, NY a good place to live for Loan Officers?

The Cost of Living Index in Buffalo-Cheektowaga, NY is 100. While higher than average, this often correlates with higher wages.

Where are the highest paying cities near Buffalo-Cheektowaga, NY?

Some top paying nearby cities include Rochester, NY ($102,540) and Erie, PA.

How does the Buffalo Loan Officer salary compare to the national average?

The average annual salary for Loan Officers in Buffalo-Cheektowaga, NY is $100,200, which is notably higher than the national average of $86,220.

What is the Cost of Living in Buffalo-Cheektowaga, NY for Loan Officers?

The Cost of Living Index in Buffalo-Cheektowaga, NY is 100, which is exactly the national average, indicating that the local expenses are comparable to the rest of the country.

How concentrated is the Loan Officer job market in Buffalo-Cheektowaga, NY?

The job market has a Location Quotient of 0.87, meaning it is slightly less concentrated than the national average, suggesting a balanced supply and demand for Loan Officers.

What is the total number of Loan Officers in Buffalo-Cheektowaga, NY?

There are approximately 870 Loan Officers employed in the Buffalo-Cheektowaga, NY area.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 870 employees in the Buffalo-Cheektowaga, NY area with a job density of 1.638 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 Buffalo-Cheektowaga, NY