Average Loan Officers Salary in Canton-Massillon, OH
Loan Officers in Canton-Massillon, OH, can expect an average annual salary of $67,640. This figure is notably below the national average of $86,220, suggesting localized economic factors and demand play a significant role in compensation within this Ohio region. The specific economic landscape and industry concentration in Canton-Massillon directly influence the earning potential for these financial professionals.
Executive Summary
- Average Salary: $67,640 per year.
- Growth Trend: Salaries have shifted 22.2% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $118,410.
- Outlook: The Canton-Massillon area supports a local workforce of 250 Loan Officers, with a jobs-per-1,000-workers ratio of 1.525. While the Location Quotient of 0.81 indicates a slightly lower concentration compared to the national average, the presence of a dedicated workforce suggests a stable, albeit not hyper-concentrated, demand for these roles. This indicates a consistent market for loan officers, without the intense competition often seen in more saturated areas.
Salary Overview
The average Loan Officers in Canton-Massillon, OH earns-21.5%below the national average.
$32.5
$1,301
$5,637
Loan Officers Salary Trends (2020-2024)
While specific historical data for Canton-Massillon is not provided, it is reasonable to assume that, mirroring national trends, salaries for Loan Officers in this region have experienced steady growth over the past four years. Factors such as inflation, evolving market demands, and the increasing complexity of financial products likely contribute to upward pressure on wages, reflecting a dynamic professional landscape.
Loan Officers Salary Distribution in Canton-Massillon, OH
Salary progression for Loan Officers in Canton-Massillon, as elsewhere, 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 command significantly higher salaries. The widening gap between the 25th percentile (entry-level) and the 75th percentile (senior) clearly signifies substantial career advancement and earning potential.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $37,320 | $17.9 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $50,730 | $24.4 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $58,840 | $28.3 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $84,550 | $40.6 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $118,410 | $56.9 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$67,640
Gross Pay
Real Wage (Purchasing Power)
$67,640
Adjusted for COL (100)
With an average annual salary of $67,640 and a Cost of Living Index of 100 (matching the national average), the nominal income for Loan Officers in Canton-Massillon, OH, offers purchasing power equivalent to the national standard. This means that while the salary is below the national average, the cost of essential goods and services remains comparable, providing a balanced financial outlook for residents.
Job Market Context
250
Total Jobs
1.525
Per 1K Jobs
0.81
Location Quotient
Canton-Massillon, OH has 0.81x 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.
The Location Quotient of 0.81 for Loan Officers in Canton-Massillon suggests that the profession is slightly less concentrated than the national average. This indicates that while the role is present and supported by a workforce of 250 individuals, the market may not be saturated, potentially offering a good balance between job availability and competition for skilled professionals.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Akron, OH Loan Officers Salary | $72,190↑ 7% | 20 mi |
| Youngstown-Warren, OH Loan Officers Salary | $69,940↑ 3% | 43 mi |
| Cleveland, OH Loan Officers Salary | $82,760↑ 22% | 49 mi |
| Weirton-Steubenville, WV-OH Loan Officers Salary | $69,360↑ 3% | 50 mi |
| Mansfield, OH Loan Officers Salary | $73,030↑ 8% | 61 mi |
Comparing salaries near Canton-Massillon, OH
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in Canton-Massillon, OH?
The median annual salary for a Loan Officers in Canton-Massillon, OH is $67,640. This typically ranges from $37,320 for entry-level positions to $118,410 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Canton-Massillon, OH is 21.5% lower than the national median of $86,220.
Is Canton-Massillon, OH a lucrative place for Loan Officers?
No, not significantly more lucrative than the national average.The average salary of $67,640 is below the national average of $86,220, although the cost of living is on par with the national average.
Is Canton-Massillon, OH a good place to live for Loan Officers?
The Cost of Living Index in Canton-Massillon, OH is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Canton-Massillon, OH?
Some top paying nearby cities include Akron, OH ($72,190) and Youngstown-Warren, OH.
How does the Canton-Massillon Loan Officer salary compare to the national average?
The average annual salary for Loan Officers in Canton-Massillon, OH is $67,640, which is lower than the national average of $86,220.
What is the Cost of Living in Canton-Massillon, OH for Loan Officers?
The Cost of Living Index in Canton-Massillon, OH is 100, which is exactly the national average, meaning expenses are comparable to the rest of the country.
How many Loan Officers are there in Canton-Massillon, OH?
There are approximately 250 Loan Officers employed in the Canton-Massillon, OH area.
Is the market for Loan Officers in Canton-Massillon, OH competitive?
With a Location Quotient of 0.81, the market is slightly less concentrated than the national average, suggesting a potentially balanced level of competition for Loan Officers.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 250 employees in the Canton-Massillon, OH area with a job density of 1.525 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
Explore Loan Officers Salaries by State
Top Jobs in Canton-Massillon, OH
- All Occupations Salary in Canton-Massillon, OH
- Office and Administrative Support Occupations Salary in Canton-Massillon, OH
- Transportation and Material Moving Occupations Salary in Canton-Massillon, OH
- Food Preparation and Serving Related Occupations Salary in Canton-Massillon, OH
- Production Occupations Salary in Canton-Massillon, OH
- Sales and Related Occupations Salary in Canton-Massillon, OH
- Healthcare Practitioners and Technical Occupations Salary in Canton-Massillon, OH
- Management Occupations Salary in Canton-Massillon, OH
- Educational Instruction and Library Occupations Salary in Canton-Massillon, OH
- Healthcare Support Occupations Salary in Canton-Massillon, OH
- Browse All Jobs in Canton-Massillon, OH →
Semantic Salary Analysis for Loan Officers • Data source: BLS OEWS 2024 •Jobs in Canton-Massillon, OH