Average Loan Officers Salary in Charleston-North Charleston, SC
In Charleston-North Charleston, SC, Loan Officers earn an average annual salary of $72,370. This figure is notably below the national average of $86,220, suggesting that local market dynamics, such as demand and the cost of doing business, play a significant role in compensation levels within this metropolitan area.
Executive Summary
- Average Salary: $72,370 per year.
- Growth Trend: Salaries have shifted 12.1% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $132,010.
- Outlook: The Charleston-North Charleston area supports a local workforce of 510 Loan Officers, with a jobs-per-1,000-workers ratio of 1.301. The Location Quotient of 0.69 indicates that this profession is less concentrated here compared to the national average, suggesting moderate demand and potential for growth for skilled professionals entering the market.
Salary Overview
The average Loan Officers in Charleston-North Charleston, SC earns-16.1%below the national average.
$34.8
$1,392
$6,031
Loan Officers Salary Trends (2020-2024)
While specific historical data is not provided, it is generally assumed that salaries for Loan Officers in Charleston-North Charleston, SC, have experienced a steady upward trend over the past four years, mirroring national economic recovery and evolving financial service demands. This growth is likely driven by increased mortgage activity and a need for experienced financial advisors.
Loan Officers Salary Distribution in Charleston-North Charleston, SC
Career progression for Loan Officers in Charleston-North Charleston, SC, typically involves a significant salary increase from entry-level to senior positions. While specific percentile data is unavailable, the typical salary range widens considerably, with experienced professionals commanding higher earnings due to their expertise in complex financial products, client management, and market analysis.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $36,380 | $17.5 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $54,278 | $26.1 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $62,070 | $29.8 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $90,463 | $43.5 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $132,010 | $63.5 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$72,370
Gross Pay
Real Wage (Purchasing Power)
$72,370
Adjusted for COL (100)
The average annual salary of $72,370 in Charleston-North Charleston, SC, 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 this region is equivalent to the national average, offering a stable financial standing relative to everyday expenses.
Job Market Context
510
Total Jobs
1.301
Per 1K Jobs
0.69
Location Quotient
Charleston-North Charleston, SC has 0.69x 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.
With a Location Quotient of 0.69, the Charleston-North Charleston, SC, market for Loan Officers is less concentrated than the national average. This suggests that while the profession is present, it may not be as saturated as in other major hubs, potentially offering more opportunities for qualified individuals to establish themselves and advance their careers.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Hilton Head Island-Bluffton-Port Royal, SC Loan Officers Salary | $67,470↓ 7% | 63 mi |
| Sumter, SC Loan Officers Salary | $61,920↓ 14% | 81 mi |
| Myrtle Beach-Conway-North Myrtle Beach, SC Loan Officers Salary | $74,770↑ 3% | 88 mi |
| Savannah, GA Loan Officers Salary | $80,460↑ 11% | 89 mi |
| Northwestern South Carolina nonmetropolitan area Loan Officers Salary | $69,830↓ 4% | 91 mi |
Comparing salaries near Charleston-North Charleston, SC
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in Charleston-North Charleston, SC?
The median annual salary for a Loan Officers in Charleston-North Charleston, SC is $72,370. This typically ranges from $36,380 for entry-level positions to $132,010 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Charleston-North Charleston, SC is 16.1% lower than the national median of $86,220.
Is Charleston-North Charleston, SC a lucrative place for Loan Officers?
No, not compared to the national average.While the cost of living is average, the average salary of $72,370 is significantly lower than the national average of $86,220, indicating less lucrative earning potential in this specific location.
Is Charleston-North Charleston, SC a good place to live for Loan Officers?
The Cost of Living Index in Charleston-North Charleston, SC is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Charleston-North Charleston, SC?
Some top paying nearby cities include Hilton Head Island-Bluffton-Port Royal, SC ($67,470) and Sumter, SC.
How does the Charleston-North Charleston Loan Officer salary compare to the national average?
The average salary for Loan Officers in Charleston-North Charleston, SC, is $72,370, which is below the national average of $86,220.
What is the Cost of Living in Charleston-North Charleston, SC?
The Cost of Living Index in Charleston-North Charleston, SC, is 100, which is exactly the national average.
How concentrated is the Loan Officer job market in Charleston-North Charleston, SC?
The job market for Loan Officers in Charleston-North Charleston, SC, is less concentrated than the national average, with a Location Quotient of 0.69.
What is the total number of Loan Officers in Charleston-North Charleston, SC?
There are approximately 510 Loan Officers employed in the Charleston-North Charleston, SC metropolitan area.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 510 employees in the Charleston-North Charleston, SC area with a job density of 1.301 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 Charleston-North Charleston, SC