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Average Loan Officers Salary in Charlottesville, VA

Loan Officers in Charlottesville, VA, earn an average annual salary of $68,310. This figure is notably below the national average of $86,220, suggesting that local market dynamics, such as demand and the specific financial landscape of the region, play a significant role in compensation levels for this profession.

Executive Summary

  • Average Salary: $68,310 per year.
  • Growth Trend: Salaries have shifted 2.4% ↘ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $97,160.
  • Outlook: Charlottesville, VA, hosts a dedicated workforce of 460 Loan Officers, indicating a stable, albeit not overwhelmingly large, local presence. The robust Location Quotient of 2.16 signifies that this profession is more concentrated in Charlottesville than the national average, pointing to a potentially steady demand for skilled Loan Officers within the area's financial sector.
2024 Market Data

Salary Overview

$68,310

The average Loan Officers in Charlottesville, VA earns-20.8%below the national average.

BreakdownBased on 40h/week
Hourly

$32.8

Weekly

$1,314

Monthly

$5,693

Loan Officers Salary Distribution in Charlottesville, VA

The salary progression for Loan Officers in Charlottesville, VA, typically sees significant increases with experience. Entry-level positions may start closer to the lower end of the pay scale, while seasoned professionals with proven track records and specialized skills can command salaries well above the average. The percentile gaps in earnings underscore the substantial career advancement and earning potential available to experienced Loan Officers.

Experience LevelMarket PercentileAnnual WageHourly Rate
Associate / AnalystData entry, reporting, supporting senior staff.10% (Entry)$37,390$18
Senior AnalystIndependent analysis, forecasting, client interaction.25% (Junior)$51,233$24.6
ManagerOversees team, compliance, and project delivery.50% (Median)$59,040$28.4
Director / VPStrategic planning, budget ownership, risk management.75% (Senior)$85,388$41.1
Executive / PartnerC-level leadership. High-level strategy & relations.90% (Expert)$97,160$46.7

Detailed Loan Officers Market Analysis

Relocation Context

Nominal Salary

$68,310

Gross Pay

Real Wage (Purchasing Power)

$68,310

Adjusted for COL (100)

With an average salary of $68,310 and a Cost of Living Index of 100, the nominal income in Charlottesville, VA, aligns precisely with the national average cost of living. This means that the purchasing power of a Loan Officer's salary in Charlottesville is equivalent to that of a Loan Officer earning the national average salary in a location with a national average cost of living.

Job Market Context

460

Total Jobs

4.075

Per 1K Jobs

2.16

Location Quotient

Major Hub

Charlottesville, VA has 2.2x 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.

The Location Quotient of 2.16 for Loan Officers in Charlottesville, VA, strongly suggests a market with a higher-than-average concentration of these professionals relative to the nation. This indicates a potentially competitive environment, but also a robust and established demand within the local economy for their specialized financial services.

Nearby Job Markets

Nearby Cities for Loan Officers

CitySalaryDist.
Southside Virginia nonmetropolitan area Loan Officers Salary$81,430↑ 19%25 mi
Northern West Virginia nonmetropolitan area Loan Officers Salary$63,250↓ 7%25 mi
Southwest Virginia nonmetropolitan area Loan Officers Salary$89,290↑ 31%25 mi
Southern West Virginia nonmetropolitan area Loan Officers Salary$55,620↓ 19%25 mi

Comparing salaries near Charlottesville, VA

Hiring Loan Officerss?

Frequently Asked Questions

How much does a Loan Officers make in Charlottesville, VA?

The median annual salary for a Loan Officers in Charlottesville, VA is $68,310. This typically ranges from $37,390 for entry-level positions to $97,160 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Charlottesville, VA is 20.8% lower than the national median of $86,220.

Is Charlottesville, VA a lucrative place for Loan Officers?

No, not when compared to the national average.While the cost of living is average, the average salary for Loan Officers in Charlottesville, VA ($68,310) is significantly lower than the national average ($86,220).

Is Charlottesville, VA a good place to live for Loan Officers?

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

Where are the highest paying cities near Charlottesville, VA?

Some top paying nearby cities include Southside Virginia nonmetropolitan area ($81,430) and Northern West Virginia nonmetropolitan area.

What is the average salary for a Loan Officer in Charlottesville, VA?

The average annual salary for a Loan Officer in Charlottesville, VA is $68,310.

How does the Charlottesville, VA salary compare to the national average?

The average salary in Charlottesville, VA ($68,310) is lower than the national average salary of $86,220 for Loan Officers.

What is the Cost of Living in Charlottesville, VA?

Charlottesville, VA has a Cost of Living Index of 100, which is exactly the national average.

Is there high demand for Loan Officers in Charlottesville, VA?

With a Location Quotient of 2.16, there is a higher concentration of Loan Officers in Charlottesville than the national average, suggesting consistent local demand.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 460 employees in the Charlottesville, VA area with a job density of 4.075 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 Charlottesville, VA