Average Loan Officers Salary in Cleveland, OH
Loan Officers in Cleveland, OH, earn an average annual salary of $82,760. This figure is slightly below the national average of $86,220, indicating a localized compensation structure influenced by regional economic factors and demand within the Ohio market. While not reaching the national benchmark, the Cleveland market offers a competitive environment for these financial professionals.
Executive Summary
- Average Salary: $82,760 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $132,840.
- Outlook: Cleveland boasts a robust local workforce of 1,980 Loan Officers, with a Location Quotient of 1.01, suggesting a job market that is closely aligned with national concentration levels. The presence of nearly 2 Loan Officers per 1,000 workers indicates a stable and consistent demand for these professionals within the city's financial sector, underpinning a healthy job market.
Salary Overview
The average Loan Officers in Cleveland, OH earns-4.0%below the national average.
$39.8
$1,592
$6,897
Loan Officers Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Loan Officers in Cleveland have experienced steady growth over the past four years, mirroring national trends. Economic fluctuations and evolving lending practices likely contribute to incremental increases, ensuring that compensation remains competitive within the evolving financial landscape.
Loan Officers Salary Distribution in Cleveland, OH
The salary trajectory for Loan Officers in Cleveland typically scales significantly with experience. Entry-level positions might start at the lower percentiles, while seasoned professionals with a proven track record can command salaries in the higher percentiles. This progression highlights the value placed on expertise and performance within the lending industry, with substantial earning potential for senior roles.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $37,830 | $18.2 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $62,070 | $29.8 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $76,740 | $36.9 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $103,450 | $49.7 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $132,840 | $63.9 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$82,760
Gross Pay
Real Wage (Purchasing Power)
$82,760
Adjusted for COL (100)
With an average annual salary of $82,760 and a Cost of Living Index of 100, Loan Officers in Cleveland find their nominal earnings directly translate to purchasing power equivalent to the national average. This means that the salary offers a standard of living that aligns precisely with the national median, making relocation financially neutral from a cost-of-living perspective.
Job Market Context
1,980
Total Jobs
1.909
Per 1K Jobs
1.01
Location Quotient
With a location quotient of 1.01, Cleveland, OH has a slightly higher-than-average concentration of Loan Officers roles compared to the national norm.
The Location Quotient of 1.01 for Loan Officers in Cleveland signifies a job market that is nearly identical in concentration to the national average. This suggests a balanced supply and demand dynamic, where the number of Loan Officers is neither excessively high nor unusually low compared to other professions nationwide, indicating a moderately competitive but stable employment environment.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Akron, OH Loan Officers Salary | $72,190↓ 13% | 29 mi |
| Canton-Massillon, OH Loan Officers Salary | $67,640↓ 18% | 49 mi |
| Sandusky, OH Loan Officers Salary | $88,490↑ 7% | 53 mi |
| Youngstown-Warren, OH Loan Officers Salary | $69,940↓ 15% | 60 mi |
| Mansfield, OH Loan Officers Salary | $73,030↓ 12% | 66 mi |
Comparing salaries near Cleveland, OH
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in Cleveland, OH?
The median annual salary for a Loan Officers in Cleveland, OH is $82,760. This typically ranges from $37,830 for entry-level positions to $132,840 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Cleveland, OH is 4.0% lower than the national median of $86,220.
Is Cleveland, OH a lucrative place for Loan Officers?
Yes, Cleveland, OH offers a competitive earning potential for Loan Officers.Loan Officers in Cleveland earn an average of $82,760, which is competitive given the national average cost of living. The stable job market concentration further supports this.
Is Cleveland, OH a good place to live for Loan Officers?
The Cost of Living Index in Cleveland, OH is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Cleveland, OH?
Some top paying nearby cities include Akron, OH ($72,190) and Canton-Massillon, OH.
How does Cleveland's Loan Officer salary compare to the national average?
The average annual salary for Loan Officers in Cleveland, OH is $82,760, which is slightly lower than the national average of $86,220.
What is the concentration of Loan Officers in Cleveland compared to the rest of the US?
Cleveland has a Location Quotient of 1.01 for Loan Officers, indicating a concentration that is very close to the national average.
Does the cost of living in Cleveland affect the value of a Loan Officer's salary?
No, Cleveland's Cost of Living Index is 100, matching the national average, so the $82,760 salary has purchasing power equivalent to the national median.
How many Loan Officers are employed in Cleveland?
There are approximately 1,980 Loan Officers employed in Cleveland, OH, representing about 1.909 jobs per 1,000 workers.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 1,980 employees in the Cleveland, OH area with a job density of 1.909 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 Cleveland, OH