Average Loan Officers Salary in Jackson, MS
Loan Officers in Jackson, Mississippi, earn an average annual salary of $76,320. This figure is notably below the national average of $86,220, suggesting that local market dynamics and potentially regional economic factors influence compensation in this area. The specific economic landscape and demand for mortgage and financial services within Mississippi play a significant role in shaping these salary levels.
Executive Summary
- Average Salary: $76,320 per year.
- Growth Trend: Salaries have shifted 23.4% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $133,150.
- Outlook: The loan officer job market in Jackson, MS, appears moderately robust, with a total local workforce of 640 individuals in this role. The location quotient of 1.27 indicates a slightly higher concentration of loan officers compared to the national average, suggesting a stable, albeit not booming, demand for these professionals within the state.
Salary Overview
The average Loan Officers in Jackson, MS earns-11.5%below the national average.
$36.7
$1,468
$6,360
Loan Officers Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that loan officer salaries in Jackson, MS, have experienced gradual growth over the past four years, mirroring national trends. Economic fluctuations and shifts in the housing market likely contributed to modest increases, reflecting an evolving demand for financial services professionals in the region.
Loan Officers Salary Distribution in Jackson, MS
Salary progression for Loan Officers in Jackson, MS, typically scales with experience. Entry-level positions might start at a lower percentile, while seasoned professionals with a proven track record and extensive client networks can command salaries in the higher percentiles. The gap between entry-level and senior roles signifies substantial career growth potential and increased earning capacity.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $37,280 | $17.9 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $57,240 | $27.5 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $61,040 | $29.3 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $95,400 | $45.9 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $133,150 | $64 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$76,320
Gross Pay
Real Wage (Purchasing Power)
$76,320
Adjusted for COL (100)
The average annual salary of $76,320 in Jackson, MS, 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 Jackson is equivalent to the national average, offering a stable financial standing relative to living expenses.
Job Market Context
640
Total Jobs
2.384
Per 1K Jobs
1.27
Location Quotient
With a location quotient of 1.27, Jackson, MS has a slightly higher-than-average concentration of Loan Officers roles compared to the national norm.
With a Location Quotient of 1.27, Jackson, MS, exhibits a concentration of loan officers that is 27% higher than the national average. This suggests a competitive market where demand is present, but professionals may need to differentiate themselves to secure top positions or higher compensation, as the supply is slightly more abundant locally.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Upper East Mississippi nonmetropolitan area Loan Officers Salary | $81,700↑ 7% | 43 mi |
| Lower East Mississippi nonmetropolitan area Loan Officers Salary | $64,010↓ 16% | 43 mi |
| Lower West Mississippi nonmetropolitan area Loan Officers Salary | $67,630↓ 11% | 43 mi |
| West Delta Mississippi nonmetropolitan area Loan Officers Salary | $67,650↓ 11% | 43 mi |
| Hattiesburg, MS Loan Officers Salary | $69,520↓ 9% | 87 mi |
Comparing salaries near Jackson, MS
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in Jackson, MS?
The median annual salary for a Loan Officers in Jackson, MS is $76,320. This typically ranges from $37,280 for entry-level positions to $133,150 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Jackson, MS is 11.5% lower than the national median of $86,220.
Is Jackson, MS a lucrative place for Loan Officers?
No, not exceptionally lucrative compared to the national average.While the cost of living is average, the average salary for Loan Officers in Jackson, MS ($76,320) is below the national average ($86,220), indicating less lucrative earning potential.
Is Jackson, MS a good place to live for Loan Officers?
The Cost of Living Index in Jackson, MS is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Jackson, MS?
Some top paying nearby cities include Upper East Mississippi nonmetropolitan area ($81,700) and Lower East Mississippi nonmetropolitan area.
How does the number of loan officers in Jackson, MS compare nationally?
Jackson, MS has 2.384 loan officers per 1,000 workers, which is higher than the national average, indicating a greater local presence of this profession.
What is the impact of the Location Quotient on the job market?
A Location Quotient of 1.27 means loan officers are more concentrated in Jackson, MS than the national average, suggesting a competitive but stable job market for this role.
How does the cost of living affect the salary in Jackson, MS?
With a Cost of Living Index of 100, the national average, the $76,320 salary in Jackson, MS, offers purchasing power equivalent to the national average, making it a balanced financial environment.
What is the typical salary range for Loan Officers in Jackson, MS?
While the average is $76,320, salaries can range significantly based on experience, with entry-level roles earning less and senior loan officers potentially earning considerably more, reflecting career progression.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 640 employees in the Jackson, MS area with a job density of 2.384 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 Jackson, MS