Average Loan Officers Salary in Knoxville, TN
Loan Officers in Knoxville, TN, earn an average annual salary of $71,820. This figure is notably below the national average of $86,220, suggesting that local market dynamics and potentially lower demand contribute to this compensation difference. While Knoxville offers a cost of living on par with the national average, the salary differential warrants closer examination for professionals in this field.
Executive Summary
- Average Salary: $71,820 per year.
- Growth Trend: Salaries have shifted 10.7% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $108,490.
- Outlook: With a total local workforce of 990 Loan Officers, Knoxville presents a moderately sized employment pool. The Location Quotient of 1.26 indicates a concentration of these professionals that is 26% higher than the national average, suggesting a robust demand or a specialized market for loan origination services within the region. This concentration, coupled with a steady presence in the workforce, points to a stable, albeit not rapidly expanding, job market for Loan Officers in Knoxville.
Salary Overview
The average Loan Officers in Knoxville, TN earns-16.7%below the national average.
$34.5
$1,381
$5,985
Loan Officers Salary Trends (2020-2024)
While specific historical data for Knoxville is not provided, it is reasonable to assume that Loan Officer salaries in the region have experienced growth over the past four years, mirroring national trends. Economic fluctuations, interest rate changes, and evolving housing market conditions typically influence compensation, leading to incremental increases in average pay as the market adapts and demand shifts.
Loan Officers Salary Distribution in Knoxville, TN
The career trajectory for Loan Officers in Knoxville, as elsewhere, typically involves a significant salary increase with advancing experience. Entry-level positions may start closer to the lower percentiles of the salary range, while seasoned professionals with a proven track record and extensive client networks can command salaries in the upper percentiles. This progression is a key indicator of career development and the value placed on expertise within the lending industry.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $37,730 | $18.1 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $53,865 | $25.9 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $63,870 | $30.7 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $89,775 | $43.2 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $108,490 | $52.2 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$71,820
Gross Pay
Real Wage (Purchasing Power)
$71,820
Adjusted for COL (100)
The average annual salary of $71,820 for Loan Officers in Knoxville aligns perfectly with the local Cost of Living Index of 100, which is the national average. This means that the purchasing power of a Knoxville-based Loan Officer's salary is equivalent to that of a Loan Officer earning the national average in a location with average living expenses. Therefore, the nominal salary translates directly to average living standards without significant adjustments for local affordability.
Job Market Context
990
Total Jobs
2.372
Per 1K Jobs
1.26
Location Quotient
With a location quotient of 1.26, Knoxville, TN has a slightly higher-than-average concentration of Loan Officers roles compared to the national norm.
A Location Quotient of 1.26 for Loan Officers in Knoxville signifies a higher concentration of these professionals compared to the national average. This suggests that the market may be more competitive, or conversely, that Knoxville has a specialized demand for loan origination services that supports a larger workforce relative to its general employment landscape. It indicates a market where opportunities may be plentiful but also where professionals are competing within a more focused industry segment.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Morristown, TN Loan Officers Salary | $60,610↓ 16% | 40 mi |
| Cleveland, TN Loan Officers Salary | $62,800↓ 13% | 75 mi |
| Asheville, NC Loan Officers Salary | $88,950↑ 24% | 83 mi |
| Kingsport-Bristol, TN-VA Loan Officers Salary | $65,030↓ 9% | 87 mi |
| Johnson City, TN Loan Officers Salary | $77,920↑ 8% | 91 mi |
Comparing salaries near Knoxville, TN
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in Knoxville, TN?
The median annual salary for a Loan Officers in Knoxville, TN is $71,820. This typically ranges from $37,730 for entry-level positions to $108,490 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Knoxville, TN is 16.7% lower than the national median of $86,220.
Is Knoxville, TN a lucrative place for Loan Officers?
No, not significantly more lucrative than the national average.While the cost of living is average, the average salary for Loan Officers in Knoxville is below the national average. However, the higher concentration of professionals suggests a stable job market.
Is Knoxville, TN a good place to live for Loan Officers?
The Cost of Living Index in Knoxville, TN is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Knoxville, TN?
Some top paying nearby cities include Morristown, TN ($60,610) and Cleveland, TN.
How does Knoxville's cost of living compare to the national average for Loan Officers?
Knoxville's cost of living index is exactly 100, matching the national average. This means that the $71,820 salary offers purchasing power equivalent to the national average salary in a location with average living costs.
What is the concentration of Loan Officers in Knoxville?
The Location Quotient for Loan Officers in Knoxville is 1.26, indicating that the area has 26% more Loan Officers per worker than the national average, suggesting a specialized or robust local market for these professionals.
How many Loan Officers are employed in Knoxville?
There are approximately 990 Loan Officers employed in Knoxville, TN, representing 2.372 jobs per 1,000 workers in the local economy.
Is the Loan Officer job market growing in Knoxville?
While specific growth rates aren't provided, the Location Quotient of 1.26 suggests a stable or potentially growing demand for Loan Officers, as the concentration is higher than the national average, indicating a significant presence in the local job market.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 990 employees in the Knoxville, TN area with a job density of 2.372 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 Knoxville, TN