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Average Loan Officers Salary in Memphis, TN-MS-AR

Loan Officers in the Memphis, TN-MS-AR area earn an average annual salary of $76,130. This figure is notably below the national average of $86,220, suggesting that local market dynamics and potentially regional economic factors influence compensation for this role. While the cost of living is on par with the national average, the salary differential warrants closer examination.

Executive Summary

  • Average Salary: $76,130 per year.
  • Growth Trend: Salaries have shifted 22.3% ↗ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $124,780.
  • Outlook: With a local workforce of 1,020 Loan Officers and a Location Quotient of 0.87, the Memphis market indicates a slightly lower concentration of these professionals compared to the national average. This suggests a stable, albeit not exceptionally high, demand for Loan Officers within the region, with jobs available at a rate of 1.639 per 1,000 workers.
2024 Market Data

Salary Overview

$76,130

The average Loan Officers in Memphis, TN-MS-AR earns-11.7%below the national average.

BreakdownBased on 40h/week
Hourly

$36.6

Weekly

$1,464

Monthly

$6,344

Loan Officers Salary Distribution in Memphis, TN-MS-AR

Career progression for Loan Officers typically involves a significant salary increase with experience. Entry-level positions might start closer to the lower percentiles, while seasoned professionals with a proven track record and specialized skills can command salaries in the higher percentiles. The widening gap between entry-level and senior roles signifies substantial earning potential and career advancement opportunities within the field.

Experience LevelMarket PercentileAnnual WageHourly Rate
Associate / AnalystData entry, reporting, supporting senior staff.10% (Entry)$38,220$18.4
Senior AnalystIndependent analysis, forecasting, client interaction.25% (Junior)$57,098$27.5
ManagerOversees team, compliance, and project delivery.50% (Median)$62,870$30.2
Director / VPStrategic planning, budget ownership, risk management.75% (Senior)$95,163$45.8
Executive / PartnerC-level leadership. High-level strategy & relations.90% (Expert)$124,780$60

Detailed Loan Officers Market Analysis

Relocation Context

Nominal Salary

$76,130

Gross Pay

Real Wage (Purchasing Power)

$76,130

Adjusted for COL (100)

The average annual salary of $76,130 for Loan Officers in Memphis 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 Memphis is equivalent to that of their national counterparts, offering a stable financial foundation without the immediate pressure of higher or lower living expenses.

Job Market Context

1,020

Total Jobs

1.639

Per 1K Jobs

0.87

Location Quotient

Below Average

Memphis, TN-MS-AR has 0.87x 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.

A Location Quotient of 0.87 for Loan Officers in Memphis suggests that the profession is slightly less concentrated than the national average. This could imply a moderately competitive job market, where opportunities exist but may not be as abundant as in regions with a higher concentration of these roles. Employers may need to offer competitive packages to attract top talent.

Nearby Job Markets

Nearby Cities for Loan Officers

CitySalaryDist.
Jonesboro, AR Loan Officers Salary$84,860↑ 11%64 mi
Jackson, TN Loan Officers Salary$72,380↓ 5%74 mi

Comparing salaries near Memphis, TN-MS-AR

Hiring Loan Officerss?

Frequently Asked Questions

How much does a Loan Officers make in Memphis, TN-MS-AR?

The median annual salary for a Loan Officers in Memphis, TN-MS-AR is $76,130. This typically ranges from $38,220 for entry-level positions to $124,780 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Memphis, TN-MS-AR is 11.7% lower than the national median of $86,220.

Is Memphis, TN-MS-AR a lucrative place for Loan Officers?

No, not exceptionally lucrative compared to the national average.Loan Officers in Memphis earn approximately $10,000 less than the national average, despite the cost of living being on par with the national average.

Is Memphis, TN-MS-AR a good place to live for Loan Officers?

The Cost of Living Index in Memphis, TN-MS-AR is 100. While higher than average, this often correlates with higher wages.

Where are the highest paying cities near Memphis, TN-MS-AR?

Some top paying nearby cities include Jonesboro, AR ($84,860) and Jackson, TN.

How does the Memphis Loan Officer salary compare to the national average?

The average annual salary for Loan Officers in Memphis is $76,130, which is below the national average of $86,220.

What is the concentration of Loan Officers in Memphis?

The concentration, measured by the Location Quotient, is 0.87, indicating a slightly lower presence of Loan Officers in Memphis compared to the national average.

How does the cost of living in Memphis affect the salary?

Memphis has a Cost of Living Index of 100, which is the national average. This means the $76,130 salary has the same purchasing power as the national average salary.

How many Loan Officers are there in the Memphis workforce?

There are approximately 1,020 Loan Officers employed in the Memphis, TN-MS-AR area.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 1,020 employees in the Memphis, TN-MS-AR area with a job density of 1.639 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 Memphis, TN-MS-AR