Average Loan Officers Salary in Myrtle Beach-Conway-North Myrtle Beach, SC
Loan Officers in the Myrtle Beach-Conway-North Myrtle Beach, SC area earn an average annual salary of $74,770. This figure is notably below the national average of $86,220, suggesting that local market dynamics, such as demand and the cost of doing business, play a significant role in compensation levels within this region.
Executive Summary
- Average Salary: $74,770 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $125,380.
- Outlook: With a local workforce of 270 Loan Officers and a Location Quotient of 0.98, the job market in Myrtle Beach-Conway-North Myrtle Beach, SC, indicates a stable, albeit slightly below-average, concentration of these professionals compared to the national landscape. The presence of 1.84 jobs per 1,000 workers suggests a consistent, though not rapidly expanding, demand for loan officers in the area.
Salary Overview
The average Loan Officers in Myrtle Beach-Conway-North Myrtle Beach, SC earns-13.3%below the national average.
$36
$1,438
$6,231
Loan Officers Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Loan Officers in Myrtle Beach-Conway-North Myrtle Beach, SC, have experienced gradual growth over the past four years, mirroring national trends. Economic fluctuations and shifts in the housing market likely influenced these increases, with potential for further modest gains as the regional economy evolves.
Loan Officers Salary Distribution in Myrtle Beach-Conway-North Myrtle Beach, SC
The career trajectory for Loan Officers typically involves significant salary progression based on experience. Entry-level positions may start closer to the lower end of the pay scale, while seasoned professionals with extensive experience and a proven track record can command salaries well above the average. The percentile gaps in salary distribution clearly signify opportunities for career advancement and increased earning potential within the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $36,400 | $17.5 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $56,078 | $27 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $62,300 | $30 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $93,463 | $44.9 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $125,380 | $60.3 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$74,770
Gross Pay
Real Wage (Purchasing Power)
$74,770
Adjusted for COL (100)
The average annual salary of $74,770 for Loan Officers in Myrtle Beach-Conway-North Myrtle Beach, SC, 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 this area is equivalent to the national average, offering a balanced financial standing without the premium often associated with higher cost-of-living regions.
Job Market Context
270
Total Jobs
1.84
Per 1K Jobs
0.98
Location Quotient
Myrtle Beach-Conway-North Myrtle Beach, SC has 0.98x 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 0.98 for Loan Officers in Myrtle Beach-Conway-North Myrtle Beach, SC, indicates that the concentration of these professionals is very close to the national average. This suggests a competitive but not oversaturated job market, where demand is met by a comparable supply of talent, offering stable employment opportunities for qualified individuals.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Florence, SC Loan Officers Salary | $69,740↓ 7% | 61 mi |
| Wilmington, NC Loan Officers Salary | $104,580↑ 40% | 67 mi |
| Charleston-North Charleston, SC Loan Officers Salary | $72,370↓ 3% | 88 mi |
| Sumter, SC Loan Officers Salary | $61,920↓ 17% | 88 mi |
| Fayetteville, NC Loan Officers Salary | $81,940↑ 10% | 95 mi |
Comparing salaries near Myrtle Beach-Conway-North Myrtle Beach, SC
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in Myrtle Beach-Conway-North Myrtle Beach, SC?
The median annual salary for a Loan Officers in Myrtle Beach-Conway-North Myrtle Beach, SC is $74,770. This typically ranges from $36,400 for entry-level positions to $125,380 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Myrtle Beach-Conway-North Myrtle Beach, SC is 13.3% lower than the national median of $86,220.
Is Myrtle Beach-Conway-North Myrtle Beach, SC a lucrative place for Loan Officers?
No, not exceptionally lucrative compared to the national average.While the average salary of $74,770 is solid, it falls below the national average of $86,220. However, the cost of living is also at the national average, making the salary's purchasing power comparable.
Is Myrtle Beach-Conway-North Myrtle Beach, SC a good place to live for Loan Officers?
The Cost of Living Index in Myrtle Beach-Conway-North Myrtle Beach, SC is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Myrtle Beach-Conway-North Myrtle Beach, SC?
Some top paying nearby cities include Florence, SC ($69,740) and Wilmington, NC.
How does the Myrtle Beach Loan Officer salary compare to the national average?
The average annual salary for Loan Officers in Myrtle Beach-Conway-North Myrtle Beach, SC, is $74,770, which is lower than the national average of $86,220.
What is the concentration of Loan Officers in Myrtle Beach?
The concentration of Loan Officers in Myrtle Beach-Conway-North Myrtle Beach, SC, is indicated by a Location Quotient of 0.98, which is slightly below the national average, suggesting a similar level of industry presence.
Does the cost of living affect the Loan Officer salary in Myrtle Beach?
The cost of living in Myrtle Beach-Conway-North Myrtle Beach, SC, is at the national average (100). This means the $74,770 salary offers purchasing power equivalent to the national average, balancing the lower nominal wage.
What is the total number of Loan Officers in the Myrtle Beach area?
There are approximately 270 Loan Officers employed within the Myrtle Beach-Conway-North Myrtle Beach, SC metropolitan area.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 270 employees in the Myrtle Beach-Conway-North Myrtle Beach, SC area with a job density of 1.84 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
Explore Loan Officers Salaries by State
Top Jobs in Myrtle Beach-Conway-North Myrtle Beach, SC
- All Occupations Salary in Myrtle Beach-Conway-North Myrtle Beach, SC
- Food Preparation and Serving Related Occupations Salary in Myrtle Beach-Conway-North Myrtle Beach, SC
- Sales and Related Occupations Salary in Myrtle Beach-Conway-North Myrtle Beach, SC
- Office and Administrative Support Occupations Salary in Myrtle Beach-Conway-North Myrtle Beach, SC
- Transportation and Material Moving Occupations Salary in Myrtle Beach-Conway-North Myrtle Beach, SC
- Healthcare Practitioners and Technical Occupations Salary in Myrtle Beach-Conway-North Myrtle Beach, SC
- Retail Salespersons Salary in Myrtle Beach-Conway-North Myrtle Beach, SC
- Management Occupations Salary in Myrtle Beach-Conway-North Myrtle Beach, SC
- Installation, Maintenance, and Repair Occupations Salary in Myrtle Beach-Conway-North Myrtle Beach, SC
- Building and Grounds Cleaning and Maintenance Occupations Salary in Myrtle Beach-Conway-North Myrtle Beach, SC
- Browse All Jobs in Myrtle Beach-Conway-North Myrtle Beach, SC →
Semantic Salary Analysis for Loan Officers • Data source: BLS OEWS 2024 •Jobs in Myrtle Beach-Conway-North Myrtle Beach, SC