Average Loan Officers Salary in Northeast Alabama nonmetropolitan area
Loan Officers in the Northeast Alabama nonmetropolitan area can expect an average annual salary of $69,810. This figure is notably lower than the national average of $86,220, reflecting regional economic factors and the specific demand dynamics within this nonmetropolitan setting. The compensation is influenced by local market conditions and the concentration of financial institutions operating in the area.
Executive Summary
- Average Salary: $69,810 per year.
- Growth Trend: Salaries have shifted 29.3% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $122,810.
- Outlook: The job market for Loan Officers in Northeast Alabama nonmetropolitan area appears moderately robust, with a total local workforce of 390 individuals. The Location Quotient of 1.36 indicates a higher concentration of these roles compared to the national average, suggesting a stable, albeit not rapidly expanding, demand for skilled professionals in this sector within the region.
Salary Overview
The average Loan Officers in Northeast Alabama nonmetropolitan area earns-19.0%below the national average.
$33.6
$1,343
$5,818
Loan Officers Salary Trends (2020-2024)
While specific historical data is not provided, it is generally assumed that salaries for Loan Officers in nonmetropolitan areas like Northeast Alabama have experienced gradual growth over the past four years, mirroring broader economic trends and inflation adjustments. This steady, incremental increase is typical for established roles in regional economies, ensuring that compensation keeps pace with evolving market demands and cost of living adjustments.
Loan Officers Salary Distribution in Northeast Alabama nonmetropolitan area
Salary progression for Loan Officers typically scales with experience. Entry-level positions may start at a lower percentile, while seasoned professionals with extensive experience and a proven track record can command salaries significantly above the average. The percentile gaps observed in salary distributions highlight the substantial career progression and earning potential available to those who advance within the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $40,580 | $19.5 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $52,358 | $25.2 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $58,860 | $28.3 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $87,263 | $42 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $122,810 | $59 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$69,810
Gross Pay
Real Wage (Purchasing Power)
$69,810
Adjusted for COL (100)
The nominal average annual salary of $69,810 in Northeast Alabama nonmetropolitan area 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 this region is equivalent to the national average, offering a stable financial standing relative to the rest of the country.
Job Market Context
390
Total Jobs
2.57
Per 1K Jobs
1.36
Location Quotient
With a location quotient of 1.36, Northeast Alabama nonmetropolitan area has a slightly higher-than-average concentration of Loan Officers roles compared to the national norm.
With a Location Quotient of 1.36, Northeast Alabama nonmetropolitan area exhibits a concentration of Loan Officer positions that is 36% higher than the national average. This suggests a relatively competitive job market where demand is somewhat elevated compared to national benchmarks, potentially offering more opportunities for qualified candidates than in areas with lower concentration.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Montgomery, AL Loan Officers Salary | $80,600↑ 15% | 44 mi |
| Birmingham, AL Loan Officers Salary | $79,250↑ 14% | 50 mi |
| Tuscaloosa, AL Loan Officers Salary | $86,960↑ 25% | 52 mi |
| Auburn-Opelika, AL Loan Officers Salary | $87,570↑ 25% | 77 mi |
| Anniston-Oxford, AL Loan Officers Salary | $76,770↑ 10% | 82 mi |
Comparing salaries near Northeast Alabama nonmetropolitan area
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in Northeast Alabama nonmetropolitan area?
The median annual salary for a Loan Officers in Northeast Alabama nonmetropolitan area is $69,810. This typically ranges from $40,580 for entry-level positions to $122,810 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Northeast Alabama nonmetropolitan area is 19.0% lower than the national median of $86,220.
Is Northeast Alabama nonmetropolitan area a lucrative place for Loan Officers?
No, it is not exceptionally lucrative compared to the national average.While the average salary of $69,810 is stable, it falls below the national average of $86,220, indicating less lucrative earning potential in this specific region.
Is Northeast Alabama nonmetropolitan area a good place to live for Loan Officers?
The Cost of Living Index in Northeast Alabama nonmetropolitan area is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Northeast Alabama nonmetropolitan area?
Some top paying nearby cities include Montgomery, AL ($80,600) and Birmingham, AL.
How does the local salary compare to the national average?
The average annual salary for Loan Officers in Northeast Alabama nonmetropolitan area is $69,810, which is below the national average of $86,220.
What is the Cost of Living in Northeast Alabama nonmetropolitan area?
The Cost of Living Index in Northeast Alabama nonmetropolitan area is 100, which is exactly at the national average.
Is there high demand for Loan Officers in this area?
The Location Quotient of 1.36 suggests a higher concentration of Loan Officers than the national average, indicating a stable to moderate demand.
How many Loan Officers work in Northeast Alabama nonmetropolitan area?
There are approximately 390 Loan Officers employed in the Northeast Alabama nonmetropolitan area.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 390 employees in the Northeast Alabama nonmetropolitan area area with a job density of 2.57 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 Northeast Alabama nonmetropolitan area