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Average Loan Officers Salary in Owensboro, KY

Loan Officers in Owensboro, KY, earn an average annual salary of $64,800. This figure is notably below the national average of $86,220, suggesting that local market dynamics, such as industry demand and the cost of doing business, play a significant role in compensation levels within this specific region.

Executive Summary

  • Average Salary: $64,800 per year.
  • Growth Trend: Salaries have shifted 8.3% ↗ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $100,610.
  • Outlook: The Loan Officer job market in Owensboro, KY, shows a robust concentration, indicated by a Location Quotient of 2.96, significantly exceeding the national average. With 5.581 jobs per 1,000 workers and a local workforce of 270 professionals, this suggests a strong and established demand for Loan Officers within the area, pointing towards a stable job market.
2024 Market Data

Salary Overview

$64,800

The average Loan Officers in Owensboro, KY earns-24.8%below the national average.

BreakdownBased on 40h/week
Hourly

$31.2

Weekly

$1,246

Monthly

$5,400

Loan Officers Salary Distribution in Owensboro, KY

Salary progression for Loan Officers in Owensboro, KY, typically scales with experience. Entry-level positions may start closer to the lower percentiles, while seasoned professionals with extensive knowledge of financial products and client relations can command salaries in the upper percentiles. These percentile gaps highlight clear career advancement opportunities and the value placed on expertise.

Experience LevelMarket PercentileAnnual WageHourly Rate
Associate / AnalystData entry, reporting, supporting senior staff.10% (Entry)$44,980$21.6
Senior AnalystIndependent analysis, forecasting, client interaction.25% (Junior)$48,600$23.4
ManagerOversees team, compliance, and project delivery.50% (Median)$57,210$27.5
Director / VPStrategic planning, budget ownership, risk management.75% (Senior)$81,000$38.9
Executive / PartnerC-level leadership. High-level strategy & relations.90% (Expert)$100,610$48.4

Detailed Loan Officers Market Analysis

Relocation Context

Nominal Salary

$64,800

Gross Pay

Real Wage (Purchasing Power)

$64,800

Adjusted for COL (100)

The average nominal salary of $64,800 in Owensboro, KY, 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 Owensboro is equivalent to the national average, offering a stable financial standing relative to the cost of goods and services.

Job Market Context

270

Total Jobs

5.581

Per 1K Jobs

2.96

Location Quotient

Major Hub

Owensboro, KY has 3.0x the national concentration of Loan Officers jobs — a major employment hub for this role. Job seekers will find significantly more opportunities here than in most other areas.

Owensboro, KY, exhibits a highly concentrated market for Loan Officers, evidenced by a Location Quotient of 2.96. This indicates that the profession is significantly more prevalent in Owensboro than the national average, suggesting a specialized local demand or a higher proportion of financial institutions relative to other industries.

Nearby Job Markets

Nearby Cities for Loan Officers

CitySalaryDist.
Evansville, IN Loan Officers Salary$70,030↑ 8%28 mi
Bowling Green, KY Loan Officers Salary$88,750↑ 37%66 mi
Elizabethtown, KY Loan Officers Salary$78,910↑ 22%68 mi
Louisville/Jefferson County, KY-IN Loan Officers Salary$77,620↑ 20%82 mi
Clarksville, TN-KY Loan Officers Salary$76,070↑ 17%83 mi

Comparing salaries near Owensboro, KY

Hiring Loan Officerss?

Frequently Asked Questions

How much does a Loan Officers make in Owensboro, KY?

The median annual salary for a Loan Officers in Owensboro, KY is $64,800. This typically ranges from $44,980 for entry-level positions to $100,610 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Owensboro, KY is 24.8% lower than the national median of $86,220.

Is Owensboro, KY a lucrative place for Loan Officers?

No, not in terms of nominal salary.While the cost of living is average, the nominal salary of $64,800 is substantially lower than the national average of $86,220. However, the high concentration of jobs suggests strong local demand.

Is Owensboro, KY a good place to live for Loan Officers?

The Cost of Living Index in Owensboro, KY is 100. While higher than average, this often correlates with higher wages.

Where are the highest paying cities near Owensboro, KY?

Some top paying nearby cities include Evansville, IN ($70,030) and Bowling Green, KY.

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

The average annual salary for Loan Officers in Owensboro, KY, is $64,800, which is significantly lower than the national average of $86,220.

What is the Cost of Living in Owensboro, KY?

Owensboro, KY, has a Cost of Living Index of 100, which is exactly the national average. This means the purchasing power of your salary is on par with the rest of the country.

Is there high demand for Loan Officers in Owensboro, KY?

Yes, the Location Quotient of 2.96 indicates a significantly higher concentration of Loan Officers in Owensboro compared to the national average, suggesting strong local demand.

How many Loan Officers work in Owensboro, KY?

There are approximately 270 Loan Officers working in Owensboro, KY, representing 5.581 jobs per 1,000 workers in the local economy.

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 Owensboro, KY area with a job density of 5.581 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 Owensboro, KY