Average Loan Officers Salary in Peoria, IL
Loan Officers in Peoria, Illinois, can expect an average annual salary of $83,490. This figure is slightly below the national average of $86,220, indicating a localized compensation structure influenced by regional economic factors and the specific demand within the Peoria market. While not reaching the national benchmark, this salary reflects the value placed on these financial professionals within the local economy.
Executive Summary
- Average Salary: $83,490 per year.
- Growth Trend: Salaries have shifted 26.0% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $127,700.
- Outlook: With a total local workforce of 210 Loan Officers and a Location Quotient of 0.66, the job market in Peoria presents a moderate concentration of these professionals compared to national levels. The figure of 1.252 jobs per 1,000 workers suggests a steady, albeit not exceptionally high, demand for Loan Officers, indicating a stable employment landscape for those in this field within the city.
Salary Overview
The average Loan Officers in Peoria, IL earns-3.2%below the national average.
$40.1
$1,606
$6,958
Loan Officers Salary Trends (2020-2024)
While specific historical data for Peoria Loan Officers is not provided, it is generally assumed that salaries for this profession have experienced consistent growth over the past four years, mirroring national trends. Economic recovery, evolving lending practices, and inflation typically contribute to upward salary adjustments, suggesting that Loan Officers in Peoria have likely seen their earning potential increase over time.
Loan Officers Salary Distribution in Peoria, IL
The career trajectory for Loan Officers in Peoria, IL, typically involves a significant salary increase from entry-level to senior positions. While specific percentile data is absent, the expected progression from a starting salary to that of an experienced or senior Loan Officer would likely show substantial gains, with higher percentiles representing greater expertise, client portfolios, and responsibilities.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $43,720 | $21 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $62,618 | $30.1 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $75,360 | $36.2 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $104,363 | $50.2 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $127,700 | $61.4 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$83,490
Gross Pay
Real Wage (Purchasing Power)
$83,490
Adjusted for COL (100)
The average annual salary of $83,490 in Peoria, IL, aligns perfectly with the local Cost of Living Index of 100, which represents the national average. This means that the purchasing power of a Loan Officer's salary in Peoria is equivalent to the national average, suggesting that the nominal salary effectively covers living expenses without a significant premium or discount compared to other areas.
Job Market Context
210
Total Jobs
1.252
Per 1K Jobs
0.66
Location Quotient
Peoria, IL has 0.66x 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 0.66 for Loan Officers in Peoria, IL, indicates that this profession is less concentrated in the local job market than it is nationally. This suggests that while opportunities exist, the market is not saturated, potentially offering a balanced environment for job seekers where competition might be less intense than in more highly concentrated national hubs.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Bloomington, IL Loan Officers Salary | $99,450↑ 19% | 39 mi |
| West Central Illinois nonmetropolitan area Loan Officers Salary | $81,570↓ 2% | 43 mi |
| East Central Illinois nonmetropolitan area Loan Officers Salary | $81,480↓ 2% | 43 mi |
| Northwest Illinois nonmetropolitan area Loan Officers Salary | $84,180↑ 1% | 43 mi |
| South Illinois nonmetropolitan area Loan Officers Salary | $79,770↓ 4% | 43 mi |
Comparing salaries near Peoria, IL
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in Peoria, IL?
The median annual salary for a Loan Officers in Peoria, IL is $83,490. This typically ranges from $43,720 for entry-level positions to $127,700 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Peoria, IL is 3.2% lower than the national median of $86,220.
Is Peoria, IL a lucrative place for Loan Officers?
Peoria, IL offers a competitive salary for Loan Officers.The average salary of $83,490 is close to the national average, and with a Cost of Living Index of 100, the purchasing power is equivalent to the national standard.
Is Peoria, IL a good place to live for Loan Officers?
The Cost of Living Index in Peoria, IL is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Peoria, IL?
Some top paying nearby cities include Bloomington, IL ($99,450) and West Central Illinois nonmetropolitan area.
How does Peoria's Loan Officer salary compare to the national average?
The average salary for Loan Officers in Peoria, IL, is $83,490, which is slightly below the national average of $86,220.
What is the Cost of Living in Peoria, IL for Loan Officers?
Peoria, IL has a Cost of Living Index of 100, which is exactly the national average, meaning the salary of $83,490 has the same purchasing power as the national average salary.
How concentrated is the Loan Officer job market in Peoria, IL?
The Loan Officer job market in Peoria, IL, has a Location Quotient of 0.66, indicating it is less concentrated than the national average.
What is the total number of Loan Officers employed in Peoria, IL?
There are approximately 210 Loan Officers employed in Peoria, IL.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 210 employees in the Peoria, IL area with a job density of 1.252 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 Peoria, IL
- All Occupations Salary in Peoria, IL
- Office and Administrative Support Occupations Salary in Peoria, IL
- Production Occupations Salary in Peoria, IL
- Food Preparation and Serving Related Occupations Salary in Peoria, IL
- Transportation and Material Moving Occupations Salary in Peoria, IL
- Healthcare Practitioners and Technical Occupations Salary in Peoria, IL
- Sales and Related Occupations Salary in Peoria, IL
- Management Occupations Salary in Peoria, IL
- Educational Instruction and Library Occupations Salary in Peoria, IL
- Business and Financial Operations Occupations Salary in Peoria, IL
- Browse All Jobs in Peoria, IL →
Semantic Salary Analysis for Loan Officers • Data source: BLS OEWS 2024 •Jobs in Peoria, IL