Average Loan Officers Salary in Portland-South Portland, ME
Loan Officers in Portland-South Portland, ME earn an impressive average annual salary of $90,530, surpassing the national average of $86,220. This elevated compensation in the Portland-South Portland area can be attributed to a combination of local economic factors and the specific demands of the financial services sector within this region.
Executive Summary
- Average Salary: $90,530 per year.
- Growth Trend: Salaries have shifted 7.0% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $124,600.
- Outlook: With a total local workforce of 480 Loan Officers, Portland-South Portland presents a moderately sized but stable job market. The Location Quotient of 0.9 suggests a concentration of these roles that is nearly on par with the national average, indicating a consistent and reliable demand for skilled professionals in this field within the area.
Salary Overview
The average Loan Officers in Portland-South Portland, ME earns+5.0%above the national average.
$43.5
$1,741
$7,544
Loan Officers Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that Loan Officer salaries in Portland-South Portland, ME have experienced steady growth over the past four years, mirroring national trends. Economic recovery, evolving mortgage regulations, and increased housing market activity typically drive upward pressure on compensation for these vital financial professionals.
Loan Officers Salary Distribution in Portland-South Portland, ME
The salary trajectory for Loan Officers in Portland-South Portland, ME, significantly scales with experience. Entry-level positions typically start at the lower end of the pay scale, while seasoned professionals with extensive knowledge of lending products and market dynamics can command salaries well into the upper percentiles. These percentile gaps clearly signify substantial career progression and earning potential.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $48,170 | $23.2 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $67,898 | $32.6 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $79,580 | $38.3 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $113,163 | $54.4 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $124,600 | $59.9 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$90,530
Gross Pay
Real Wage (Purchasing Power)
$90,530
Adjusted for COL (100)
The nominal average salary of $90,530 in Portland-South Portland, ME, is perfectly aligned 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 this area is equivalent to the national standard, offering a balanced lifestyle without significant financial strain.
Job Market Context
480
Total Jobs
1.701
Per 1K Jobs
0.9
Location Quotient
Portland-South Portland, ME has 0.90x 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 0.9 for Loan Officers in Portland-South Portland, ME, indicates that the concentration of these jobs is slightly below the national average. This suggests a competitive market where demand is steady but not overwhelmingly high, meaning experienced and well-qualified candidates are likely to find ample opportunities, but the market is not saturated.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Lewiston-Auburn, ME Loan Officers Salary | $81,400↓ 10% | 29 mi |
| Central New Hampshire nonmetropolitan area Loan Officers Salary | $80,920↓ 11% | 67 mi |
| Northern New Hampshire nonmetropolitan area Loan Officers Salary | $93,530↑ 3% | 67 mi |
| Southwestern New Hampshire nonmetropolitan area Loan Officers Salary | $95,630↑ 6% | 67 mi |
| Manchester-Nashua, NH Loan Officers Salary | $101,260↑ 12% | 76 mi |
Comparing salaries near Portland-South Portland, ME
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in Portland-South Portland, ME?
The median annual salary for a Loan Officers in Portland-South Portland, ME is $90,530. This typically ranges from $48,170 for entry-level positions to $124,600 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Portland-South Portland, ME is 5.0% higher than the national median of $86,220.
Is Portland-South Portland, ME a lucrative place for Loan Officers?
Yes, it is a financially rewarding location for Loan Officers.Loan Officers in Portland-South Portland, ME earn above the national average salary, and the cost of living is on par with the national average, indicating strong purchasing power.
Is Portland-South Portland, ME a good place to live for Loan Officers?
The Cost of Living Index in Portland-South Portland, ME is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Portland-South Portland, ME?
Some top paying nearby cities include Lewiston-Auburn, ME ($81,400) and Central New Hampshire nonmetropolitan area.
How does the Portland-South Portland, ME salary compare to the national average?
Loan Officers in Portland-South Portland, ME earn an average of $90,530 annually, which is higher than the national average of $86,220.
What is the job concentration for Loan Officers in this area?
The Location Quotient for Loan Officers in Portland-South Portland, ME is 0.9, indicating a job concentration slightly below the national average.
Does the cost of living affect the value of a Loan Officer's salary in Portland-South Portland, ME?
No, the cost of living in Portland-South Portland, ME is exactly at the national average (100), meaning the $90,530 salary has the same purchasing power as the national average salary.
How many Loan Officers are employed in the Portland-South Portland, ME area?
There are approximately 480 Loan Officers employed within the Portland-South Portland, ME 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 480 employees in the Portland-South Portland, ME area with a job density of 1.701 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 Portland-South Portland, ME