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Average Loan Officers Salary in Roanoke, VA

Loan Officers in Roanoke, VA, earn an average annual salary of $85,530. This figure is slightly below the national average of $86,220, indicating a closely aligned compensation landscape. Local economic factors and the specific demand within the Roanoke financial sector contribute to this pay scale.

Executive Summary

  • Average Salary: $85,530 per year.
  • Growth Trend: Salaries have shifted 24.9% ↗ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $159,900.
  • Outlook: The Roanoke, VA job market for Loan Officers is moderately concentrated, with a Location Quotient of 0.88, suggesting a presence that is close to the national average. The local workforce of 250 individuals in this role, coupled with 1.661 jobs per 1,000 workers, indicates a stable, albeit not exceptionally high, demand for these professionals within the region.
2024 Market Data

Salary Overview

$85,530

The average Loan Officers in Roanoke, VA earns-0.8%below the national average.

BreakdownBased on 40h/week
Hourly

$41.1

Weekly

$1,645

Monthly

$7,128

Loan Officers Salary Distribution in Roanoke, VA

Salary progression for Loan Officers in Roanoke, VA, typically scales significantly with experience. Entry-level positions might start closer to the lower percentiles, while seasoned professionals with a proven track record in sales and client management can command salaries in the upper percentiles. These percentile gaps highlight the substantial career growth and earning potential available through dedicated experience and skill development.

Experience LevelMarket PercentileAnnual WageHourly Rate
Associate / AnalystData entry, reporting, supporting senior staff.10% (Entry)$42,460$20.4
Senior AnalystIndependent analysis, forecasting, client interaction.25% (Junior)$64,148$30.8
ManagerOversees team, compliance, and project delivery.50% (Median)$74,960$36
Director / VPStrategic planning, budget ownership, risk management.75% (Senior)$106,913$51.4
Executive / PartnerC-level leadership. High-level strategy & relations.90% (Expert)$159,900$76.9

Detailed Loan Officers Market Analysis

Relocation Context

Nominal Salary

$85,530

Gross Pay

Real Wage (Purchasing Power)

$85,530

Adjusted for COL (100)

The average annual salary of $85,530 in Roanoke, VA, 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 Roanoke is equivalent to the national average, offering a stable financial environment for residents.

Job Market Context

250

Total Jobs

1.661

Per 1K Jobs

0.88

Location Quotient

Below Average

Roanoke, VA has 0.88x 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.

With a Location Quotient of 0.88, the market for Loan Officers in Roanoke, VA, is neither significantly over-saturated nor exceptionally scarce compared to the national average. This suggests a balanced competitive landscape where skilled professionals can find opportunities without facing extreme competition, while employers can access a reasonably available talent pool.

Nearby Job Markets

Nearby Cities for Loan Officers

CitySalaryDist.
Blacksburg-Christiansburg-Radford, VA Loan Officers Salary$81,740↓ 4%26 mi
Lynchburg, VA Loan Officers Salary$74,330↓ 13%43 mi
Beckley, WV Loan Officers Salary$53,900↓ 37%76 mi
Staunton-Stuarts Draft, VA Loan Officers Salary$75,310↓ 12%78 mi
Greensboro-High Point, NC Loan Officers Salary$77,550↓ 9%82 mi

Comparing salaries near Roanoke, VA

Hiring Loan Officerss?

Frequently Asked Questions

How much does a Loan Officers make in Roanoke, VA?

The median annual salary for a Loan Officers in Roanoke, VA is $85,530. This typically ranges from $42,460 for entry-level positions to $159,900 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Roanoke, VA is 0.8% lower than the national median of $86,220.

Is Roanoke, VA a lucrative place for Loan Officers?

Yes, Roanoke, VA offers a competitive salary for Loan Officers.The average salary of $85,530 is very close to the national average, and with a cost of living index of 100, the purchasing power is equivalent to the national standard.

Is Roanoke, VA a good place to live for Loan Officers?

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

Where are the highest paying cities near Roanoke, VA?

Some top paying nearby cities include Blacksburg-Christiansburg-Radford, VA ($81,740) and Lynchburg, VA.

How does Roanoke's Loan Officer salary compare to the national average?

The average salary for Loan Officers in Roanoke, VA is $85,530, which is slightly below the national average of $86,220.

What is the concentration of Loan Officers in Roanoke, VA?

Roanoke, VA has a Location Quotient of 0.88 for Loan Officers, indicating a slightly lower concentration than the national average.

How does the cost of living in Roanoke affect salary perception?

Roanoke's Cost of Living Index is 100, matching the national average. This means the $85,530 salary has the same purchasing power as the national average salary.

What is the total workforce size for Loan Officers in Roanoke?

There are approximately 250 Loan Officers employed in the Roanoke, VA area.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 250 employees in the Roanoke, VA area with a job density of 1.661 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 Roanoke, VA