SalaryNode

Average Loan Officers Salary in Rochester, NY

Loan Officers in Rochester, NY, command an impressive average annual salary of $102,540, significantly surpassing the national average of $86,220. This elevated compensation is often a reflection of the specific financial landscape and demand within the Rochester metropolitan area, influencing the earning potential for these crucial financial professionals.

Executive Summary

  • Average Salary: $102,540 per year.
  • Growth Trend: Salaries have shifted 35.9% ↗ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $209,890.
  • Outlook: Rochester's market for Loan Officers appears stable, with a local workforce of 550 individuals. The Location Quotient of 0.6 indicates a slightly lower concentration of these roles compared to the national average, suggesting a potentially less saturated but steady demand for skilled Loan Officers within the region.
2024 Market Data

Salary Overview

$102,540

The average Loan Officers in Rochester, NY earns+18.9%above the national average.

BreakdownBased on 40h/week
Hourly

$49.3

Weekly

$1,972

Monthly

$8,545

Loan Officers Salary Distribution in Rochester, NY

The career trajectory for Loan Officers in Rochester, NY, offers substantial earning potential as experience accumulates. Entry-level positions may start closer to the lower percentiles, but with demonstrated success and expertise, professionals can advance to senior roles commanding salaries well above the average. The widening gap between entry-level and senior salaries typically signifies clear opportunities for career progression and increased earning power.

Experience LevelMarket PercentileAnnual WageHourly Rate
Associate / AnalystData entry, reporting, supporting senior staff.10% (Entry)$39,760$19.1
Senior AnalystIndependent analysis, forecasting, client interaction.25% (Junior)$76,905$37
ManagerOversees team, compliance, and project delivery.50% (Median)$76,920$37
Director / VPStrategic planning, budget ownership, risk management.75% (Senior)$128,175$61.6
Executive / PartnerC-level leadership. High-level strategy & relations.90% (Expert)$209,890$100.9

Detailed Loan Officers Market Analysis

Relocation Context

Nominal Salary

$102,540

Gross Pay

Real Wage (Purchasing Power)

$102,540

Adjusted for COL (100)

With an average salary of $102,540 and a Cost of Living Index precisely at the national average of 100, Rochester, NY, presents a financially balanced proposition for Loan Officers. The nominal salary effectively translates to purchasing power that aligns with national benchmarks, meaning your earnings will likely cover expenses at a rate comparable to the rest of the country.

Job Market Context

550

Total Jobs

1.123

Per 1K Jobs

0.6

Location Quotient

Below Average

Rochester, NY has 0.60x 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.

The Location Quotient of 0.6 for Loan Officers in Rochester suggests that while the profession is present, it is not as densely concentrated as in other parts of the nation. This could imply a market where demand is consistent but perhaps not overwhelmingly competitive, offering a potentially favorable environment for qualified professionals seeking opportunities.

Nearby Job Markets

Nearby Cities for Loan Officers

CitySalaryDist.
Buffalo-Cheektowaga, NY Loan Officers Salary$100,200↓ 2%65 mi
Syracuse, NY Loan Officers Salary$97,570↓ 5%75 mi
Ithaca, NY Loan Officers Salary$80,670↓ 21%75 mi
Elmira, NY Loan Officers Salary$123,770↑ 21%85 mi

Comparing salaries near Rochester, NY

Hiring Loan Officerss?

Frequently Asked Questions

How much does a Loan Officers make in Rochester, NY?

The median annual salary for a Loan Officers in Rochester, NY is $102,540. This typically ranges from $39,760 for entry-level positions to $209,890 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Rochester, NY is 18.9% higher than the national median of $86,220.

Is Rochester, NY a lucrative place for Loan Officers?

Yes, Rochester, NY is a lucrative place for Loan Officers.Loan Officers in Rochester earn significantly above the national average salary, and with a cost of living at the national average, their earnings provide strong purchasing power.

Is Rochester, NY a good place to live for Loan Officers?

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

Where are the highest paying cities near Rochester, NY?

Some top paying nearby cities include Buffalo-Cheektowaga, NY ($100,200) and Syracuse, NY.

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

Loan Officers in Rochester, NY, earn an average of $102,540 annually, which is approximately $16,320 more than the national average of $86,220.

What is the cost of living in Rochester, NY for Loan Officers?

The Cost of Living Index in Rochester, NY, is 100, which is exactly the national average. This means the cost of goods and services is comparable to the rest of the United States.

How concentrated is the Loan Officer job market in Rochester, NY?

The job market for Loan Officers in Rochester has a Location Quotient of 0.6, indicating a slightly lower concentration of these roles compared to the national average.

What is the total number of Loan Officers in Rochester, NY?

There are approximately 550 Loan Officers employed in the Rochester, NY area.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 550 employees in the Rochester, NY area with a job density of 1.123 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 Rochester, NY