Average Loan Officers Salary in Rockford, IL
The average salary for Loan Officerss in Rockford, IL is $75,880. While this is lower than the national average, the cost of living in Rockford, IL may offset the difference, preserving real purchasing power.
Executive Summary
- Average Salary: $75,880 per year.
- Growth Trend: Salaries have shifted 43.0% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $127,120.
- Outlook: The current demand for Loan Officerss is stable, with a local workforce of approximately 80 professionals. This role remains a specialized component of the broader Rockford, IL economy.
Salary Overview
The average Loan Officers in Rockford, IL earns-12.0%below the national average.
$36.5
$1,459
$6,323
Loan Officers Salary Trends (2020-2024)
Over the past 4 years, Loan Officers salaries in Rockford, IL have experienced a rapid surge, growing by 43.0%. This positive trajectory often correlates with increased demand and a favorable future outlook for the profession.
Loan Officers Salary Distribution in Rockford, IL
The earning potential for Loan Officerss in Rockford, IL varies significantly by experience level. There is a substantial income gap, with top earners (90th percentile) making over 2.8x the starting salary. This indicates strong career progression opportunities. Entry-level roles (10th percentile) typically start around $45,660, while highly experienced professionals can command wages upwards of $127,120.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $45,660 | $22 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $56,910 | $27.4 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $64,470 | $31 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $94,850 | $45.6 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $127,120 | $61.1 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$75,880
Gross Pay
Real Wage (Purchasing Power)
$75,880
Adjusted for COL (100)
In Rockford, IL, the Cost of Living Index is 100. This increases your effective purchasing power from $75,880 to $75,880.
Job Market Context
80
Total Jobs
0.603
Per 1K Jobs
0.32
Location Quotient
At 0.32x, Rockford, IL has a notably lower concentration of Loan Officers jobs than the national average. Opportunities in this area are relatively scarce for this profession.
80 people work as Loan Officers in Rockford, IL.
Only 0.603 out of every 1,000 local jobs are Loan Officers roles — this is a niche profession in the area.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Janesville-Beloit, WI Loan Officers Salary | $87,480↑ 15% | 30 mi |
| Madison, WI Loan Officers Salary | $92,560↑ 22% | 59 mi |
| Kenosha, WI Loan Officers Salary | $87,450↑ 15% | 65 mi |
| Racine-Mount Pleasant, WI Loan Officers Salary | $86,170↑ 14% | 71 mi |
| Chicago-Naperville-Elgin, IL-IN Loan Officers Salary | $92,600↑ 22% | 78 mi |
Comparing salaries near Rockford, IL
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in Rockford, IL?
The median annual salary for a Loan Officers in Rockford, IL is $75,880. This typically ranges from $45,660 for entry-level positions to $127,120 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Rockford, IL is 12.0% lower than the national median of $86,220.
Is Rockford, IL a good place for Loan Officerss?
It depends on your priorities. While the average Loan Officers salary in Rockford, IL is $75,880 (below the national average), the area may offer a lower cost of living or other lifestyle benefits typical of Rockford, IL. See distinct detailed breakdown below.
Is Rockford, IL a good place to live for Loan Officers?
The Cost of Living Index in Rockford, IL is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Rockford, IL?
Some top paying nearby cities include Janesville-Beloit, WI ($87,480) and Madison, WI.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 80 employees in the Rockford, IL area with a job density of 0.603 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 Rockford, IL