Average Loan Officers Salary in Scranton--Wilkes-Barre, PA
Loan Officers in Scranton--Wilkes-Barre, PA, earn an average annual salary of $76,950. This figure is notably below the national average of $86,220, suggesting that local market dynamics, such as demand and the cost of doing business, play a significant role in compensation levels within this Pennsylvania region.
Executive Summary
- Average Salary: $76,950 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $130,320.
- Outlook: The local job market for Loan Officers in Scranton--Wilkes-Barre, PA, appears stable, with a total workforce of 300 individuals in this role. The Location Quotient of 0.62 indicates a slightly lower concentration of Loan Officers compared to the national average, suggesting a moderate but not saturated demand for these professionals within the area.
Salary Overview
The average Loan Officers in Scranton--Wilkes-Barre, PA earns-10.8%below the national average.
$37
$1,480
$6,413
Loan Officers Salary Trends (2020-2024)
While specific historical data is not provided, it is generally assumed that salaries for Loan Officers across the nation, including in Scranton--Wilkes-Barre, PA, have experienced a steady upward trend over the past four years. This growth is typically driven by inflation, evolving market demands, and increasing complexity in financial services.
Loan Officers Salary Distribution in Scranton--Wilkes-Barre, PA
Career progression for Loan Officers in Scranton--Wilkes-Barre, PA, is reflected in salary differentials across experience levels. Entry-level positions typically command salaries at the lower end of the spectrum, while senior Loan Officers with extensive experience and a proven track record can expect to earn significantly more, often reaching the higher percentiles of the salary range.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $42,680 | $20.5 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $57,713 | $27.7 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $67,280 | $32.3 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $96,188 | $46.2 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $130,320 | $62.7 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$76,950
Gross Pay
Real Wage (Purchasing Power)
$76,950
Adjusted for COL (100)
The average annual salary of $76,950 for Loan Officers in Scranton--Wilkes-Barre, PA, aligns perfectly with the national average cost of living index of 100. This means that the purchasing power of a Loan Officer's salary in this region is equivalent to the national average, offering a stable financial standing relative to everyday expenses.
Job Market Context
300
Total Jobs
1.176
Per 1K Jobs
0.62
Location Quotient
Scranton--Wilkes-Barre, PA has 0.62x 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 0.62, Scranton--Wilkes-Barre, PA, has a lower concentration of Loan Officers than the national average. This suggests that while the profession is present, it is not as densely populated as in other regions, potentially indicating a less competitive market for job seekers but also possibly fewer specialized opportunities compared to more concentrated areas.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Binghamton, NY Loan Officers Salary | $102,680↑ 33% | 50 mi |
| Allentown-Bethlehem-Easton, PA-NJ Loan Officers Salary | $70,820↓ 8% | 57 mi |
| Southwest New York nonmetropolitan area Loan Officers Salary | $81,270↑ 6% | 64 mi |
| Central East New York nonmetropolitan area Loan Officers Salary | $90,670↑ 18% | 64 mi |
| Capital/Northern New York nonmetropolitan area Loan Officers Salary | $82,470↑ 7% | 64 mi |
Comparing salaries near Scranton--Wilkes-Barre, PA
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in Scranton--Wilkes-Barre, PA?
The median annual salary for a Loan Officers in Scranton--Wilkes-Barre, PA is $76,950. This typically ranges from $42,680 for entry-level positions to $130,320 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Scranton--Wilkes-Barre, PA is 10.8% lower than the national median of $86,220.
Is Scranton--Wilkes-Barre, PA a lucrative place for Loan Officers?
No, it is not exceptionally lucrative compared to the national average.While the average salary of $76,950 is substantial, it falls below the national average of $86,220. However, the cost of living is also at the national average, making the salary's purchasing power comparable.
Is Scranton--Wilkes-Barre, PA a good place to live for Loan Officers?
The Cost of Living Index in Scranton--Wilkes-Barre, PA is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Scranton--Wilkes-Barre, PA?
Some top paying nearby cities include Binghamton, NY ($102,680) and Allentown-Bethlehem-Easton, PA-NJ.
How does the local Loan Officer salary compare to the national average?
Loan Officers in Scranton--Wilkes-Barre, PA, earn an average of $76,950 annually, which is approximately $9,270 less than the national average of $86,220.
What is the concentration of Loan Officers in Scranton--Wilkes-Barre, PA?
The concentration, measured by the Location Quotient, is 0.62, indicating that Loan Officers are less prevalent in Scranton--Wilkes-Barre, PA, compared to the national average.
How does the cost of living affect the salary in Scranton--Wilkes-Barre, PA?
The cost of living in Scranton--Wilkes-Barre, PA, is exactly at the national average (100). Therefore, the nominal salary of $76,950 has the same purchasing power as the national average salary.
What does the number of jobs per 1,000 workers signify for Loan Officers in this area?
With 1.176 jobs per 1,000 workers, this metric indicates the relative prevalence of Loan Officer positions within the broader Scranton--Wilkes-Barre, PA, workforce, suggesting a steady presence of these roles.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 300 employees in the Scranton--Wilkes-Barre, PA area with a job density of 1.176 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 Scranton--Wilkes-Barre, PA