Average Loan Officers Salary in South Central Tennessee nonmetropolitan area
Loan Officers in the South Central Tennessee nonmetropolitan area earn an average annual salary of $70,660. This figure is notably below the national average of $86,220, reflecting the unique economic landscape and demand dynamics specific to this region. The localized pay scale is a direct consequence of the area's economic structure and the concentration of financial services.
Executive Summary
- Average Salary: $70,660 per year.
- Growth Trend: Salaries have shifted 13.3% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $113,100.
- Outlook: The job market for Loan Officers in South Central Tennessee is moderately concentrated, with a Location Quotient of 1.65, indicating a higher presence than the national average. The total local workforce of 350 suggests a stable, albeit not expansive, demand for these professionals. With 3.107 jobs per 1,000 workers, the market shows consistent employment opportunities for skilled individuals in this sector.
Salary Overview
The average Loan Officers in South Central Tennessee nonmetropolitan area earns-18.0%below the national average.
$34
$1,359
$5,888
Loan Officers Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Loan Officers in South Central Tennessee have experienced gradual growth over the past four years, mirroring national trends. Economic development and evolving lending practices likely contribute to a steady upward trajectory in compensation, albeit potentially at a different pace than more metropolitan areas.
Loan Officers Salary Distribution in South Central Tennessee nonmetropolitan area
Salary progression for Loan Officers typically scales with experience. Entry-level positions often start at the lower end of the pay scale, while seasoned professionals with a proven track record and specialized skills can command significantly higher salaries. The percentile gaps in compensation clearly signify career progression, rewarding increased expertise, client acquisition success, and leadership responsibilities.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $36,980 | $17.8 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $52,995 | $25.5 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $62,080 | $29.8 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $88,325 | $42.5 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $113,100 | $54.4 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$70,660
Gross Pay
Real Wage (Purchasing Power)
$70,660
Adjusted for COL (100)
The nominal average salary of $70,660 in South Central Tennessee 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, making the take-home pay relatively stable in terms of real value compared to the rest of the country.
Job Market Context
350
Total Jobs
3.107
Per 1K Jobs
1.65
Location Quotient
South Central Tennessee nonmetropolitan area has 1.6x the national concentration of Loan Officers jobs — a major employment hub for this role. Job seekers will find significantly more opportunities here than in most other areas.
With a Location Quotient of 1.65, South Central Tennessee exhibits a higher concentration of Loan Officer roles than the national average. This suggests a potentially more competitive market for new entrants but also indicates a robust demand and established presence of the profession within the local economy. The abundance of roles relative to the national benchmark points to a specialized need for these financial experts in the area.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Nashville-Davidson--Murfreesboro--Franklin, TN Loan Officers Salary | $77,980↑ 10% | 29 mi |
| Clarksville, TN-KY Loan Officers Salary | $76,070↑ 8% | 67 mi |
| Huntsville, AL Loan Officers Salary | $81,730↑ 16% | 73 mi |
| Decatur, AL Loan Officers Salary | $83,510↑ 18% | 83 mi |
| Florence-Muscle Shoals, AL Loan Officers Salary | $75,010↑ 6% | 84 mi |
Comparing salaries near South Central Tennessee nonmetropolitan area
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in South Central Tennessee nonmetropolitan area?
The median annual salary for a Loan Officers in South Central Tennessee nonmetropolitan area is $70,660. This typically ranges from $36,980 for entry-level positions to $113,100 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in South Central Tennessee nonmetropolitan area is 18.0% lower than the national median of $86,220.
Is South Central Tennessee nonmetropolitan area a lucrative place for Loan Officers?
No, not compared to the national average.While the average salary of $70,660 is substantial, it falls below the national average of $86,220. However, the cost of living is also at the national average, meaning the purchasing power is comparable.
Is South Central Tennessee nonmetropolitan area a good place to live for Loan Officers?
The Cost of Living Index in South Central Tennessee nonmetropolitan area is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near South Central Tennessee nonmetropolitan area?
Some top paying nearby cities include Nashville-Davidson--Murfreesboro--Franklin, TN ($77,980) and Clarksville, TN-KY.
What is the average salary for a Loan Officer in South Central Tennessee?
The average annual salary for a Loan Officer in the South Central Tennessee nonmetropolitan area is $70,660.
How does the salary compare to the national average?
The average salary in South Central Tennessee is $70,660, which is lower than the national average of $86,220.
What is the cost of living in South Central Tennessee?
The cost of living in South Central Tennessee is at the national average, with an index of 100.
Is there high demand for Loan Officers in this region?
The Location Quotient of 1.65 suggests a higher concentration of Loan Officers than the national average, indicating a solid demand within the region.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 350 employees in the South Central Tennessee nonmetropolitan area area with a job density of 3.107 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
Explore Loan Officers Salaries by State
Top Jobs in South Central Tennessee nonmetropolitan area
- All Occupations Salary in South Central Tennessee nonmetropolitan area
- Production Occupations Salary in South Central Tennessee nonmetropolitan area
- Transportation and Material Moving Occupations Salary in South Central Tennessee nonmetropolitan area
- Office and Administrative Support Occupations Salary in South Central Tennessee nonmetropolitan area
- Food Preparation and Serving Related Occupations Salary in South Central Tennessee nonmetropolitan area
- Sales and Related Occupations Salary in South Central Tennessee nonmetropolitan area
- Educational Instruction and Library Occupations Salary in South Central Tennessee nonmetropolitan area
- Management Occupations Salary in South Central Tennessee nonmetropolitan area
- Healthcare Practitioners and Technical Occupations Salary in South Central Tennessee nonmetropolitan area
- Installation, Maintenance, and Repair Occupations Salary in South Central Tennessee nonmetropolitan area
- Browse All Jobs in South Central Tennessee nonmetropolitan area →
Semantic Salary Analysis for Loan Officers • Data source: BLS OEWS 2024 •Jobs in South Central Tennessee nonmetropolitan area