Average Loan Officers Salary in Southeast Alabama nonmetropolitan area
Loan Officers in the Southeast Alabama nonmetropolitan area earn an average annual salary of $75,340. This figure sits below the national average of $86,220, a common trend in nonmetropolitan regions where the cost of doing business and local economic factors can influence compensation levels. The specific economic landscape and demand within this particular area of Alabama shape the earning potential for these financial professionals.
Executive Summary
- Average Salary: $75,340 per year.
- Growth Trend: Salaries have shifted 47.4% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $132,910.
- Outlook: With a local workforce of 200 Loan Officers, Southeast Alabama presents a stable, albeit niche, job market. The Location Quotient of 1.29 indicates a slightly higher concentration of these roles compared to the national average, suggesting a moderate but consistent demand for skilled professionals in this sector within the region. This concentration points to a localized need that supports the existing workforce.
Salary Overview
The average Loan Officers in Southeast Alabama nonmetropolitan area earns-12.6%below the national average.
$36.2
$1,449
$6,278
Loan Officers Salary Trends (2020-2024)
While specific historical data for this nonmetropolitan area isn't provided, it's reasonable to assume that Loan Officer salaries in Southeast Alabama have experienced gradual growth over the past four years, mirroring national trends. Economic shifts, evolving lending practices, and inflation likely contribute to incremental increases, ensuring that compensation remains competitive within the local context.
Loan Officers Salary Distribution in Southeast Alabama nonmetropolitan area
The salary spectrum for Loan Officers in Southeast Alabama typically widens with experience. Entry-level positions might start closer to the lower percentiles, while seasoned professionals with a proven track record and specialized skills can command salaries in the higher percentiles. These percentile gaps are indicative of the career progression and increased earning potential available as Loan Officers develop their expertise.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $42,330 | $20.4 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $56,505 | $27.2 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $59,040 | $28.4 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $94,175 | $45.3 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $132,910 | $63.9 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$75,340
Gross Pay
Real Wage (Purchasing Power)
$75,340
Adjusted for COL (100)
The average annual salary of $75,340 in Southeast Alabama 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 footing without the premium often associated with higher cost-of-living areas.
Job Market Context
200
Total Jobs
2.423
Per 1K Jobs
1.29
Location Quotient
With a location quotient of 1.29, Southeast Alabama nonmetropolitan area has a slightly higher-than-average concentration of Loan Officers roles compared to the national norm.
A Location Quotient of 1.29 signifies that Loan Officer roles are more concentrated in Southeast Alabama than the national average. This suggests a healthy, perhaps slightly more competitive, job market where employers actively seek out talent. The abundance of these roles relative to the national benchmark indicates a sustained demand within the region's financial sector.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Montgomery, AL Loan Officers Salary | $80,600↑ 7% | 44 mi |
| Birmingham, AL Loan Officers Salary | $79,250↑ 5% | 50 mi |
| Tuscaloosa, AL Loan Officers Salary | $86,960↑ 15% | 52 mi |
| Auburn-Opelika, AL Loan Officers Salary | $87,570↑ 16% | 77 mi |
| Anniston-Oxford, AL Loan Officers Salary | $76,770↑ 2% | 82 mi |
Comparing salaries near Southeast Alabama nonmetropolitan area
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in Southeast Alabama nonmetropolitan area?
The median annual salary for a Loan Officers in Southeast Alabama nonmetropolitan area is $75,340. This typically ranges from $42,330 for entry-level positions to $132,910 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Southeast Alabama nonmetropolitan area is 12.6% lower than the national median of $86,220.
Is Southeast Alabama nonmetropolitan area a lucrative place for Loan Officers?
Moderately lucrative, with stable purchasing power.While the average salary of $75,340 is below the national average, the Cost of Living Index of 100 means your earnings have equivalent purchasing power. The higher concentration of roles (LQ 1.29) also indicates steady demand.
Is Southeast Alabama nonmetropolitan area a good place to live for Loan Officers?
The Cost of Living Index in Southeast Alabama nonmetropolitan area is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Southeast Alabama nonmetropolitan area?
Some top paying nearby cities include Montgomery, AL ($80,600) and Birmingham, AL.
How does Southeast Alabama's Loan Officer salary compare to the national average?
The average annual salary for Loan Officers in Southeast Alabama is $75,340, which is lower than the national average of $86,220.
What is the Cost of Living in Southeast Alabama compared to the rest of the US?
Southeast Alabama has a Cost of Living Index of 100, which is exactly the national average, meaning expenses are neither higher nor lower than the typical US location.
Is there high demand for Loan Officers in Southeast Alabama?
With a Location Quotient of 1.29, there is a slightly higher concentration of Loan Officers in Southeast Alabama compared to the national average, suggesting a consistent local demand.
How many Loan Officers work in Southeast Alabama?
There are approximately 200 Loan Officers employed in the Southeast Alabama nonmetropolitan area.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 200 employees in the Southeast Alabama nonmetropolitan area area with a job density of 2.423 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 Southeast Alabama nonmetropolitan area
- All Occupations Salary in Southeast Alabama nonmetropolitan area
- Production Occupations Salary in Southeast Alabama nonmetropolitan area
- Transportation and Material Moving Occupations Salary in Southeast Alabama nonmetropolitan area
- Office and Administrative Support Occupations Salary in Southeast Alabama nonmetropolitan area
- Installation, Maintenance, and Repair Occupations Salary in Southeast Alabama nonmetropolitan area
- Sales and Related Occupations Salary in Southeast Alabama nonmetropolitan area
- Food Preparation and Serving Related Occupations Salary in Southeast Alabama nonmetropolitan area
- Educational Instruction and Library Occupations Salary in Southeast Alabama nonmetropolitan area
- Healthcare Practitioners and Technical Occupations Salary in Southeast Alabama nonmetropolitan area
- Management Occupations Salary in Southeast Alabama nonmetropolitan area
- Browse All Jobs in Southeast Alabama nonmetropolitan area →
Semantic Salary Analysis for Loan Officers • Data source: BLS OEWS 2024 •Jobs in Southeast Alabama nonmetropolitan area