Average Loan Officers Salary in Southwest Maine nonmetropolitan area
Loan Officers in the Southwest Maine nonmetropolitan area earn an average annual salary of $76,720. This figure is notably below the national average of $86,220. The localized pay scale in this region is influenced by a variety of economic factors specific to nonmetropolitan areas, including local demand and the overall economic landscape.
Executive Summary
- Average Salary: $76,720 per year.
- Growth Trend: Salaries have shifted 22.9% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $116,970.
- Outlook: With a total local workforce of 250 Loan Officers, Southwest Maine presents a modest but stable employment base for this profession. The Location Quotient of 0.93 suggests that the concentration of Loan Officers in this area is nearly on par with the national average, indicating a consistent, albeit not exceptionally high, demand for these financial professionals.
Salary Overview
The average Loan Officers in Southwest Maine nonmetropolitan area earns-11.0%below the national average.
$36.9
$1,475
$6,393
Loan Officers Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that salaries for Loan Officers in Southwest Maine have experienced gradual growth over the past four years, mirroring national trends. Economic recovery and evolving financial service needs likely contribute to a steady, upward trajectory in compensation for experienced professionals in this field.
Loan Officers Salary Distribution in Southwest Maine nonmetropolitan area
The salary progression for Loan Officers in Southwest Maine typically scales with experience. Entry-level positions may start at a lower percentile, while seasoned professionals with a proven track record and specialized skills can command salaries in the higher percentiles. These percentile gaps are indicative of significant career advancement opportunities and the value placed on expertise within the local market.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $33,380 | $16 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $57,540 | $27.7 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $74,820 | $36 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $95,900 | $46.1 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $116,970 | $56.2 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$76,720
Gross Pay
Real Wage (Purchasing Power)
$76,720
Adjusted for COL (100)
The average annual salary of $76,720 in Southwest Maine 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 standard, offering a stable financial environment for residents.
Job Market Context
250
Total Jobs
1.754
Per 1K Jobs
0.93
Location Quotient
Southwest Maine nonmetropolitan area has 0.93x 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.
A Location Quotient of 0.93 indicates that Southwest Maine has a slightly lower concentration of Loan Officers compared to the national average. This suggests that while the market is not oversaturated, there is a stable presence of these professionals, implying a balanced job market with consistent opportunities for qualified individuals.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Bangor, ME Loan Officers Salary | $82,960↑ 8% | 31 mi |
| Lewiston-Auburn, ME Loan Officers Salary | $81,400↑ 6% | 57 mi |
| Portland-South Portland, ME Loan Officers Salary | $90,530↑ 18% | 83 mi |
Comparing salaries near Southwest Maine nonmetropolitan area
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in Southwest Maine nonmetropolitan area?
The median annual salary for a Loan Officers in Southwest Maine nonmetropolitan area is $76,720. This typically ranges from $33,380 for entry-level positions to $116,970 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Southwest Maine nonmetropolitan area is 11.0% lower than the national median of $86,220.
Is Southwest Maine nonmetropolitan area a lucrative place for Loan Officerss?
No, it is not exceptionally lucrative compared to the national average.The average salary of $76,720 is below the national average of $86,220, indicating less lucrative compensation. However, the cost of living is also at the national average, making the salary's purchasing power comparable.
Is Southwest Maine nonmetropolitan area a good place to live for Loan Officers?
The Cost of Living Index in Southwest Maine nonmetropolitan area is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Southwest Maine nonmetropolitan area?
Some top paying nearby cities include Bangor, ME ($82,960) and Lewiston-Auburn, ME.
How does the number of Loan Officers in Southwest Maine compare nationally?
With 250 Loan Officers locally and 1.754 jobs per 1,000 workers, the concentration is slightly below the national average, suggesting a stable but not overly dense job market.
What is the significance of the Location Quotient for Loan Officers in this area?
A Location Quotient of 0.93 means that Loan Officers are employed in Southwest Maine at a rate very close to the national average, indicating a steady demand for their services.
How does the cost of living affect a Loan Officer's salary in Southwest Maine?
With a Cost of Living Index of 100, the local purchasing power of a $76,720 salary is equivalent to the national average, meaning expenses are neither significantly higher nor lower than the national norm.
Are there many job opportunities for Loan Officers in Southwest Maine?
While the total workforce is 250, the concentration and jobs per 1,000 workers suggest a consistent, stable demand rather than rapid expansion, offering steady career prospects.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 250 employees in the Southwest Maine nonmetropolitan area area with a job density of 1.754 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 Southwest Maine nonmetropolitan area