Average Loan Officers Salary in Southwest New York nonmetropolitan area
Loan Officers in the Southwest New York nonmetropolitan area earn an average annual salary of $81,270, which is slightly below the national average of $86,220. This differential can be attributed to the specific economic landscape and demand within this particular region, which may influence compensation levels compared to more densely populated or economically dynamic national hubs.
Executive Summary
- Average Salary: $81,270 per year.
- Growth Trend: Salaries have shifted 48.0% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $138,510.
- Outlook: The local job market for Loan Officers in Southwest New York's nonmetropolitan area, with a total workforce of 210, indicates a stable but not rapidly expanding demand. The Location Quotient of 0.62 suggests that while the profession is present, it is less concentrated than the national average, implying a moderate level of job availability relative to the overall employment pool.
Salary Overview
The average Loan Officers in Southwest New York nonmetropolitan area earns-5.7%below the national average.
$39.1
$1,563
$6,773
Loan Officers Salary Trends (2020-2024)
While specific historical data for this nonmetropolitan area is not provided, it is generally assumed that salaries for Loan Officers nationwide have experienced steady growth over the past four years, driven by factors such as inflation, evolving market demands, and increased regulatory complexity. This trend likely extends to Southwest New York, with incremental salary increases reflecting broader economic shifts.
Loan Officers Salary Distribution in Southwest New York nonmetropolitan area
The salary progression for Loan Officers typically scales significantly with experience. Entry-level positions may start closer to the lower percentiles, while seasoned professionals with extensive experience and a proven track record can command salaries in the higher percentiles. The widening gap between these percentiles clearly signifies substantial career progression and earning potential within the field.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $43,870 | $21.1 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $60,953 | $29.3 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $61,470 | $29.6 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $101,588 | $48.8 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $138,510 | $66.6 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$81,270
Gross Pay
Real Wage (Purchasing Power)
$81,270
Adjusted for COL (100)
An average annual salary of $81,270 in Southwest New York's nonmetropolitan area 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 comparable to the national average, offering a stable financial standing without the premium often associated with higher cost-of-living areas.
Job Market Context
210
Total Jobs
1.163
Per 1K Jobs
0.62
Location Quotient
Southwest New York nonmetropolitan area 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, the market for Loan Officers in Southwest New York's nonmetropolitan area is less concentrated than the national average. This suggests that while opportunities exist, the field is not oversaturated, potentially offering a competitive environment for skilled professionals seeking employment or career advancement.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Binghamton, NY Loan Officers Salary | $102,680↑ 26% | 49 mi |
| Kingston, NY Loan Officers Salary | $89,940↑ 11% | 51 mi |
| Scranton--Wilkes-Barre, PA Loan Officers Salary | $76,950↓ 5% | 64 mi |
| Utica-Rome, NY Loan Officers Salary | $77,770↓ 4% | 66 mi |
| Albany-Schenectady-Troy, NY Loan Officers Salary | $102,720↑ 26% | 68 mi |
Comparing salaries near Southwest New York nonmetropolitan area
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in Southwest New York nonmetropolitan area?
The median annual salary for a Loan Officers in Southwest New York nonmetropolitan area is $81,270. This typically ranges from $43,870 for entry-level positions to $138,510 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Southwest New York nonmetropolitan area is 5.7% lower than the national median of $86,220.
Is Southwest New York nonmetropolitan area a lucrative place for Loan Officers?
No, not exceptionally lucrative compared to the national average.The average salary of $81,270 is below the national average, and the cost of living is also at the national average, indicating no significant financial advantage.
Is Southwest New York nonmetropolitan area a good place to live for Loan Officers?
The Cost of Living Index in Southwest New York nonmetropolitan area is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Southwest New York nonmetropolitan area?
Some top paying nearby cities include Binghamton, NY ($102,680) and Kingston, NY.
How does the number of Loan Officers compare to the national average in this region?
The region has 1.163 Loan Officers per 1,000 workers, which is below the national average, indicating a lower concentration of these professionals.
What is the total number of Loan Officers in Southwest New York nonmetropolitan area?
There are approximately 210 Loan Officers employed in the Southwest New York nonmetropolitan area.
How does the cost of living in Southwest New York nonmetropolitan area compare nationally?
The cost of living in this region is exactly at the national average, indexed at 100.
Is the job market for Loan Officers in this area highly competitive?
With a Location Quotient below 1.0, the market is less concentrated than the national average, suggesting moderate competition.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 210 employees in the Southwest New York nonmetropolitan area area with a job density of 1.163 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 New York nonmetropolitan area