Average Loan Officers Salary in Springfield, IL
The average salary for a Loan Officers in Springfield, IL is $80,890. This compensation is in line with national standards, reflecting a balanced and stable local job market.
Executive Summary
- Average Salary: $80,890 per year.
- Growth Trend: Salaries have shifted 16.8% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $126,810.
- Outlook: The current demand for Loan Officerss is stable, with a local workforce of approximately 170 professionals. This role remains a specialized component of the broader Springfield, IL economy.
Salary Overview
The average Loan Officers in Springfield, IL earns-6.2%below the national average.
$38.9
$1,556
$6,741
Loan Officers Salary Trends (2020-2024)
Over the past 4 years, Loan Officers salaries in Springfield, IL have shown healthy growth of 16.8%. This positive trajectory often correlates with increased demand and a favorable future outlook for the profession.
Loan Officers Salary Distribution in Springfield, IL
The earning potential for Loan Officerss in Springfield, IL varies significantly by experience level. There is a substantial income gap, with top earners (90th percentile) making over 2.6x the starting salary. This indicates strong career progression opportunities. Entry-level roles (10th percentile) typically start around $48,800, while highly experienced professionals can command wages upwards of $126,810.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $48,800 | $23.5 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $60,668 | $29.2 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $69,340 | $33.3 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $101,113 | $48.6 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $126,810 | $61 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$80,890
Gross Pay
Real Wage (Purchasing Power)
$80,890
Adjusted for COL (100)
In Springfield, IL, the Cost of Living Index is 100. This increases your effective purchasing power from $80,890 to $80,890.
Job Market Context
170
Total Jobs
1.686
Per 1K Jobs
0.89
Location Quotient
Springfield, IL has 0.89x 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.
170 people work as Loan Officers in Springfield, IL.
1.686 out of every 1,000 local jobs are Loan Officers positions — a typical concentration.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Decatur, IL Loan Officers Salary | $73,290↓ 9% | 39 mi |
| West Central Illinois nonmetropolitan area Loan Officers Salary | $81,570↑ 1% | 53 mi |
| East Central Illinois nonmetropolitan area Loan Officers Salary | $81,480↑ 1% | 53 mi |
| Northwest Illinois nonmetropolitan area Loan Officers Salary | $84,180↑ 4% | 53 mi |
| South Illinois nonmetropolitan area Loan Officers Salary | $79,770↓ 1% | 53 mi |
Comparing salaries near Springfield, IL
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in Springfield, IL?
The median annual salary for a Loan Officers in Springfield, IL is $80,890. This typically ranges from $48,800 for entry-level positions to $126,810 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Springfield, IL is 6.2% lower than the national median of $86,220.
Is Springfield, IL a good place for Loan Officerss?
It depends on your priorities. While the average Loan Officers salary in Springfield, IL is $80,890 (below the national average), the area may offer a lower cost of living or other lifestyle benefits typical of Springfield, IL. See distinct detailed breakdown below.
Is Springfield, IL a good place to live for Loan Officers?
The Cost of Living Index in Springfield, IL is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Springfield, IL?
Some top paying nearby cities include Decatur, IL ($73,290) and West Central Illinois 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 170 employees in the Springfield, IL area with a job density of 1.686 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 Springfield, IL