Average Loan Officers Salary in Springfield, MA
Yes, Springfield, MA is a highly lucrative market for Loan Officerss. With an average annual salary of $101,380, professionals here earn significantly more than the national norm.
Executive Summary
- Average Salary: $101,380 per year.
- Growth Trend: Salaries have shifted 0.0% ↘ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $171,840.
- Outlook: The current demand for Loan Officerss is stable, with a local workforce of approximately 150 professionals. This role remains a specialized component of the broader Springfield, MA economy.
Salary Overview
The average Loan Officers in Springfield, MA earns+17.6%above the national average.
$48.7
$1,950
$8,448
Loan Officers Salary Trends (2020-2024)
Historical trend data for Loan Officers in Springfield, MA is limited, but current market signals indicate a stable demand environment.
Loan Officers Salary Distribution in Springfield, MA
The earning potential for Loan Officerss in Springfield, MA varies significantly by experience level. There is a substantial income gap, with top earners (90th percentile) making over 3.4x the starting salary. This indicates strong career progression opportunities. Entry-level roles (10th percentile) typically start around $50,820, while highly experienced professionals can command wages upwards of $171,840.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $50,820 | $24.4 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $76,035 | $36.6 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $83,030 | $39.9 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $126,725 | $60.9 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $171,840 | $82.6 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$101,380
Gross Pay
Real Wage (Purchasing Power)
$101,380
Adjusted for COL (100)
In Springfield, MA, the Cost of Living Index is 100. This increases your effective purchasing power from $101,380 to $101,380.
Job Market Context
150
Total Jobs
0.758
Per 1K Jobs
0.4
Location Quotient
At 0.40x, Springfield, MA has a notably lower concentration of Loan Officers jobs than the national average. Opportunities in this area are relatively scarce for this profession.
150 people work as Loan Officers in Springfield, MA.
Only 0.758 out of every 1,000 local jobs are Loan Officers roles — this is a niche profession in the area.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Amherst Town-Northampton, MA Loan Officers Salary | $100,430↓ 1% | 18 mi |
| Hartford-West Hartford-East Hartford, CT Loan Officers Salary | $88,990↓ 12% | 25 mi |
| Connecticut nonmetropolitan area Loan Officers Salary | $90,240↓ 11% | 37 mi |
| Worcester, MA Loan Officers Salary | $101,650↑ 0% | 39 mi |
| Pittsfield, MA Loan Officers Salary | $98,940↓ 2% | 44 mi |
Comparing salaries near Springfield, MA
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in Springfield, MA?
The median annual salary for a Loan Officers in Springfield, MA is $101,380. This typically ranges from $50,820 for entry-level positions to $171,840 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Springfield, MA is 17.6% higher than the national median of $86,220.
Is Springfield, MA a good place for Loan Officerss?
Yes, Springfield, MA is financially attractive for Loan Officerss. The average salary of $101,380 exceeds the national average. See distinct detailed breakdown below.
Is Springfield, MA a good place to live for Loan Officers?
The Cost of Living Index in Springfield, MA is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Springfield, MA?
Some top paying nearby cities include Amherst Town-Northampton, MA ($100,430) and Hartford-West Hartford-East Hartford, CT.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 150 employees in the Springfield, MA area with a job density of 0.758 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, MA