Average Loan Officers Salary in Syracuse, NY
Loan Officers in Syracuse, NY, command an impressive average annual salary of $97,570, significantly surpassing the national average of $86,220. This elevated compensation is often driven by a combination of local economic factors and the specific demands of the financial services sector within the region, reflecting a strong local market for these professionals.
Executive Summary
- Average Salary: $97,570 per year.
- Growth Trend: Salaries have shifted 43.4% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $194,380.
- Outlook: With a total local workforce of 320 Loan Officers, Syracuse presents a moderately concentrated market. The Location Quotient of 0.58 indicates that while the profession is present, it is less concentrated than the national average, suggesting a stable demand that may not be oversaturated. The presence of 1.091 jobs per 1,000 workers further supports a consistent, albeit not booming, job market for Loan Officers in the area.
Salary Overview
The average Loan Officers in Syracuse, NY earns+13.2%above the national average.
$46.9
$1,876
$8,131
Loan Officers Salary Trends (2020-2024)
While specific historical data for Syracuse is not provided, it is reasonable to assume that salaries for Loan Officers in the region have experienced steady growth over the past four years, mirroring national trends. This growth is typically fueled by evolving market conditions, increased demand for financial services, and the need for skilled professionals to navigate complex lending landscapes.
Loan Officers Salary Distribution in Syracuse, NY
The career trajectory for Loan Officers in Syracuse, NY, shows a clear progression in earning potential. Entry-level positions typically start at the lower percentiles, while seasoned professionals with extensive experience and a proven track record can command salaries in the upper percentiles. These percentile gaps are indicative of the significant value placed on expertise and performance within the lending industry.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $46,770 | $22.5 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $73,178 | $35.2 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $77,340 | $37.2 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $121,963 | $58.6 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $194,380 | $93.5 |
Detailed Loan Officers Market Analysis
Relocation Context
Nominal Salary
$97,570
Gross Pay
Real Wage (Purchasing Power)
$97,570
Adjusted for COL (100)
The nominal average salary of $97,570 in Syracuse aligns perfectly with the local Cost of Living Index of 100, which is the national average. This means that the purchasing power of a Loan Officer's salary in Syracuse is equivalent to the national average, offering a stable financial standing without the premium often associated with higher cost-of-living areas.
Job Market Context
320
Total Jobs
1.091
Per 1K Jobs
0.58
Location Quotient
Syracuse, NY has 0.58x 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.
The Location Quotient of 0.58 for Loan Officers in Syracuse suggests that the job market is less concentrated compared to the national average. This indicates that while there is a solid presence of these professionals, the market is not saturated, potentially offering good opportunities for skilled individuals entering or advancing in the field without facing intense competition from a disproportionately large pool of local candidates.
Nearby Job Markets
Nearby Cities for Loan Officers
| City | Salary | Dist. |
|---|---|---|
| Ithaca, NY Loan Officers Salary | $80,670↓ 17% | 45 mi |
| Utica-Rome, NY Loan Officers Salary | $77,770↓ 20% | 46 mi |
| Watertown-Fort Drum, NY Loan Officers Salary | $100,150↑ 3% | 66 mi |
| Binghamton, NY Loan Officers Salary | $102,680↑ 5% | 66 mi |
| Elmira, NY Loan Officers Salary | $123,770↑ 27% | 74 mi |
Comparing salaries near Syracuse, NY
Hiring Loan Officerss?
Frequently Asked Questions
How much does a Loan Officers make in Syracuse, NY?
The median annual salary for a Loan Officers in Syracuse, NY is $97,570. This typically ranges from $46,770 for entry-level positions to $194,380 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Syracuse, NY is 13.2% higher than the national median of $86,220.
Is Syracuse, NY a lucrative place for Loan Officers?
Yes, Syracuse, NY is a lucrative place for Loan Officers.Loan Officers in Syracuse earn an average of $97,570, which is notably higher than the national average. Coupled with a cost of living that matches the national average, this makes the compensation particularly attractive.
Is Syracuse, NY a good place to live for Loan Officers?
The Cost of Living Index in Syracuse, NY is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Syracuse, NY?
Some top paying nearby cities include Ithaca, NY ($80,670) and Utica-Rome, NY.
How does Syracuse compare to the national average salary for Loan Officers?
Loan Officers in Syracuse earn an average of $97,570 annually, which is approximately $11,350 more than the national average of $86,220.
What is the concentration of Loan Officers in Syracuse compared to the rest of the US?
Syracuse has a Location Quotient of 0.58 for Loan Officers, meaning the profession is less concentrated there than the national average.
Does the cost of living in Syracuse affect the value of a Loan Officer's salary?
No, the cost of living in Syracuse is exactly at the national average (index of 100), so the higher nominal salary translates directly to equivalent purchasing power.
How many Loan Officers are employed in Syracuse, NY?
There are approximately 320 Loan Officers employed in Syracuse, NY, representing 1.091 jobs per 1,000 workers in the local economy.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 320 employees in the Syracuse, NY area with a job density of 1.091 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 Syracuse, NY