SalaryNode

Average Loan Officers Salary in Toledo, OH

Loan Officers in Toledo, OH, earn an average annual salary of $70,030. This figure is notably below the national average of $86,220, indicating that local market conditions and demand play a significant role in compensation within this region. Factors such as the local economic climate and the specific needs of financial institutions in Toledo contribute to this pay differential.

Executive Summary

  • Average Salary: $70,030 per year.
  • Growth Trend: Salaries have shifted 4.3% ↘ over the last 5 years.
  • Top Earners: Senior professionals (90th percentile) earn up to $121,140.
  • Outlook: The Toledo, OH, job market for Loan Officers, while not exceptionally concentrated with a Location Quotient of 0.63, supports a workforce of approximately 350 professionals. This indicates a stable, albeit not rapidly expanding, demand for these roles. The presence of a dedicated workforce suggests consistent opportunities for skilled individuals within the local financial sector.
2024 Market Data

Salary Overview

$70,030

The average Loan Officers in Toledo, OH earns-18.8%below the national average.

BreakdownBased on 40h/week
Hourly

$33.7

Weekly

$1,347

Monthly

$5,836

Loan Officers Salary Distribution in Toledo, OH

Salary progression for Loan Officers in Toledo, OH, typically correlates with experience. Entry-level positions may start at the lower end of the pay scale, while seasoned professionals with a proven track record and advanced skills can command significantly higher salaries. The distribution of salaries across different percentiles reflects these opportunities for career advancement and increased earning potential.

Experience LevelMarket PercentileAnnual WageHourly Rate
Associate / AnalystData entry, reporting, supporting senior staff.10% (Entry)$33,590$16.1
Senior AnalystIndependent analysis, forecasting, client interaction.25% (Junior)$52,523$25.3
ManagerOversees team, compliance, and project delivery.50% (Median)$60,990$29.3
Director / VPStrategic planning, budget ownership, risk management.75% (Senior)$87,538$42.1
Executive / PartnerC-level leadership. High-level strategy & relations.90% (Expert)$121,140$58.2

Detailed Loan Officers Market Analysis

Relocation Context

Nominal Salary

$70,030

Gross Pay

Real Wage (Purchasing Power)

$70,030

Adjusted for COL (100)

With a Cost of Living Index of 100, Toledo, OH, is perfectly aligned with the national average. This means the nominal salary of $70,030 for Loan Officers offers purchasing power equivalent to the national average. Therefore, the salary provides a standard lifestyle relative to the rest of the country, without significant advantages or disadvantages due to living expenses.

Job Market Context

350

Total Jobs

1.187

Per 1K Jobs

0.63

Location Quotient

Below Average

Toledo, OH has 0.63x 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 0.63 for Loan Officers in Toledo, OH, suggests that the profession is less concentrated here compared to the national average. This implies that while there is a steady presence of Loan Officers, the market is not saturated, potentially offering a balanced competitive landscape for job seekers and employers alike.

Nearby Job Markets

Nearby Cities for Loan Officers

CitySalaryDist.
Monroe, MI Loan Officers Salary$65,550↓ 6%20 mi
Ann Arbor, MI Loan Officers Salary$74,170↑ 6%43 mi
Sandusky, OH Loan Officers Salary$88,490↑ 26%48 mi
Detroit-Warren-Dearborn, MI Loan Officers Salary$87,930↑ 26%54 mi
Jackson, MI Loan Officers Salary$69,310↓ 1%58 mi

Comparing salaries near Toledo, OH

Hiring Loan Officerss?

Frequently Asked Questions

How much does a Loan Officers make in Toledo, OH?

The median annual salary for a Loan Officers in Toledo, OH is $70,030. This typically ranges from $33,590 for entry-level positions to $121,140 for top-level roles.

How does the salary compare to the national average?

The average salary for this role in Toledo, OH is 18.8% lower than the national median of $86,220.

Is Toledo, OH a lucrative place for Loan Officers?

No, not compared to the national average.The average salary for Loan Officers in Toledo, OH, is $70,030, which is below the national average of $86,220. However, the cost of living is also at the national average, making the purchasing power comparable.

Is Toledo, OH a good place to live for Loan Officers?

The Cost of Living Index in Toledo, OH is 100. While higher than average, this often correlates with higher wages.

Where are the highest paying cities near Toledo, OH?

Some top paying nearby cities include Monroe, MI ($65,550) and Ann Arbor, MI.

What is the average salary for a Loan Officer in Toledo, OH?

The average annual salary for a Loan Officer in Toledo, OH, is $70,030.

How does Toledo's Cost of Living compare to the national average?

Toledo, OH, has a Cost of Living Index of 100, which is exactly the national average.

Is there high demand for Loan Officers in Toledo, OH?

The demand is moderate, indicated by a Location Quotient of 0.63 and a workforce of 350, suggesting a stable but not exceptionally concentrated job market.

How does experience affect a Loan Officer's salary in Toledo, OH?

Experience significantly impacts salary, with entry-level positions earning less and senior roles commanding higher compensation, reflecting career progression opportunities.

Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 350 employees in the Toledo, OH area with a job density of 1.187 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.

Semantic Salary Analysis for Loan Officers • Data source: BLS OEWS 2024 •Jobs in Toledo, OH