Tellers in Michigan earn an average annual salary of $39,420, which is slightly below the national average of $40,940. This difference can be attributed to a variety of local economic factors, including the specific demand for financial services professionals and the overall economic landscape within the state. Understanding these localized pay scales is crucial for financial professionals seeking opportunities in Michigan.
Executive Summary
- Average Salary: $39,420 per year.
- Growth Trend: Salaries have shifted 22.0% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $46,690.
- Outlook: With a substantial local workforce of 12,660 Tellers, Michigan demonstrates a significant presence in this sector. The Location Quotient of 1.31 indicates a higher concentration of Tellers in Michigan compared to the national average, suggesting a robust demand and a well-established job market for these professionals within the state.
Tellers Salary Trends (2020-2024)
While specific historical data is not provided, it is reasonable to assume that Teller salaries in Michigan have experienced gradual growth over the past four years, mirroring general economic trends and inflation. This consistent, albeit potentially modest, upward trajectory in compensation is typical for established roles within the financial services industry.
Tellers Salary Distribution in Michigan
Salary progression for Tellers in Michigan typically correlates with experience. Entry-level positions will naturally command lower salaries, while seasoned professionals with extensive experience and specialized skills can expect to earn significantly more. The widening salary gap between junior and senior roles reflects the value placed on expertise and tenure within the banking sector.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $31,940 | $15.4 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $29,565 | $14.2 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $37,840 | $18.2 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $49,275 | $23.7 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $46,690 | $22.4 |
Detailed Tellers Market Analysis
Relocation Context
Nominal Salary
$39,420
Gross Pay
Real Wage (Purchasing Power)
$43,510
Adjusted for COL (90.6)
The average annual salary of $39,420 in Michigan presents a favorable financial standing when considered against the state's Cost of Living Index of 90.6. This index, being below the national average of 100, suggests that the nominal income earned by Tellers in Michigan offers a relatively good purchasing power, allowing for a comfortable lifestyle.
Job Market Context
12,660
Total Jobs
2.883
Per 1K Jobs
1.31
Location Quotient
With a location quotient of 1.31, Michigan has a slightly higher-than-average concentration of Tellers roles compared to the national norm.
Michigan's Location Quotient of 1.31 for Tellers signifies a market where this profession is more concentrated than the national average. This suggests a potentially competitive environment due to a higher density of available talent, but also indicates a strong and established demand for Teller services within the state's financial institutions.
Nearby Job Markets
Nearby Cities for Tellers
| City | Salary | Dist. |
|---|---|---|
| Midland, MI Tellers Salary | $42,580↑ 8% | 26 mi |
| Saginaw, MI Tellers Salary | $37,180↓ 6% | 30 mi |
| Bay City, MI Tellers Salary | $34,750↓ 12% | 37 mi |
| Lansing-East Lansing, MI Tellers Salary | $38,900↓ 1% | 42 mi |
| Flint, MI Tellers Salary | $39,440↑ 0% | 47 mi |
Comparing salaries near Michigan
Hiring Tellerss?
Frequently Asked Questions
How much does a Tellers make in Michigan?
The median annual salary for a Tellers in Michigan is $39,420. This typically ranges from $31,940 for entry-level positions to $46,690 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Michigan is 3.7% lower than the national median of $40,940.
Is Michigan a lucrative place for Tellers?
Yes, with a caveat.While the average salary is slightly below the national average, Michigan's lower cost of living means your earnings can go further. The strong concentration of Tellers also indicates a stable job market.
Is Michigan a good place to live for Tellers?
With a Cost of Living Index of 90.6 (lower than the national average of 100), your salary goes further here.
Where are the highest paying cities near Michigan?
Some top paying nearby cities include Midland, MI ($42,580) and Saginaw, MI.
How does experience affect a Teller's salary in Michigan?
Experience is a key driver of salary growth for Tellers in Michigan. Entry-level positions offer a starting point, while senior Tellers with years of experience and advanced skills can command higher compensation, reflecting their value to employers.
What is the significance of the Location Quotient for Tellers in Michigan?
A Location Quotient of 1.31 means Tellers are 31% more concentrated in Michigan than the national average. This indicates a stronger presence and potentially higher demand for these roles within the state's financial sector.
How does Michigan's cost of living compare to the national average?
Michigan's Cost of Living Index is 90.6, which is below the national average of 100. This means that, on average, goods and services are less expensive in Michigan, making the nominal salary potentially more valuable.
What is the total number of Tellers employed in Michigan?
There are approximately 12,660 Tellers employed in Michigan, reflecting a significant workforce dedicated to this essential role within the state's financial institutions.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 12,660 employees in the Michigan area with a job density of 2.883 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
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Semantic Salary Analysis for Tellers • Data source: BLS OEWS 2024 •Jobs in Michigan