The 10 States With The Highest Loan Officer Salaries For 2019

Chris Kolmar
by Chris Kolmar
Rankings, Salaries - 1 month ago

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Without fail, in surveys across basically every demographic, the number one most important aspect of a job for most people is the salary — how much do loan officers get paid where I live?

And while there are many things to go into how much you, specifically, can expect to make, there’s really good data for average salaries for loan officers by state across America broken down by seniority level. So while your city may be slightly different than the state average, these averages give you a rough sense of what to expect for your salary.

To better understand how salaries change across America, we decided to take a look the most recent data from the Bureau of Labor Statistics on average pay for loan officers by state.

Additionally, we wanted to adjust the salary based on the cost of living in a state — because your salary goes further in North Carolina than it does in California.

The state with the best salary for loan officers after this adjustment? That would be Loan Officers.

Here’s a quick snapshot of the top ten states for salaries:

  1. Kansas
  2. Texas
  3. Nebraska
  4. Illinois
  5. Arkansas
  6. Missouri
  7. Georgia
  8. Virginia
  9. Florida
  10. New York

Let’s take a look at how we got here and a full ranking of all the states.

If you’re interested, you can read more about the job scene here:

How we determined pay by state

As we mentioned earlier, we took the average annual salary data for loan officers from the 2018 Bureau of Labor Statistics — specifically their ‘Occupational Employment Statistics.’

To make the comparison of salaries apples to apples across states, we also took into account the cost of living in each state.

We then created an index by dividing the average wage for a state by the cost of living relative to average. As an example, the cost of living index in California is 135.9 and the average pay is $78940, so our index value would be:

$78,940 * (100 / 135.9) = $58,086

We then ranked every state on this criteria with the state with the highest salary index ranking as highest average salary for loan officers.

Here’s a look at the full ranking for all states.

Detailed List Of Loan Officer Salaries By State

Rank State Adjusted Salary Average Wage Cost Of Living
1 Kansas $93,793 $84,320 89.9
2 Texas $92,513 $83,910 90.7
3 Nebraska $89,235 $81,740 91.6
4 Illinois $86,279 $81,620 94.6
5 Arkansas $84,948 $73,990 87.1
6 Missouri $84,679 $76,550 90.4
7 Georgia $82,122 $75,060 91.4
8 Virginia $79,801 $80,440 100.8
9 Florida $79,348 $78,000 98.3
10 New York $78,969 $103,450 131.0
11 Minnesota $78,789 $79,420 100.8
12 Nevada $77,725 $80,290 103.3
13 New Hampshire $77,350 $90,500 117.0
14 North Carolina $76,900 $72,210 93.9
15 Ohio $76,791 $72,030 93.8
16 Mississippi $76,088 $65,360 85.9
17 Oklahoma $76,020 $67,810 89.2
18 Wisconsin $75,816 $73,390 96.8
19 Wyoming $75,740 $69,530 91.8
20 Indiana $75,363 $67,450 89.5
21 North Dakota $74,778 $74,330 99.4
22 Kentucky $74,530 $67,450 90.5
23 Alabama $74,407 $67,860 91.2
24 Iowa $74,263 $67,580 91.0
25 Connecticut $71,832 $91,730 127.7
26 Tennessee $71,375 $63,810 89.4
27 Washington $71,131 $74,830 105.2
28 Massachusetts $70,869 $94,540 133.4
29 New Jersey $70,172 $85,540 121.9
30 South Carolina $69,798 $69,240 99.2
31 Delaware $69,132 $70,100 101.4
32 Maine $68,898 $76,340 110.8
33 Colorado $68,410 $71,010 103.8
34 Pennsylvania $67,337 $68,280 101.4
35 Maryland $67,123 $84,240 125.5
36 Oregon $66,332 $76,680 115.6
37 Idaho $66,026 $60,810 92.1
38 New Mexico $65,616 $63,320 96.5
39 Arizona $63,704 $62,430 98.0
40 Montana $63,402 $63,910 100.8
41 Utah $61,978 $57,640 93.0
42 South Dakota $60,973 $63,230 103.7
43 West Virginia $59,282 $55,370 93.4
44 Louisiana $59,272 $56,190 94.8
45 California $58,086 $78,940 135.9
46 Rhode Island $57,580 $69,500 120.7
47 Vermont $54,789 $66,350 121.1
48 Alaska $54,248 $71,120 131.1
49 Hawaii $43,353 $72,790 167.9
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