These Are The 10 States With The Highest Loan Officer Salaries For 2017

Chris Kolmar
by Chris Kolmar
Rankings, Salaries - 10 months 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. Florida
  5. Missouri
  6. Georgia
  7. Tennessee
  8. Illinois
  9. Kentucky
  10. Virginia

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

If youÂ’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 2016 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 $85110, so our index value would be:

$85,110 * (100 / 135.9) = $62,626

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 $92,391 $83,060 89.9
2 Texas $90,782 $82,340 90.7
3 Nebraska $85,131 $77,980 91.6
4 Florida $84,221 $82,790 98.3
5 Missouri $83,550 $75,530 90.4
6 Georgia $82,417 $75,330 91.4
7 Tennessee $79,082 $70,700 89.4
8 Illinois $78,414 $74,180 94.6
9 Kentucky $77,823 $70,430 90.5
10 Virginia $77,787 $78,410 100.8
11 New York $77,580 $101,630 131.0
12 North Carolina $77,529 $72,800 93.9
13 Minnesota $76,478 $77,090 100.8
14 Iowa $76,373 $69,500 91.0
15 Mississippi $76,356 $65,590 85.9
16 New Hampshire $75,880 $88,780 117.0
17 Indiana $74,502 $66,680 89.5
18 Wisconsin $73,750 $71,390 96.8
19 Ohio $73,710 $69,140 93.8
20 Nevada $73,543 $75,970 103.3
21 Alabama $73,114 $66,680 91.2
22 Massachusetts $72,031 $96,090 133.4
23 Arkansas $72,020 $62,730 87.1
24 Wyoming $71,623 $65,750 91.8
25 Colorado $71,531 $74,250 103.8
26 Delaware $71,015 $72,010 101.4
27 North Dakota $70,985 $70,560 99.4
28 Washington $70,826 $74,510 105.2
29 Idaho $70,043 $64,510 92.1
30 Arizona $69,520 $68,130 98.0
31 Oklahoma $69,428 $61,930 89.2
32 New Jersey $69,105 $84,240 121.9
33 Utah $68,989 $64,160 93.0
34 South Carolina $68,719 $68,170 99.2
35 Pennsylvania $68,491 $69,450 101.4
36 Connecticut $68,425 $87,380 127.7
37 Oregon $67,275 $77,770 115.6
38 Montana $65,079 $65,600 100.8
39 South Dakota $62,960 $65,290 103.7
40 California $62,626 $85,110 135.9
41 Maryland $60,677 $76,150 125.5
42 New Mexico $60,176 $58,070 96.5
43 West Virginia $59,550 $55,620 93.4
44 Louisiana $58,206 $55,180 94.8
45 Rhode Island $58,169 $70,210 120.7
46 Vermont $57,687 $69,860 121.1
47 Maine $57,590 $63,810 110.8
48 Alaska $57,444 $75,310 131.1
49 Hawaii $41,429 $69,560 167.9