Loan Officers Pay Range in Michigan
Pay distribution across experience levels
- 10th Percentile — Entry Level$36,830
- 25th Percentile — Junior$50,280
- 50th Percentile — Median$74,470
- 75th Percentile — Senior$101,150
- 90th Percentile — Top Earners$135,700
Half of Loan Officers in Michigan earn more than $74,470. The top 10% make $135,700 or more, while entry-level workers start around $36,830.
Loan Officers in Michigan: Key Facts
Source: BLS OEWS May 2025
- Michigan ranks 31st of 51 states for Loan Officers pay, at $83,990 per year (4.3% below the U.S. average of $87,790).
- 11,340 people work as Loan Officers in Michigan — 4.1% of all U.S. Loan Officers jobs.
- Location quotient 1.46: Loan Officers jobs are more concentrated in Michigan than in the U.S. overall.
- Pay range: the lowest-paid 10% earn under $36,830; the top 10% earn over $135,700.
- Hourly equivalent: $40.38 per hour (2,080 hours/year).
- The highest-paying state is Massachusetts at $118,390.
- Among business jobs in Michigan, Personal Financial Advisors pays the most ($121,890).
Loan Officers Job Market in Michigan
Key factors affecting compensation
Michigan's key industries are Automotive, Healthcare, Technology, and its job market is rated moderate. Loan Officers here earn $83,990 on average, placing the state 31st nationally.
With a cost-of-living index of 0.9 (U.S. = 1.00), a Michigan salary of $83,990 is roughly equivalent to $93,322 at the national average cost of living.
Compared with nearby states in the pay ranking, Arkansas ($85,120), Georgia ($84,980), Maryland ($84,190) are the closest alternatives for Loan Officers weighing a move.
U.S. Bureau of Labor Statistics · Occupational Employment and Wage Statistics (OES) · May 2025
Other Business Jobs in Michigan
Related career salary benchmarks
- Personal Financial Advisors $121,890/yr Michigan +45.1% vs this role
- Project Management Specialists $104,690/yr Michigan +24.6% vs this role
- Financial and Investment Analysts $104,060/yr Michigan +23.9% vs this role
- Budget Analysts $102,500/yr Michigan +22.0% vs this role
- Management Analysts $100,800/yr Michigan +20.0% vs this role
- Logisticians $90,350/yr Michigan +7.6% vs this role
- Business Operations Specialists All Other $88,290/yr Michigan +5.1% vs this role
- Accountants and Auditors $86,990/yr Michigan +3.6% vs this role
Frequently Asked Questions
Common questions about this salary
What is the average Loan Officers salary in Michigan?
The average Loan Officers salary in Michigan is $83,990 per year (median $74,470), which is 4.3% below the national average of $87,790.
How does Michigan rank for Loan Officers pay?
Michigan ranks 31st out of 51 states. The highest-paying state is Massachusetts ($118,390/yr).
How much do entry-level Loan Officers make in Michigan?
The lowest-paid 10% of Loan Officers in Michigan earn about $36,830 per year and the 25th percentile is $50,280.
How much do Loan Officers make per hour in Michigan?
About $40.38 per hour, based on the $83,990 annual average and 2,080 working hours per year.
How many Loan Officers work in Michigan?
BLS counts 11,340 Loan Officers jobs in Michigan (OEWS May 2025).
Related Salary Pages
Explore more salary data