Loan Officers Pay Range in Minnesota
Pay distribution across experience levels
- 10th Percentile — Entry Level$57,670
- 25th Percentile — Junior$73,240
- 50th Percentile — Median$95,170
- 75th Percentile — Senior$125,550
- 90th Percentile — Top Earners$163,350
Half of Loan Officers in Minnesota earn more than $95,170. The top 10% make $163,350 or more, while entry-level workers start around $57,670.
Loan Officers in Minnesota: Key Facts
Source: BLS OEWS May 2025
- Minnesota ranks 3rd of 51 states for Loan Officers pay, at $104,700 per year (19.3% above the U.S. average of $87,790).
- 6,430 people work as Loan Officers in Minnesota — 2.3% of all U.S. Loan Officers jobs.
- Location quotient 1.24: Loan Officers jobs are more concentrated in Minnesota than in the U.S. overall.
- Pay range: the lowest-paid 10% earn under $57,670; the top 10% earn over $163,350.
- Hourly equivalent: $50.34 per hour (2,080 hours/year).
- The highest-paying state is Massachusetts at $118,390.
- Among business jobs in Minnesota, Personal Financial Advisors pays the most ($141,760).
Loan Officers Job Market in Minnesota
Key factors affecting compensation
Minnesota's key industries are Healthcare, Finance, Manufacturing, and its job market is rated strong. Loan Officers here earn $104,700 on average, placing the state 3rd nationally.
With a cost-of-living index of 1.0 (U.S. = 1.00), a Minnesota salary of $104,700 is roughly equivalent to $104,700 at the national average cost of living.
Compared with nearby states in the pay ranking, Massachusetts ($118,390), New York ($114,670), New Jersey ($102,890) 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 Minnesota
Related career salary benchmarks
- Personal Financial Advisors $141,760/yr Minnesota +35.4% vs this role
- Financial and Investment Analysts $108,280/yr Minnesota +3.4% vs this role
- Management Analysts $107,090/yr Minnesota +2.3% vs this role
- Financial Examiners $106,670/yr Minnesota +1.9% vs this role
- Project Management Specialists $101,580/yr Minnesota 3.0% vs this role
- Budget Analysts $94,810/yr Minnesota 9.4% vs this role
- Appraisers and Assessors of Real Estate $94,700/yr Minnesota 9.6% vs this role
- Market Research Analysts $94,120/yr Minnesota 10.1% vs this role
Frequently Asked Questions
Common questions about this salary
What is the average Loan Officers salary in Minnesota?
The average Loan Officers salary in Minnesota is $104,700 per year (median $95,170), which is 19.3% above the national average of $87,790.
How does Minnesota rank for Loan Officers pay?
Minnesota ranks 3rd out of 51 states. The highest-paying state is Massachusetts ($118,390/yr).
How much do entry-level Loan Officers make in Minnesota?
The lowest-paid 10% of Loan Officers in Minnesota earn about $57,670 per year and the 25th percentile is $73,240.
How much do Loan Officers make per hour in Minnesota?
About $50.34 per hour, based on the $104,700 annual average and 2,080 working hours per year.
How many Loan Officers work in Minnesota?
BLS counts 6,430 Loan Officers jobs in Minnesota (OEWS May 2025).
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