Loan Officer Salary in Michigan
Median annual pay in Michigan
$74,470
$35.80/hour
BLS OEWS, May 2025
Adjusted for cost of living in Michigan
$77,398
Regional Price Parity: 96.217 (U.S. = 100)
Wages: BLS OEWS, May 2025. Cost of living: BEA Regional Price Parities, 2024.
Difference from the U.S. median ($76,690): −$2,220 (−2.9%)
Michigan ranks 27th of 51 states by median pay, and 28th of 51 after adjusting for cost of living.
Pay
| Annual | Hourly | |
|---|---|---|
| 10th percentile | $36,830 | $17.71 |
| 25th percentile | $50,280 | $24.17 |
| Median | $74,470 | $35.80 |
| 75th percentile | $101,150 | $48.63 |
| 90th percentile | $135,700 | $65.24 |
Employment
- Employment in Michigan
- 11,340
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Comparison
Compared with the U.S.
- Median annual pay in Michigan
- $74,470
- Median annual pay in the U.S.
- $76,690
- Difference
- −$2,220 (−2.9%)
Cost of living
$74,470 ÷ 96.217 × 100 = $77,398
Wages: BLS OEWS, May 2025. Cost of living: BEA Regional Price Parities, 2024.
Ranking
| Rank | Median annual pay | Adjusted for cost of living (annual) |
|---|---|---|
| Ohio | ||
| 25th | $76,370 | $82,318 20th |
| North Carolina | ||
| 26th | $75,920 | $80,487 23rd |
| Michigan This page | ||
| 27th | $74,470 | $77,398 28th |
| Missouri | ||
| 28th | $73,660 | $81,108 21st |
| Maryland | ||
| 29th | $73,580 | $70,104 38th |
Similar occupations
Related occupations from O*NET, in O*NET's order, with their BLS median pay. Each figure shows the place it is for.
- Credit Counselor salary in the U.S.
$52,230/year U.S.
- Credit Analyst salary in the U.S.
$83,510/year U.S.
- Personal Financial Advisor salary in the U.S.
$105,070/year U.S.
- Securities, Commodities, and Financial Services Sales Agent salary in the U.S.
$78,660/year U.S.
- Financial Manager salary in the U.S.
$166,570/year U.S.
- Brokerage Clerk salary in the U.S.
$65,750/year U.S.
Outlook
- Projected employment change, 2025–35 (U.S.)
- +1.1%
- Typical education needed for entry (U.S.)
- Bachelor's degree
BLS publishes employment projections only for the U.S. as a whole. BLS Employment Projections, 2025–35
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Loan Officer salary in nearby places
- Loan Officer salary in Illinois
$79,150/year Illinois
- Loan Officer salary in Indiana
$72,960/year Indiana
- Loan Officer salary in Minnesota
$95,170/year Minnesota
- Loan Officer salary in Ohio
$76,370/year Ohio
- Loan Officer salary in Wisconsin
$78,290/year Wisconsin
- Loan Officer salary in the U.S.
$76,690/year U.S.
Sources and update
- Wages and employment: BLS Occupational Employment and Wage Statistics (OEWS), May 2025.
- Cost of living: BEA Regional Price Parities, 2024.
- Related occupations: O*NET® 31.0 Database, CC BY 4.0. Attributions
- Employment projections and typical education: BLS Employment Projections, 2025–35.
- Neighboring states: U.S. Census Bureau, County Adjacency File, 2024.
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