Loan Officers Salary
Loan Officers in Cleveland, TN make a median of $57,010 a year, or about $27.41 an hour. The range runs from $36K at the entry level to $99K for experienced workers. Cost of living is below average (RPP 88.08), which stretches that salary to about $64,725 in buying power. A 2-bedroom apartment runs $1,233/month, about 31.1% of take-home, which is tight.
So what does $57K get you in Cleveland?
Groceries, utilities, transportation, and healthcare scaled from national averages by Cleveland’s Regional Price Parity (88.08). Rent from HUD Fair Market Rents. Taxes estimated for single filer, standard deduction. * Healthcare is the employee-paid share only (premiums + out-of-pocket). Actual costs vary by coverage type: employer-sponsored, ACA marketplace, or uninsured.
About loan officers
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What this looks like in Cleveland
Pay for loan officers in Cleveland runs about 26% below the U.S. median of $77K. Rent runs $1,233/month for a 2-bedroom (HUD FMR), taking 30.9% of the median take-home. That's within the 30% rule, though not by much. Regional Price Parity sits at 88.08 (national = 100), meaning everyday costs run about 12% cheaper here. Your dollar stretches further than the headline salary suggests. Use the affordability calculator above to model your specific situation.
Compared to nearby metros
Median pay for loan officers in metros near Cleveland, adjusted for local cost of living.
| Metro | Median pay | COL-adjusted |
|---|---|---|
| Nashville-Davidson--Murfreesboro--Franklin | $63K | $65K |
| Knoxville | $64K | $69K |
| Memphis | $63K | $69K |
| Chattanooga | $62K | $68K |
COL-adjusted = median salary ÷ (BEA Regional Price Parity ÷ 100). Expresses purchasing power in national-average dollars.
Compensation breakdown
Annual earnings by percentile, Cleveland, TN
Entry-level loan officers (10th percentile) start around $36K. Mid-career wages sit at $57K. Top earners bring in $99K or more, a $63K spread from bottom to top.
Loan Officers pay across states
Median income ranked highest to lowest, compared to the national figure
View Loan Officers salary in all states
| State | Median salary | vs. national | Employment |
|---|---|---|---|
| Massachusetts | $102K | +32% | 4,470 |
| Connecticut | $96K | +25% | 2,220 |
| New York | $96K | +25% | 10,840 |
| Minnesota | $95K | +24% | 6,430 |
| Colorado | $95K | +23% | 3,230 |
| Oregon | $94K | +23% | 4,220 |
| New Jersey | $93K | +21% | 6,200 |
| District of Columbia | $93K | +21% | 370 |
| Vermont | $89K | +16% | 350 |
| Kansas | $87K | +13% | 3,540 |
| North Dakota | $85K | +10% | 1,370 |
| Iowa | $84K | +9% | 2,840 |
| Delaware | $83K | +8% | 1,420 |
| Maine | $82K | +7% | 1,060 |
| California | $82K | +7% | 25,790 |
| New Hampshire | $81K | +5% | 1,120 |
| Washington | $80K | +4% | 6,040 |
| South Dakota | $80K | +4% | 1,820 |
| Nebraska | $80K | +4% | 2,710 |
| Wyoming | $80K | +4% | 740 |
| Illinois | $79K | +3% | 10,890 |
| Virginia | $78K | +2% | 8,790 |
| Wisconsin | $78K | +2% | 4,940 |
| Rhode Island | $77K | +1% | 1,290 |
| Ohio | $76K | -0% | 9,880 |
| North Carolina | $76K | -1% | 10,700 |
| Michigan | $74K | -3% | 11,340 |
| Missouri | $74K | -4% | 7,050 |
| Maryland | $74K | -4% | 3,850 |
| Oklahoma | $73K | -5% | 4,100 |
| Indiana | $73K | -5% | 4,790 |
| Alaska | $73K | -5% | 490 |
| Montana | $72K | -7% | 1,180 |
| Florida | $71K | -7% | 18,830 |
| Idaho | $71K | -7% | 2,030 |
| Arkansas | $70K | -8% | 2,610 |
| Pennsylvania | $69K | -10% | 8,140 |
| Georgia | $68K | -11% | 9,540 |
| Alabama | $67K | -13% | 5,050 |
| Texas | $66K | -13% | 21,200 |
| Nevada | $65K | -16% | 2,580 |
| Hawaii | $64K | -17% | 980 |
| South Carolina | $63K | -18% | 4,140 |
| Tennessee | $63K | -18% | 6,510 |
| New Mexico | $63K | -18% | 1,140 |
| Arizona | $62K | -19% | 10,020 |
| Kentucky | $62K | -19% | 3,940 |
| Louisiana | $61K | -20% | 2,810 |
| Mississippi | $60K | -21% | 3,450 |
| Utah | $59K | -22% | 3,990 |
| West Virginia | $58K | -25% | 1,290 |
Showing 1–10 of 51 (all 50 states + DC)
Track loan officers salary changes
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Frequently asked questions
Can a loan officer afford a 2BR apartment alone in Cleveland?
It’s a stretch — at the median salary of $57K, rent takes 30.9% of take-home pay. A 2-bedroom at the HUD Fair Market Rent runs $1,233/month. The 30% guideline puts the comfortable ceiling at roughly $1,200/month in rent — so roommates or a 1-bedroom would ease the math significantly.
What’s the entry-level salary for loan officers in Cleveland?
The 10th-percentile wage — what new loan officers typically earn — is $36K/year. Take-home on that works out to about $2,153/month. At HUD’s $1,233/month FMR, rent would take 57% of that take-home — above the 30% guideline, so a 1-bedroom or shared housing is likely necessary starting out.
Is loan officer a high-paying job in Cleveland?
Local pay runs 26% below the national median — $57K here vs. $77K nationally. Cost of living is 12% below the national average, which narrows that gap in real purchasing power.
How does Cleveland compare to the national average for loan officers?
Cleveland pays $57K median vs. the U.S. average of $77K — that’s -26%. After adjusting for local cost of living (RPP 88.08), the purchasing-power equivalent is $65K — below the national median.
How much do loan officers make in Cleveland, TN?
The median is $57,010 a year, that works out to about $27 an hour. But the range is wide: entry-level workers start around $35,890, and experienced loan officers can clear $98,710. These are BLS numbers, based on employer-reported data, not self-reported surveys.
Is $57K enough to live in Cleveland?
On that salary, you'd take home roughly $3,987/month after taxes. A 2-bedroom here rents for about $1,233/month, which eats 30.9% of your paycheck. That's above the 30% rule of thumb, housing will be a stretch at the median salary, though you can manage with roommates or a smaller place.
How far does a loan officers salary go in Cleveland?
Cleveland has a Regional Price Parity of 88.08 (100 is the national average). That's below average, your money stretches further here than the raw salary number suggests. After cost-of-living adjustment, the median loan officers salary is worth about $64,725 in national-average purchasing power.
Where do loan officers get paid the most?
The table above ranks every state by median pay for this role. Keep in mind that the highest-paying states tend to have the highest costs of living, so the top salary doesn't always mean the most money in your pocket.