Loan Officers Salary
Loan Officers in Illinois make a median of $79,150 a year, or about $38.05 an hour. The range runs from $43K at the entry level to $137K for experienced workers. Cost of living is below average (RPP 93.85), which stretches that salary to about $84,337 in buying power. Rent on a 2-bedroom averages $1,407/month, or 27.1% of estimated take-home pay.
Statewide average. Salary and cost of living vary significantly across Illinois. Jump to a metro for precise data:
So what does $79K get you in Illinois?
About loan officers
Sponsored links, AffordMap may earn a commission at no cost to you. Learn more
What this looks like in Illinois
Loan officers pay in Illinois tracks closely to the national median, $79K locally vs. $77K nationwide, a 3% difference. Rent runs $1,407/month for a 2-bedroom (HUD FMR), taking 28.1% of the median take-home. That's within the 30% rule, though not by much. Regional Price Parity sits at 93.85 (national = 100), meaning everyday costs run about 6% cheaper here. Your dollar stretches further than the headline salary suggests. Pay and costs are both near average, leaving limited margin for savings at the median wage.
Compensation breakdown
Annual earnings by percentile, Illinois
Entry-level loan officers (10th percentile) start around $43K. Mid-career wages sit at $79K. Top earners bring in $137K or more, a $94K spread from bottom to top.
Loan Officers salary by metro in Illinois
8 metro areas with BLS data, ranked by median pay
| Metro area | Median salary | vs. state | Employment |
|---|---|---|---|
| Chicago-Naperville-Elgin | $80K | +1% | 7,380 |
| Champaign-Urbana | $79K | -0% | 210 |
| Springfield | $79K | -1% | 190 |
| Rockford | $76K | -4% | 90 |
| Decatur | $75K | -5% | 90 |
| Peoria | $75K | -6% | 270 |
| Bloomington | $67K | -15% | 160 |
| Kankakee | $63K | -21% | 80 |
Compare to other states
Track loan officers salary changes
BLS updates this data quarterly. We'll email you when Illinois numbers change.
Related careers in Business & Finance
Frequently asked questions
Can a loan officer afford a 2BR apartment alone in Illinois?
Yes — at the median salary of $79K, rent takes 28.1% of take-home pay. A 2-bedroom at the HUD Fair Market Rent runs $1,407/month. That stays under the 30% guideline most financial planners use.
What’s the entry-level salary for loan officers in Illinois?
The 10th-percentile wage — what new loan officers typically earn — is $43K/year. Take-home on that works out to about $2,581/month. At HUD’s $1,407/month FMR, rent would take 55% 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 Illinois?
Pay here is roughly in line with the national average — $79K locally vs. $77K nationally, a 3% difference.
How does Illinois compare to the national average for loan officers?
Illinois pays $79K median vs. the U.S. average of $77K — that’s +3%. After adjusting for local cost of living (RPP 93.85), the purchasing-power equivalent is $84K — still ahead of the national median.
How much do loan officers make in Illinois?
The median is $79,150 a year, that works out to about $38 an hour. But the range is wide: entry-level workers start around $43,020, and experienced loan officers can clear $137,080. These are BLS numbers, based on employer-reported data, not self-reported surveys.
Is $79K enough to live in Illinois?
On that salary, you'd take home roughly $5,013/month after taxes. A 2-bedroom here rents for about $1,407/month, which eats 28.1% of your paycheck. That's under the 30% guideline most financial planners use, so the numbers work.
How far does a loan officers salary go in Illinois?
Illinois has a Regional Price Parity of 93.85 (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 $84,337 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.