Loan Officers Salary
Loan Officers in Minnesota make a median of $95,170 a year, or about $45.76 an hour. The range runs from $58K at the entry level to $163K for experienced workers. Cost of living is below average (RPP 92.6), which stretches that salary to about $102,775 in buying power. Rent on a 2-bedroom averages $1,384/month, or 23.2% of estimated take-home pay.
Statewide average. Salary and cost of living vary significantly across Minnesota. Jump to a metro for precise data:
So what does $95K get you in Minnesota?
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What this looks like in Minnesota
Minnesota sits well above the national pay line for loan officers, local pay runs about 24% higher than the U.S. median of $77K. Housing is manageable: a 2-bedroom at the HUD median costs $1,384/month, 23.6% of take-home, well inside the 30% guideline. Regional Price Parity sits at 92.6 (national = 100), meaning everyday costs run about 7% cheaper here. Your dollar stretches further than the headline salary suggests. Combined with manageable housing costs, Minnesota offers a genuinely strong financial position for loan officerss at the median.
Compensation breakdown
Annual earnings by percentile, Minnesota
Entry-level loan officers (10th percentile) start around $58K. Mid-career wages sit at $95K. Top earners bring in $163K or more, a $106K spread from bottom to top.
Loan Officers salary by metro in Minnesota
5 metro areas with BLS data, ranked by median pay
| Metro area | Median salary | vs. state | Employment |
|---|---|---|---|
| Minneapolis-St. Paul-Bloomington | $102K | +7% | 3,910 |
| Rochester | $98K | +3% | 170 |
| Mankato | $95K | -0% | 130 |
| St. Cloud | $93K | -3% | 300 |
| Duluth | $73K | -23% | 200 |
Compare to other states
Track loan officers salary changes
BLS updates this data quarterly. We'll email you when Minnesota numbers change.
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Frequently asked questions
Can a loan officer afford a 2BR apartment alone in Minnesota?
Yes — at the median salary of $95K, rent takes 23.6% of take-home pay. A 2-bedroom at the HUD Fair Market Rent runs $1,384/month. That stays under the 30% guideline most financial planners use.
What’s the entry-level salary for loan officers in Minnesota?
The 10th-percentile wage — what new loan officers typically earn — is $58K/year. Take-home on that works out to about $3,460/month. At HUD’s $1,384/month FMR, rent would take 40% 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 Minnesota?
Local pay is 24% above the national median — $95K here vs. $77K nationally.
How does Minnesota compare to the national average for loan officers?
Minnesota pays $95K median vs. the U.S. average of $77K — that’s +24%. After adjusting for local cost of living (RPP 92.6), the purchasing-power equivalent is $103K — still ahead of the national median.
How much do loan officers make in Minnesota?
The median is $95,170 a year, that works out to about $46 an hour. But the range is wide: entry-level workers start around $57,670, and experienced loan officers can clear $163,350. These are BLS numbers, based on employer-reported data, not self-reported surveys.
Is $95K enough to live in Minnesota?
On that salary, you'd take home roughly $5,858/month after taxes. A 2-bedroom here rents for about $1,384/month, which eats 23.6% 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 Minnesota?
Minnesota has a Regional Price Parity of 92.6 (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 $102,775 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.