Loan Officers Salary
Loan Officers in New York-Newark-Jersey City, NY-NJ make a median of $101,570 a year, or about $48.83 an hour. The range runs from $59K at the entry level to $209K for experienced workers. Prices run high here (RPP 112.56), so that salary is closer to $90,236 in real purchasing power. A 2-bedroom apartment runs $2,910/month, about 46.6% of take-home, which is tight.
So what does $102K get you in New York-Newark-Jersey City?
Groceries, utilities, transportation, and healthcare scaled from national averages by New York-Newark-Jersey City’s Regional Price Parity (112.56). 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
Sponsored links, AffordMap may earn a commission at no cost to you. Learn more
What this looks like in New York-Newark-Jersey City
New York-Newark-Jersey City sits well above the national pay line for loan officers, local pay runs about 32% higher than the U.S. median of $77K. The catch: housing math doesn't keep up. A 2-bedroom at the HUD median rents for $2,910/month, which is 46.7% of the median worker's take-home, past the 30% guideline most planners use. Cost-of-living overall is 13% above the national average (BEA RPP 112.56), so groceries and services cost more too. The pay premium is real, but so are the offsets.
Compared to nearby metros
Median pay for loan officers in metros near New York-Newark-Jersey City, adjusted for local cost of living.
| Metro | Median pay | COL-adjusted |
|---|---|---|
| Buffalo-Cheektowaga | $76K | $79K |
| Albany-Schenectady-Troy | $80K | $80K |
| Rochester | $82K | $85K |
| Syracuse | $79K | $82K |
COL-adjusted = median salary ÷ (BEA Regional Price Parity ÷ 100). Expresses purchasing power in national-average dollars.
Compensation breakdown
Annual earnings by percentile, New York-Newark-Jersey City, NY-NJ
Entry-level loan officers (10th percentile) start around $59K. Mid-career wages sit at $102K. Top earners bring in $209K or more, a $150K 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
BLS updates this data quarterly. We'll email you when New York-Newark-Jersey City numbers change.
Related careers in Business & Finance
Frequently asked questions
Can a loan officer afford a 2BR apartment alone in New York-Newark-Jersey City?
It’s a stretch — at the median salary of $102K, rent takes 46.7% of take-home pay. A 2-bedroom at the HUD Fair Market Rent runs $2,910/month. The 30% guideline puts the comfortable ceiling at roughly $1,900/month in rent — so roommates or a 1-bedroom would ease the math significantly.
What’s the entry-level salary for loan officers in New York-Newark-Jersey City?
The 10th-percentile wage — what new loan officers typically earn — is $59K/year. Take-home on that works out to about $3,532/month. At HUD’s $2,910/month FMR, rent would take 82% 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 New York-Newark-Jersey City?
Local pay is 32% above the national median — $102K here vs. $77K nationally. Keep in mind cost of living here is 13% above the national average, which offsets some of that premium.
How does New York-Newark-Jersey City compare to the national average for loan officers?
New York-Newark-Jersey City pays $102K median vs. the U.S. average of $77K — that’s +32%. After adjusting for local cost of living (RPP 112.56), the purchasing-power equivalent is $90K — still ahead of the national median.
How much do loan officers make in New York-Newark-Jersey City, NY-NJ?
The median is $101,570 a year, that works out to about $49 an hour. But the range is wide: entry-level workers start around $58,860, and experienced loan officers can clear $208,610. These are BLS numbers, based on employer-reported data, not self-reported surveys.
Is $102K enough to live in New York-Newark-Jersey City?
On that salary, you'd take home roughly $6,233/month after taxes. A 2-bedroom here rents for about $2,910/month, which eats 46.7% 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 New York-Newark-Jersey City?
New York-Newark-Jersey City has a Regional Price Parity of 112.56 (100 is the national average). Prices are above average here, so your dollar buys less than the same salary would in a cheaper metro. After cost-of-living adjustment, the median loan officers salary is worth about $90,236 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.