Loan Officers Salary
Loan Officers in Rochester, MN make a median of $98,110 a year, or about $47.17 an hour. The range runs from $61K at the entry level to $167K for experienced workers. Cost of living is below average (RPP 90.82), which stretches that salary to about $108,027 in buying power. Rent on a 2-bedroom averages $1,407/month, or 22.8% of estimated take-home pay.
So what does $98K get you in Rochester?
Groceries, utilities, transportation, and healthcare scaled from national averages by Rochester’s Regional Price Parity (90.82). 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 Rochester
Rochester sits well above the national pay line for loan officers, local pay runs about 28% higher than the U.S. median of $77K. Housing is manageable: a 2-bedroom at the HUD median costs $1,407/month, 23.4% of take-home, well inside the 30% guideline. Regional Price Parity sits at 90.82 (national = 100), meaning everyday costs run about 9% cheaper here. Your dollar stretches further than the headline salary suggests. Combined with manageable housing costs, Rochester offers a genuinely strong financial position for loan officerss at the median.
Compared to nearby metros
Median pay for loan officers in metros near Rochester, adjusted for local cost of living.
| Metro | Median pay | COL-adjusted |
|---|---|---|
| Minneapolis-St. Paul-Bloomington | $102K | $98K |
| St. Cloud | $93K | $106K |
| Duluth | $73K | $83K |
| Mankato | $95K | $104K |
COL-adjusted = median salary ÷ (BEA Regional Price Parity ÷ 100). Expresses purchasing power in national-average dollars.
Compensation breakdown
Annual earnings by percentile, Rochester, MN
Entry-level loan officers (10th percentile) start around $61K. Mid-career wages sit at $98K. Top earners bring in $167K or more, a $106K 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 Rochester numbers change.
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Frequently asked questions
Can a loan officer afford a 2BR apartment alone in Rochester?
Yes — at the median salary of $98K, rent takes 23.4% 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 Rochester?
The 10th-percentile wage — what new loan officers typically earn — is $61K/year. Take-home on that works out to about $3,662/month. At HUD’s $1,407/month FMR, rent would take 38% 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 Rochester?
Local pay is 28% above the national median — $98K here vs. $77K nationally.
How does Rochester compare to the national average for loan officers?
Rochester pays $98K median vs. the U.S. average of $77K — that’s +28%. After adjusting for local cost of living (RPP 90.82), the purchasing-power equivalent is $108K — still ahead of the national median.
How much do loan officers make in Rochester, MN?
The median is $98,110 a year, that works out to about $47 an hour. But the range is wide: entry-level workers start around $61,040, and experienced loan officers can clear $167,470. These are BLS numbers, based on employer-reported data, not self-reported surveys.
Is $98K enough to live in Rochester?
On that salary, you'd take home roughly $6,014/month after taxes. A 2-bedroom here rents for about $1,407/month, which eats 23.4% 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 Rochester?
Rochester has a Regional Price Parity of 90.82 (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 $108,027 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.