SOC 13-2072 · May 2025 · BLS OEWS
Loan Officers — Michigan
Michigan · 10 metro areas compared
The median wage for Loan Officers in Michigan is $74,470 per year, close to the national median of $76,690 for the same occupation.
Wage distribution · annual
Shaded band holds the middle 50% of earners
How pay has moved
The next ten years
Projected to grow more slowly than average
- Change in jobs, 2024 to 2034
- +1.7%
- Openings per year
- 20,300
- Typical entry-level education
- Bachelor's degree
- Related work experience
- Less than 5 years
- On-the-job training
- Moderate-term on-the-job training
Includes jobs opened by workers leaving the occupation, not only new positions.
Projections are published nationally only. This is the outlook for the occupation across the United States, not a measurement for Michigan.
Projections are based on 2024 employment and run to 2034. The wages above are from the May 2025 survey, a separate BLS programme on a different release cycle, so the two are not two views of one dataset.
Salary overview
The median wage for Loan Officers in Michigan is $74,470 per year, close to the national median of $76,690 for the same occupation. Pay ranges from under $36,830 at the tenth percentile to more than $135,700 at the ninetieth, with the interquartile range running from $50,280 to $101,150.
Employment stands at 11,340, or 2.6 jobs per thousand held locally. Among the 51 states with published data for this occupation, Michigan ranks 27th by median wage. Ann Arbor leads the state's metro areas for this occupation, at $77,820. Set against every other occupation measured in the same area, it ranks 245th of 774 by median pay.
Percentile breakdown
| Percentile | Annual | vs US median |
|---|---|---|
| 10th | $36,830 | −52.0% |
| 25th | $50,280 | −34.4% |
| Median (50th) | $74,470 | −2.9% |
| 75th | $101,150 | +31.9% |
| 90th | $135,700 | +76.9% |
| Mean | $83,990 | +9.5% |
Highest-paying metro areas in Michigan
| # | Metro area | Median | Jobs | Relative |
|---|---|---|---|---|
| 1 | Ann Arbor | $77,820 | 320 | |
| 2 | Detroit | $76,260 | 7,200 | |
| 3 | Lansing | $72,890 | 420 | |
| 4 | Kalamazoo | $72,330 | 140 | |
| 5 | Grand Rapids | $71,760 | 790 | |
| 6 | Midland | $66,880 | 60 | |
| 7 | Flint | $65,050 | 230 | |
| 8 | Niles | $64,250 | 130 | |
| 9 | Traverse City | $63,820 | 130 | |
| 10 | Saginaw | $62,740 | 140 |
What the pay is worth locally
Prices in Michigan run 3.8% below the national average, so the median of $74,470 goes as far as $77,412 would elsewhere in the country. Measured that way it compares to the national median at 0.9% above the national median in real terms.
Published median
$74,470as reported by BLSLocal price level
96.2US average = 100 · BEA 2024Adjusted for local prices
$77,412US average = 100 · BEA 2024Why the state that pays most is usually not where pay goes furthest
Key takeaways
- Median pay is $74,470 a year, 2.9% below the national median.
- Published pay spans $36,830 to $135,700 between the tenth and ninetieth percentiles.
- The area has 11,340 jobs in this occupation.
- It ranks 27th of 51 states for this occupation.
- The highest-paying metro area covered is Ann Arbor, at $77,820.
Frequently asked questions
What is the median wage for Loan Officers in Michigan?
The median annual wage is $74,470, or $35.80 per hour, as of May 2025. Half of the workers in this occupation earn more than that and half earn less.
Is that higher than the national average?
The national median for this occupation is $76,690, so pay in Michigan is 2.9% lower. These figures are medians, not averages: half of workers fall on each side.
What do the top earners make?
The top tenth of this occupation in Michigan earns more than $135,700 per year. The ninetieth percentile is the highest figure the survey publishes.
What is the starting range?
The tenth percentile wage is $36,830 per year. The survey measures wages actually paid rather than experience level, so this reflects the lowest-paid tenth rather than entry-level pay specifically.
Which area nearby pays the most?
The highest median for this occupation among the metro areas covered is in Ann Arbor, at $77,820 per year.
How many jobs are there in this occupation here?
The survey estimates 11,340 jobs in this occupation in Michigan. Self-employed workers are not included.
Source and methodology
U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics, May 2025 Wages are for wage-and-salary workers; self-employed workers are not included. Salary Explorer is an independent project. It is not affiliated with, or endorsed by, the U.S. Bureau of Labor Statistics or any government agency. Full methodology.
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