The annual salary statistics of loan officers in Detroit-Warren-Livonia, Michigan is shown in Table 1. The wage data of loan officers in Detroit-Warren-Livonia is based on the national compensation survey conducted by the U.S. Bureau of Labor Statistics in 2022 and published in April 2023 [1].
| Percentile Bracket | Average Annual Salary |
|---|---|
| 10th Percentile Wage | $21,860 |
| 25th Percentile Wage | $51,570 |
| 50th Percentile Wage | $83,510 |
| 75th Percentile Wage | $174,610 |
| 90th Percentile Wage | $170,150 |
Table 1 shows the average annual salary for loan officers in Detroit-Warren-Livonia, Michigan in 5 percentile scales. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) is $170,150. The median (50th percentile) annual salary is $83,510. The average annual salary for the bottom 10 percent earners is $21,860.
The table and chart below show the trend of the median salary of loan officers from 2012 to 2022.
| Year | Median Salary | Yearly Growth | 10-Year Growth |
|---|---|---|---|
| 2022 | $83,510 | 4.41% | 50.43% |
| 2021 | $79,830 | 4.07% | - |
| 2020 | $76,580 | 8.25% | - |
| 2019 | $70,260 | 7.50% | - |
| 2018 | $64,990 | 13.74% | - |
| 2017 | $56,060 | 19.98% | - |
| 2016 | $44,860 | -1.58% | - |
| 2015 | $45,570 | -6.41% | - |
| 2014 | $48,490 | -7.16% | - |
| 2013 | $51,960 | 20.32% | - |
| 2012 | $41,400 | - | - |
From Table 3 we note that with a median annual salary of $83,510, Detroit-Warren-Livonia is the highest paying city for loan officers in state of Michigan, followed by Ann Arbor (median annual salary $82,500). In comparison, the median annual salary of loan officers in Detroit-Warren-Livonia is 1.2 percent (1.2%) higher than that in Ann Arbor.