The annual salary statistics of loan officers in Grand Rapids-Wyoming, Michigan is shown in Table 1. The wage information of loan officers in Grand Rapids-Wyoming 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 | $38,610 |
| 25th Percentile Wage | $53,730 |
| 50th Percentile Wage | $81,260 |
| 75th Percentile Wage | $136,600 |
| 90th Percentile Wage | $172,820 |
Table 1 shows the average annual salary for loan officers in Grand Rapids-Wyoming, Michigan in 5 percentile scales. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) is $172,820. The median (50th percentile) annual salary is $81,260. The average annual salary for the bottom 10 percent earners is $38,610.
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 | $81,260 | 2.23% | 50.91% |
| 2021 | $79,450 | 29.94% | - |
| 2020 | $55,660 | 7.53% | - |
| 2019 | $51,470 | -13.04% | - |
| 2018 | $58,180 | 12.15% | - |
| 2017 | $51,110 | 2.47% | - |
| 2016 | $49,850 | 1.54% | - |
| 2015 | $49,080 | 3.48% | - |
| 2014 | $47,370 | 0.49% | - |
| 2013 | $47,140 | 15.38% | - |
| 2012 | $39,890 | - | - |
From Table 3 we note that the median annual salary of $81,260 in Grand Rapids-Wyoming is in the middle of salary range for loan officers in state of Michigan. In comparison, the annual salary of loan officers in Grand Rapids-Wyoming is 2.7 percent (2.7%) lower than that in the highest paying Detroit-Warren-Livonia and 63.1 percent (63.1%) higher than that in the lowest paying Detroit-Livonia-Dearborn.