The annual salary statistics of loan officers in Niles-Benton Harbor, Michigan is shown in Table 1. The wage information of loan officers in Niles-Benton Harbor 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 | $23,540 |
| 25th Percentile Wage | $48,980 |
| 50th Percentile Wage | $70,270 |
| 75th Percentile Wage | $97,600 |
| 90th Percentile Wage | $133,440 |
Table 1 shows the average annual salary for loan officers in Niles-Benton Harbor, Michigan in 5 percentile scales. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) is $133,440. The median (50th percentile) annual salary is $70,270. The average annual salary for the bottom 10 percent earners is $23,540.
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 | $70,270 | -8.25% | 26.16% |
| 2021 | $76,070 | 30.12% | - |
| 2020 | $53,160 | 6.17% | - |
| 2019 | $49,880 | -0.50% | - |
| 2017 | $50,130 | 2.97% | - |
| 2016 | $48,640 | 1.83% | - |
| 2015 | $47,750 | 5.24% | - |
| 2014 | $45,250 | -19.71% | - |
| 2013 | $54,170 | 4.21% | - |
| 2012 | $51,890 | - | - |
From Table 3 we note that the median annual salary of $70,270 in Niles-Benton Harbor is in the middle of salary range for loan officers in state of Michigan. In comparison, the annual salary of loan officers in Niles-Benton Harbor is 15.9 percent (15.9%) lower than that in the highest paying Detroit-Warren-Livonia and 57.4 percent (57.4%) higher than that in the lowest paying Detroit-Livonia-Dearborn.