The annual salary statistics of loan officers in Farmington, New Mexico is shown in Table 1. The wage data of loan officers in Farmington 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 | $34,080 |
| 25th Percentile Wage | $45,530 |
| 50th Percentile Wage | $63,930 |
| 75th Percentile Wage | $97,230 |
| 90th Percentile Wage | $129,550 |
Table 1 shows the average annual salary for loan officers in Farmington, New Mexico in 5 percentile scales. The average annual salary for the 90th percentile (the top 10 percent of the highest paid) is $129,550. The median (50th percentile) annual salary is $63,930. The average annual salary for the bottom 10 percent earners is $34,080.
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 | $63,930 | 4.47% | 44.00% |
| 2021 | $61,070 | 6.04% | - |
| 2020 | $57,380 | 3.94% | - |
| 2019 | $55,120 | 42.98% | - |
| 2016 | $31,430 | -26.60% | - |
| 2015 | $39,790 | 16.49% | - |
| 2014 | $33,230 | -18.93% | - |
| 2013 | $39,520 | 9.41% | - |
| 2012 | $35,800 | - | - |
From Table 3 we note that with a median annual salary of $63,930, Farmington is the second highest paying city for loan officers in state of New Mexico, following the highest paying city Eastern New Mexico nonmetropolitan area (median annual salary of $66,810). Compared with Eastern New Mexico nonmetropolitan area, the median annual salary of loan officers in Farmington is 4.3 percent (4.3%) lower.
| Cities/Areas | Median Annual Salary |
|---|---|
| Eastern New Mexico nonmetropolitan area | |
| Farmington | |
| Santa Fe | |
| Las Cruces | |
| Albuquerque | |
| Eastern New Mexico nonmetropolitan area | |
| North and West Central New Mexico nonmetropolitan area | |
| Northern New Mexico nonmetropolitan area |