Loan Officers pay range in Chicago
New workers and the lowest-paid 10% earn about $40,710 a year or less, while the top 10% make $143,160 or more. The middle half of loan officers in Chicago earn between $60,430 and $105,210.
- $41K10th
- $60K25th
- $80KMedian
- $105K75th
- $143K90th
median average · bar = middle 50% of workers
| Pay level | Per year | Per month | Per hour* |
|---|---|---|---|
| Average | $91,650 | $7,638 | $44.06 |
| Median | $80,040 | $6,670 | $38.48 |
| Entry level (25th percentile) | $60,430 | $5,036 | $29.05 |
| Experienced (75th percentile) | $105,210 | $8,768 | $50.58 |
*Hourly figures assume 2,080 paid hours a year.
Loan Officers salary after taxes in Chicago
On the average salary of $91,650, a single filer in Chicago takes home about $68,910 a year, or $5,743 a month and $2,650 every two weeks. Taxes take 25% of gross pay.
The Chicago-Naperville-Elgin, IL-IN metro area crosses state lines, so take-home pay depends on the state where you work:
| State | Per year | Per month |
|---|---|---|
| Working in IN | $70,586 | $5,882 |
| Working in IL | $68,910 | $5,743 |
Single filer, standard deduction: federal income tax (2026 brackets), Social Security, Medicare and state income tax (2025 rules).
Is Chicago a good place for loan officers? Pay vs. cost of living
Prices in the Chicago area are 4% above the U.S. average (BEA price parity 103.6), so the average $91,650 buys what about $88,470 would buy in a typical U.S. metro. This job pays 1.5 times the median wage of all jobs in Chicago ($54,720). A typical home costs $353,998, or 3.9 years of this average salary before tax.
Loan Officers salary in other Illinois cities
Chicago ranks 1st of 8 Illinois metro areas for this job, the best-paid in the state.
- Chicago$91,650
- Springfield$90,720
- Champaign$89,240
- Peoria$88,140
- Rockford$83,070
- Kankakee$78,760
- Decatur$77,650
- Bloomington$76,310
Highest-paying cities for loan officers
Elmira, NY pays this job the most of the metro areas we cover ($129,370).
- Elmira, NY$129,370
- New York, NY$121,180
- Boston, MA$120,300
- San Francisco, CA$116,480
- Norwich, CT$116,460
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Loan Officers salary in Chicago: questions
How much do loan officers make an hour in Chicago?
$44.06 an hour on average, and $38.48 at the median (BLS, May 2025).
What is the entry-level loan officers salary in Chicago?
The lowest-paid 10% earn about $40,710 a year and the 25th percentile is $60,430, a fair guide to starting pay.
What is the loan officers take-home pay in Chicago?
About $68,910 a year ($5,743 a month) for a single filer on the average salary of $91,650.
Do loan officers earn more in Chicago than elsewhere?
The average here is 3% more than the U.S. metro average for this job ($88,726).
Sources and how to read this page
- Wages: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics (OEWS), May 2025 estimates for metropolitan areas. SOC code 13-2072; area Chicago-Naperville-Elgin, IL-IN (16980). Relative standard error of the mean wage: 2.6%.
- Cost of living: Bureau of Economic Analysis regional price parities (RPP), 2024; 100 = U.S. average.
- Home value: Zillow Home Value Index. Typical-wage figure: OEWS all occupations, same metro.
- Take-home pay: Single filer, standard deduction: federal income tax (2026 brackets), Social Security, Medicare and state income tax (2025 rules).
- Job concentration: location quotient 0.93, this job is about as common as in the U.S. overall.
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