Business & Finance Mitchell, SD Pop. 15,660

Loan Officer Salary in Mitchell, South Dakota

The median loan officer salary in Mitchell, SD is $53,907 per year, which is 18% below the national median and 6.8% below the South Dakota state average.

City Median
$53,907
vs State Avg
$-3,944
vs National
$-11,833
Cost of Living
82%

Loan Officer Pay in Mitchell: What to Expect (2026)

Mitchell offers a median loan officer salary of $53,907, which is $3,944 below the South Dakota state average of $57,851. Compared to the national median of $65,740, Mitchell pays below the national benchmark for this role.

One of Mitchell's biggest advantages is its low cost of living at 82% of the national average. This means the $53,907 salary stretches further here — equivalent to roughly $65,740 in an average-cost city. This makes Mitchell an attractive option for loan officers seeking strong real-dollar compensation.

The salary range for loan officers in Mitchell spans from $28,864 at the 10th percentile to $126,116 at the 90th percentile — a $97,252 spread. Entry-level professionals start around $31,160, while senior loan officers with 8+ years of experience can earn up to $106,600. Mitchell is a smaller market (pop. 15,660), which may mean fewer openings but also less competition for available positions.

Loan Officer Salary in Mitchell by Experience

In Mitchell, an entry-level loan officer earns around $31,160, while experienced professionals earn up to $106,600 per year. The local cost of living index is 82% of the national average.

Entry Level (0-2 yrs)
$31,160
$-6,840 vs national
Mid Level (3-7 yrs)
$54,120
$-11,880 vs national
Senior Level (8+ yrs)
$106,600
$-23,400 vs national

Salary Percentiles in Mitchell, SD

Percentile Mitchell
10th Percentile $28,864
25th Percentile $37,228
Median (50th) $53,907
75th Percentile $82,000
90th Percentile $126,116

Loan Officer Salary in Other South Dakota Cities

Sioux Falls, SD
$60,481
Pop. 192,517
Rapid City, SD
$59,166
Pop. 74,703
Brookings, SD
$56,536
Pop. 24,194
Aberdeen, SD
$55,222
Pop. 28,324

How to Become a Loan Officer in Mitchell

Education

Most loan officer positions require a bachelor's degree. Mitchell and the surrounding South Dakota area have institutions offering relevant programs.

Key Skills

Credit AnalysisMortgage LendingCustomer ServiceRegulatory ComplianceSalesFinancial Software

Job Outlook

Nationally, loan officer employment is projected to grow 3% over the next decade (as fast as average). Demand in Mitchell may vary based on local industry and population growth.

Find Loan Officer Jobs in Mitchell

Browse open loan officer positions in Mitchell, SD:

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Frequently Asked Questions: Loan Officer Salary in Mitchell

How much does a Loan Officer make in Mitchell, SD? ▼
The median loan officer salary in Mitchell, South Dakota is $53,907 per year, which is 18% below the national median of $65,740. Salaries range from $28,864 (10th percentile) to $126,116 (90th percentile).
How much does a Loan Officer make per hour in Mitchell? ▼
Based on the median annual salary of $53,907, a loan officer in Mitchell earns approximately $26 per hour assuming a standard 2,080-hour work year.
How does Mitchell compare to the South Dakota state average for loan officer pay? ▼
Mitchell's median loan officer salary of $53,907 is 6.8% below the South Dakota state average of $57,851. The local cost of living index is 82% of the national average.
What is the cost of living in Mitchell, SD? ▼
Mitchell has a cost of living index of 82% compared to the national average. This means a loan officer salary of $53,907 in Mitchell has more purchasing power than the same salary in an average-cost city.
What qualifications do I need to become a loan officer in Mitchell? ▼
Most loan officer positions in Mitchell require a bachelor's degree. Key skills include Credit Analysis, Mortgage Lending, Customer Service, Regulatory Compliance. The job market is projected to grow 3% nationally over the next decade.