Business & Finance Sioux Falls, SD Pop. 192,517

Loan Officer Salary in Sioux Falls, South Dakota

The median loan officer salary in Sioux Falls, SD is $60,481 per year, which is 8% below the national median and 4.5% above the South Dakota state average.

City Median
$60,481
vs State Avg
+$2,630
vs National
$-5,259
Cost of Living
92%

Loan Officer Salary in Sioux Falls by Experience

In Sioux Falls, an entry-level loan officer earns around $34,960, while experienced professionals earn up to $119,600 per year. The local cost of living index is 92% of the national average.

Entry Level (0-2 yrs)
$34,960
$-3,040 vs national
Mid Level (3-7 yrs)
$60,720
$-5,280 vs national
Senior Level (8+ yrs)
$119,600
$-10,400 vs national

Salary Percentiles in Sioux Falls, SD

Percentile Sioux Falls
10th Percentile $32,384
25th Percentile $41,768
Median (50th) $60,481
75th Percentile $92,000
90th Percentile $141,496

Loan Officer Salary in Other South Dakota Cities

Rapid City, SD
$59,166
Pop. 74,703
Brookings, SD
$56,536
Pop. 24,194
Aberdeen, SD
$55,222
Pop. 28,324
Mitchell, SD
$53,907
Pop. 15,660

How to Become a Loan Officer in Sioux Falls

Education

Most loan officer positions require a bachelor's degree. Sioux Falls 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 Sioux Falls may vary based on local industry and population growth.

Find Loan Officer Jobs in Sioux Falls

Browse open loan officer positions in Sioux Falls, SD:

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Frequently Asked Questions: Loan Officer Salary in Sioux Falls

How much does a Loan Officer make in Sioux Falls, SD? ▼
The median loan officer salary in Sioux Falls, South Dakota is $60,481 per year, which is 8% below the national median of $65,740. Salaries range from $32,384 (10th percentile) to $141,496 (90th percentile).
How much does a Loan Officer make per hour in Sioux Falls? ▼
Based on the median annual salary of $60,481, a loan officer in Sioux Falls earns approximately $29 per hour assuming a standard 2,080-hour work year.
How does Sioux Falls compare to the South Dakota state average for loan officer pay? ▼
Sioux Falls's median loan officer salary of $60,481 is 4.5% above the South Dakota state average of $57,851. The local cost of living index is 92% of the national average.
What is the cost of living in Sioux Falls, SD? ▼
Sioux Falls has a cost of living index of 92% compared to the national average. This means a loan officer salary of $60,481 in Sioux Falls has more purchasing power than the same salary in an average-cost city.
What qualifications do I need to become a loan officer in Sioux Falls? ▼
Most loan officer positions in Sioux Falls 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.