Salary comparison
Loan Officers: Minneapolis vs New York
Minneapolis, MN pays about 0.6% more for loan officers on paper — $102,200 vs $101,570. But once you factor in what it costs to live there, Minneapolis comes out ahead by $630 a year in real buying power.
Minneapolis, MN
$102,200
$77,410
$128,180
$49.13
100
$102,200/yr
Median adjusted for local cost of living.
New York, NY
$101,570
$72,010
$159,940
$48.83
100
$101,570/yr
Median adjusted for local cost of living.
What the numbers mean in practice
The headline gap is $630 a year (0.6%) in favor of Minneapolis. That is the raw salary difference before any living costs.
Minneapolis runs a cost index of 100 against the national baseline of 100; New York sits at 100. After adjusting the median for those costs, Minneapolis is the better deal by $630 a year — that is what each paycheck actually buys locally.
If you are weighing a move from New York to Minneapolis for this role, the raise needs to beat 0.6% to come out ahead after living costs. Anything below that and you are earning more on paper but keeping less.
Common questions
Where do loan officers earn more, Minneapolis or New York?
Minneapolis pays $102,200 on median — about 0.6% more than New York ($101,570). Based on BLS Occupational Employment and Wage Statistics.
Which city is the better deal after living costs?
Minneapolis. Once you divide each median by the local cost index, Minneapolis gives you roughly$102,200 of real buying power versus $101,570 in the other city.