The picture hanger placement device (10) compensates for the span between a picture hanger fastener and the lowermost portion of a picture hanger hook, (the bight) (B). The device includes a plate (12) that has a handle (54) at the top and a hook-type picture hanger (30) at the bottom. An adjustable slide moves within an elongate slot (26) between the top and the bottom of the plate. A picture hanger position marker is attached to the back of the slide. The slide is adjusted according to the dimensions of a picture hanger bracket (H) so that the picture hanger position marker marks the spot on a vertical wall where a picture hanger fastener (such as a nail) should be placed so that a picture hanger bracket (H) retains the picture in the desired position.