Rent vs Buy Calculator for Peoria, IL
Updated 2026 · Local data pre-filled
Peoria's price-to-rent ratio is 16.1 — in the neutral zone where the decision depends on your timeline and priorities. Median rent is $800/mo vs a $155,000 purchase price.
✓ Calculator below is pre-filled with Peoria local data
How Peoria Compares to the National Average
Understanding how Peoria stacks up helps you calibrate your financial planning.
| Metric | Peoria, IL | US Average | Difference |
|---|---|---|---|
| Median Home Price | $155,000 | $420,800 | -63.2% |
| Median Monthly Rent | $800 | $1,713 | -53.3% |
| Median Household Income | $57,800 | $74,580 | -22.5% |
| Property Tax Rate | 2.20% | 1.10% | +100.0% |
| Cost of Living Index | 84 | 100 | -16.0% |
Sources: U.S. Census Bureau, BLS, Zillow, NAR (2024–2025). Green = favorable for residents; red = less favorable.
Peoria Financial Snapshot
- Population (Metro)
- 370,000
- Unemployment
- 5.0%
- Avg Commute
- 20 min
- Median Age
- 37.8
- Price-to-Rent Ratio
- 16.1x
- Annual Property Tax
- $3,410
Frequently Asked Questions — Peoria
What is the median home price in Peoria, IL?
The median home price in Peoria is $155,000 as of 2025–2026. This is below the national median of $420,800.
What is the average rent in Peoria?
Median monthly rent in Peoria is $800. That works out to $9,600/year, or 17% of the median household income — within the commonly recommended 30% of income guideline.
Is Peoria affordable?
Peoria's cost of living index is 84 vs. the national average of 100. With a median household income of $57,800/year and a median home price of $155,000, the price-to-income ratio is 2.7x. Peoria remains relatively affordable compared to many US metros.
What is the property tax rate in Peoria?
The effective property tax rate in Peoria is 2.20% of assessed value. On the median home of $155,000, that's roughly $3,410/year ($284/month).