Cost of living in Peoria research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Peoria is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Illinois, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Peoria is 87, with 100 being the average.
The cost of living index in Peoria is 0.9x lower than the national average.
Peoria ranks as the #71 cheapest in Illinois out of 338.
Peoria ranks as the #1,101 cheapest out of 6,412 in the US.
The median home value in Peoria is $129,400.
The median income in Peoria is $53,568.
According to the most recent data on the cost of living, Peoria has an overall cost of living index of 87, which is 0.9x lower than the national index of 100.
Compared to Illinois, Peoria has a cost of living index that's 0.9x lower than Illinois's index of 92.
The standard of living in Peoria ranks as #71 most affordable out of the 338 places we measured in Illinois. By definition, that implies Peoria ranks as the #267 most expensive place in the Prairie State.
For more reading on life in Peoria, check out:
Six factors go into calculating the cost of living index in Peoria. Here is how it fairs on each of the criteria:
The Services index in Peoria is 91.
The Groceries index in Peoria is 98.
The Health index in Peoria is 89.
The Housing index in Peoria is 73.
The Transportation index in Peoria is 104.
The Utilities index in Peoria is 101.
|Living Expense||Peoria||Illinois||National Average|
Housing swings affordability the most between places in Illinois, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Peoria is $129,400.
The Median Rent in Peoria is $845.
The Median Income in Peoria is $53,568.
The Home Value To Income in Peoria is 2.4x.
The Rent To Monthly Income in Peoria is 0.19x.
|Median Home Value||$129,400||$212,600||$244,900|
|Home Value To Income||2.4x||2.9x||3.5x|
|Rent To Monthly Income||0.19x||0.18x||0.2x|
The cost of living varies in the cities and towns around Peoria. Here's a quick look at the cost of living in the most populous nearby places:
Pekin, IL has a cost of living index of 84, 1.0x Peoria.
East Peoria, IL has a cost of living index of 87, 1.0x Peoria.
Morton, IL has a cost of living index of 97, 1.1x Peoria.