Quick facts: Peoria, IL

Quick Facts

90.5
Cost of Living
below US average
111,021
Population
43.08
Crime Rate per 1000
above US average
$58,068
Median Income
below US average
$138,950
Median House Price
above US average
$846
Average Rent
below US average
13%
Poverty Rate
above US average
7.1%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $58,068.

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Income Needed to Buy

βœ“ Affordable
$44k/year
Based on $138,950 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($58,068) exceeds requirement
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Income Needed to Rent

βœ“ Affordable
$36k/year
Based on $846/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($58,068) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Peoria, IL

Peoria, Illinois, located along the Illinois River, is a vibrant city known for its rich history, cultural attractions, and strong community ethos. With a population of about 113,000, Peoria is the largest city in the central part of the state and serves as a key economic and industrial hub. The city boasts a diverse economy with strong sectors in healthcare, education, and manufacturing, home to institutions like OSF HealthCare and Caterpillar Inc.'s headquarters. Peoria's historic downtown area features a range of dining, shopping, and entertainment options, alongside the beautiful Peoria Riverfront that hosts various events and festivals throughout the year. Culturally, Peoria is home to several museums, including the Peoria Riverfront Museum, the African American Hall of Fame Museum, and the Contemporary Art Center. The city also encourages outdoor enthusiasts with nearby parks, hiking trails, and recreational activities along the river. Peoria's community spirit can be felt in its numerous festivals, such as the Peoria Art Guild Fine Art Fair and the Riverfront Market, making it a welcoming place to live and visit.

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