Cost of Living in Peoria, IL

Housing

The housing market plays a significant role in determining the cost of living in Peoria, IL.

• Housing Index: 85.0 / 100
• Median Home Price is: $194000
• Average Rent (2 BR Apartment): $900 per month
• Average Rent (2 BR House): $920 per month

In Peoria, IL, the housing market presents an opportunity with a housing index of 85.0, indicating relative affordability compared to national averages. The median home price sits at 194000, making home ownership accessible for many potential buyers. Additionally, rental options for a 2-bedroom apartment and house average 900 and 920, respectively. This data suggests that whether you choose to rent or buy, Peoria offers a reasonable cost of living. As the market fluctuates, continued research on local economic trends can further assist in your decision-making process.

Utilities

The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Peoria, IL.

• Electricity Price: 16.15 USD (median by state)
• Natural Gas Price: $16.59 USD per Thousand Cubic Feet (median by state)
• Other Utilities (water, garbage, etc.): $250 per month

Living in Peoria, IL could entail higher utility costs. Electricity costs sit at 16.15, while natural gas is priced at 16.59 per Thousand Cubic Feet—both aligning with state medians. Expect to budget about 250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Bethlehem is a financially viable option for your relocation.

Cost of Living Index

The cost of living index is a widely used metric to determine the relative affordability of cities and towns.

• Index score: 90.5

Median Income

The median income is an important factor to consider when evaluating the affordability of a city or town.

• Median Income: $58068

Educational and Social Amenities

Access to quality education, healthcare, and social services can significantly impact the overall quality of life in a city or town.

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Summary

When considering a move to Peoria, IL, consider the following factors:

• Taxes: State income, property, and local income taxes can significantly impact your take-home pay.
• Job opportunities: The availability of jobs in your field can affect your quality of life.
• Cost of living: Housing costs, utilities, transportation, and other expenses should be considered when evaluating the affordability of a city or town.