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: $194,000
- 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 Peoria is a financially viable option for your relocation.