The Average Cost of Living Peoria Illinois: Is It Worth It?

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How do you decide where to live? The average cost of living can be a good starting point.

Comparing living costs between areas gives you the facts to make intelligent choices. After all, you don’t want to uproot your family and discover that you will save more money in your current residence.

If you’re one of the folks considering moving, you may wonder about the cost of living Peoria Illinois offers. Read on to find out why you should consider moving to the Midwest.

Housing

Buying a house in Peoria is much cheaper than the national average. The median housing cost in Peoria is only $190,000 compared to the national average of $390,000.

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The average rent payment ranges from $750 to $850, depending on the apartment size. This, also, is much lower than the national average of $1,700. If you are looking to buy a new place to live in, investing in a house or renting an apartment in Peoria, Illinois, gives more value for your money.

Utilities

The cost of utilities like power, heating, cooling, water, and garbage collection can change depending on the size and use of a home. On average, you can expect to pay between $150 and $250 per month for these services. Electricity is 5% lower than the national average, which can save you money in the long run.

Utility costs in Peoria, Illinois, are slightly higher than in other areas within Illinois. However, the price is still much lower compared to other states.

Transportation

Transportation options in Peoria are abundant and relatively inexpensive. The Greater Peoria Mass Transit District (GPMTD) provides a reasonably priced local bus service, with adults paying $1.00 for each one-way trip and seniors and students paying only $0.50 per trip.

Car ownership is also a popular alternative for individuals and families living in Peoria, who can access low gasoline prices and fuel-efficient vehicles. The overall cost of living in the city combines with the lower cost of transportation to make it an affordable place to live for those on a budget.

Goods and Services

Goods and services like groceries and healthcare are also relatively cheaper, costing around 6-8% lower than the national average. Prices can differ based on what you like to eat, where you shop, and what you buy.

Professional services, like dental, education, and divorce attorneys in Peoria, IL, tend to be affordable and competitive with the national averages. This makes them attractive to those living and working in the area.

Peoria is an excellent option for those looking for a pocket-friendly cost of living and quality services. You can enjoy a good standard of living for yourself and your family.

Taxes

Tax costs in Peoria, Illinois, vary widely depending on the type of property owned, income, and other factors. The flat income tax rate in Illinois is 4.95% as of 2022. Sales tax is between 0%-5.25%. Property taxes are at an average of 2.07% effective rate.

Illinois also has an estate tax, but estates worth below $4 million are exempted. While these rates are relatively low compared to other cities, the average cost of living in Peoria is also relatively low.

Enjoying the Low Cost of Living Peoria Illinois

The average cost of living in Peoria, Illinois, is relatively inexpensive. With low prices for housing, food, and other living expenses, Peoria is an economical choice for those looking for affordable living.

Considering the low cost of living Peoria Illinois offers, it is worth considering if you are looking for a budget-friendly place to live. Why not visit Peoria and decide for yourself?