Cost of Living in Peoria
Peoria's cost of living runs genuinely low on housing specifically, with Illinois's real, statewide tax structure (a simple flat 4.95% income tax, a genuinely high property-tax backdrop) layered on top of Peoria's own locally elevated property-tax rate.
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Learn moreGenuinely low housing costs
Peoria's typical home value runs around $136,960 per Zillow (with a real, disclosed cross-source spread down to $115,649) -- substantially below the national figure by any measure in that range.
A real, elevated property-tax offset
Peoria's own median effective property tax rate (2.69%) runs above both Peoria County's 2.24% average and Illinois's statewide 1.88% figure -- a real, meaningful ongoing cost that offsets some of the purchase-price advantage.
Illinois's statewide flat income tax and sales tax apply
Illinois's simple, flat 4.95% state income tax applies to wages, with Peoria's own combined local sales tax reaching roughly 9.0% (6.25% state + 1.75% city + 1% county).
Key takeaways
- Peoria's housing costs run genuinely low -- a real, substantial cost-of-living advantage relative to the national average.
- Peoria's own 2.69% effective property tax rate runs above both the county and Illinois statewide averages.
- Illinois's flat 4.95% income tax and Peoria's roughly 9.0% combined sales tax both apply on top of housing costs.
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