Peoria, Illinois Housing Market Prices
Peoria Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 88% below the Illinois median$18,498
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Median rent 24% below the Illinois median$974
Housing Market Overview
| Metric | Peoria | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $18,498 | $149,936 | $248,835 |
| Price Trend (Annual %) | -11.7% | 2.5% | 7.5% |
| Median Gross Rent | $974 | $1,274 | $1,407 |
| Rent Trend (Annual %) | 3.7% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Peoria is about 88% lower than in Illinois. Rent is about 24% lower than the Illinois average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Peoria: home prices fell about 11.7% a year while rent rose about 3.7% a year. That is an unusual pattern worth watching.
Median rent in Peoria rose about 37.5% between 2015 and 2024, from $708 to $974. Over the same span, rent in Illinois rose about 40.4%.
Affordability
On average, housing unit costs 0.3 yearly household incomes in Peoria.
Buying the median-priced home in Peoria costs roughly 1.6 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Peoria. The price-to-rent ratio in Illinois is about 9.8.
| Metric | Peoria | Illinois Avg | US Average |
|---|---|---|---|
| Median Home Price | $18,498 | $149,936 | $248,835 |
| Median Household Income | $54,604 | $84,042 | $80,455 |
| Price-to-Income Ratio | 0.3 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Peoria fell about 76.0%, while median household income rose about 26.2% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Peoria | Illinois Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.2% | 61.9% | 58.5% |
| Rental Rate | 38.8% | 30.4% | 31.2% |
| Vacancy Rate | 10.0% | 7.7% | 10.2% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Peoria has a homeownership rate of 51.2%, lower than the Illinois average of 61.9%. Its housing vacancy rate is 10.0%, compared with 7.7% in Illinois.
Housing Stock
| Metric | Peoria | Illinois Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.16 people | 2.46 people | 2.53 people |
| Median Structure Built Year | 1965 | 1969 | 1978 |
| Median Number of Rooms | 5.4 | 5.6 | 5.5 |
The typical housing unit in Peoria was built around 1965. On average, 2.2 people live in a home with about 5.4 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Peoria, Illinois.
What is the median home price in Peoria, Illinois?
The median home price in Peoria, Illinois is $18,498, lower than the Illinois average of $149,936.
What is the average home price in Peoria, Illinois?
The typical home price in Peoria, Illinois, reported as the median sale price, is $18,498. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Peoria, Illinois?
The median gross rent in Peoria, Illinois is $974 per month, lower than the Illinois average of $1,274.
What was the median gross rent in Peoria in 2020?
In 2020, the median gross rent in Peoria, Illinois was $796 per month.
What is the price-to-rent ratio in Peoria, Illinois?
The price-to-rent ratio in Peoria, Illinois is about 1.6, meaning it would take roughly 1.6 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Peoria.
Are home prices or rent rising faster in Peoria, Illinois?
Home prices and rent are moving in opposite directions in Peoria: home prices fell about 11.7% a year while rent rose about 3.7% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Peoria, Illinois?
51.2% of households in Peoria, Illinois own their home, lower than the Illinois average of 61.9%.
What is the vacancy rate in Peoria, Illinois?
The housing vacancy rate in Peoria, Illinois is 10.0%, higher than the Illinois average of 7.7%.
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