Total monthly cost of ownership
Cost to Own a Home in Peoria, Illinois
A $150,000 home here costs
$1,538per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $771. The real number is $767 higher every month — 99% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Peoria against Peoria County and Illinois
| Measure | Peoria | Peoria County |
|---|---|---|
| Median home value | $149,500 | $152,600 |
| Median property tax | $3,596 | $3,416 |
| Effective tax rate | 2.405% | 2.239% |
| Median gross rent | $951 | $946 |
| Population | 112,126 | 179,831 |
The weather behind that power bill
Peoria sits in Peoria County, which averages a high of 86.3°F in its hottest month and a low of 17.6°F in its coldest, with 37.55" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 1,157 cooling and 5,614 heating degree days, which is what sets the $214 electricity line above.
See the full climate breakdown for Peoria County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Peoria County
Full Peoria County cost breakdown · Every county in Illinois
Common questions
How much does it cost to own a home in Peoria?
A $150,000 home in Peoria, Illinois costs approximately $1,538 per month with 20% down at 6.66%. That is $771 principal and interest, $301 property tax, $59 homeowners insurance, $282 utilities and $125 set aside for maintenance.
What is the property tax rate in Peoria?
Peoria has an effective property tax rate of 2.405%, based on a median home value of $149,500 and median real estate taxes of $3,596. That is higher than the Peoria County average of 2.239%.
What is the average home price in Peoria?
The median owner-occupied home value in Peoria, Illinois is $149,500, against $152,600 across Peoria County.
Is it cheaper to rent or buy in Peoria?
Median gross rent in Peoria is $951 a month, against $1,538 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Peoria — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Illinois.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.