Mortgage payment estimates, closing cost breakdowns, and homebuying data for Peoria, Illinois.
Median Home Price
$135K
Population
113K
Avg Monthly Rent
$850
Property Tax Rate
2.07% *
* Property tax shown is the Illinois state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Peoria.
Peoria vs Illinois Median
The median home price in Peoria is $135,000, which is 50% below the Illinois state median of $270,000.
Mortgage Calculator — Peoria, IL
Pre-filled with Peoria median home price and Illinois tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $135K home using Illinois's 2.07% tax rate and $1,900/yr insurance.
5% Down
$1,277/mo
Down: $6,750
Loan: $128K
P&I: $811
Tax: $233
Insurance: $158
PMI: $75
10% Down
$1,230/mo
Down: $13,500
Loan: $122K
P&I: $768
Tax: $233
Insurance: $158
PMI: $71
20% Down (No PMI)
$1,074/mo
Down: $27,000
Loan: $108K
P&I: $683
Tax: $233
Insurance: $158
Income needed (28% rule): $46K/year with 20% down, $53K/year with 10% down.
Rent vs Buy in Peoria
Rent
$850/mo
vs
Buy (10% down)
$1,230/mo
Price-to-rent ratio: 13.2 — With a ratio under 15, buying in Peoria is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $380 more than renting, but you build equity with every payment.
The median home price in Peoria is $135,000, 50% below the Illinois state median of $270,000. With a population of 113,150, Peoria is a mid-size city where home prices tend to be more accessible than in many parts of Illinois.
Property taxes in Illinois average 2.07% annually. This higher-than-average tax rate means a $135,000 home in Peoria would carry roughly $233/month in property taxes alone — plan accordingly. Homeowners insurance in Illinois runs approximately $1,900 per year. This is within the normal range nationally.
Average rent in Peoria is $850/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Peoria over the long term.
Peoria offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Illinois's IHDA 1stHomeIllinois program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Peoria.