Peoria vs Springfield
Side-by-side rent vs buy analysis comparing these two markets
Overall Comparison
Peoria has an edge
Peoria shows stronger fundamentals for buying with a 3-year break-even point.
Median Home PriceBETTER
$154,382.4
Median Rent
$1,168.27/mo
Price-to-Rent RatioBETTER
11.0
Property Tax RateTIE
2.27%
Price Change (1Y)BETTER
+8.9%
Price Change (5Y)BETTER
+44.4%
Break-Even YearsBETTER
3 years
10-Year Wealth DifferenceBETTER
+$50,773
Median Home Price
$186,232.99
Median RentBETTER
$1,129.31/mo
Price-to-Rent Ratio
13.7
Property Tax RateTIE
2.27%
Price Change (1Y)
+7.1%
Price Change (5Y)
+35.5%
Break-Even Years
N/A
10-Year Wealth Difference
$8,273
Key Differences
Home Prices
Peoria's median home price of $154,382.4 is lower than Springfield's $186,232.99 by 17%.
Monthly Rent
Renting in Peoria costs $1,168.27/mo compared to $1,129.31/mo in Springfield—a difference of $38.96/mo.
Buy vs Rent Verdict
Peoria favors buying, while Springfield favors either option.
Break-Even Timeline
Break-even analysis varies based on market conditions in each city.
Run Your Own Numbers
This comparison uses median values. Your income, savings, and goals matter. Use our Buy vs Rent calculator to get a personalized analysis.