Peoria, IL

Rent vs buy in Peoria

Median home $160,500. A 1 bedrooms rents for $924 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $924; per month
Own the median home: $1,248; P&I, tax, insurance, upkeep
Owning costs extra: $324; per month, same metro

What a purchase actually costs

20% down payment$32,100
Mortgage at 6.5%$812
Property tax (2.16% of value)$289/mo · $3,467/yr
Insurance and upkeep (1.1%/yr)$147
Total monthly ownership$1,248

Months of leftover to save the down payment

At $2,700 left over a month, it takes about 12 months (1.0 years) to save $32,100 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.