Peoria, IL Metro Area is an excellent place to live and work, with a lower cost of living than the national average. The average two-bedroom rent in the area is $890 compared to $1,430 nationally, and grocery costs are 94 compared to 100 in the US. This makes Peoria an attractive option for people looking for a budget-friendly lifestyle. The local economy is strong, with major companies such as Caterpillar Inc., OSF Healthcare System, and Komatsu Mining Corporation providing jobs to many people in the area. Other well-known businesses located in Peoria include Ameren Illinois, CEFCU, and RLI Insurance Company.
Peoria Metro Area has an unemployment rate of 6.9%. The US average is 6.0%.
Peoria Metro Area has seen the job market increase by 1.4% over the last year. Future job growth over the next ten years is predicted to be 18.6%, which is lower than the US average of 33.5%.
Tax Rates for Peoria Metro Area
- The Sales Tax Rate for Peoria Metro Area is 8.1%. The US average is 7.3%.
- The Income Tax Rate for Peoria Metro Area is 5.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Peoria Metro Area
- The average income of a Peoria Metro Area resident is $28,714 a year. The US average is $28,555 a year.
- The Median household income of a Peoria Metro Area resident is $62,684 a year. The US average is $69,021 a year.