Rent to own Homes in Peoria, IL
Peoria, Illinois, is a city of over 115,000 residents that is the oldest European settlement in Illinois, having been established in 1691 by the French explorer Henri de Tonti. The city is named after the Peoria tribe and is located 170 miles outside Chicago. Peoria is the 7th largest city in Illinois and is also home to the headquarters of Caterpillar, Inc.
Peoria, IL is a great place for affordable rent-to-own homes! With a median household income of over $51,736 and a median rent of $817, the Peoria, IL rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Peoria, IL. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Peoria, IL Property Resources
Rent to own Homes in Cities Near Peoria, IL
- Bartonville
- Bay View Gardens
- Bellevue
- Bradford
- Brimfield
- Chillicothe
- Creve Coeur
- Dahinda
- Dunlap
- East Peoria
- Edelstein
- Edwards
- Elmwood
- Farmington
- Galva
- Germantown Hills
- Glasford
- Hanna City
- Hopewell
- Kewanee
- Lacon
- La Fayette
- Lake Camelot
- Laura
- Lowpoint
- Mapleton
- Marquette Heights
- Mossville
- Neponset
- North Pekin
- Norwood
- Oak Run
- Pekin
- Peoria
- Peoria Heights
- Princeville
- Putnam
- Rome
- Smithville
- Sparland
- Speer
- Spring Bay
- Toulon
- Trivoli
- Victoria
- Washington
- West Peoria
- Williamsfield
- Wyoming
- Yates City
Neighborhoods in Peoria, IL
Sherwood Forest rent to own homes Hamilton Park rent to own homes Knoll Crest rent to own homes Northmoore Hills rent to own homes Wardcliffe rent to own homes High Point rent to own homes The Knolls rent to own homes Rolling Acres rent to own homes Idyllbrook rent to own homes Forest Hills rent to own homesBuying a Home in Peoria, IL
Peoria, IL is seeing rapid growth and Peoria, IL's' housing market remains optimal with an average home price that is -41% below the 2024 national average. Peoria, IL is part of Peoria county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Peoria is 2% which is above the national average, which is 0.99%.
Median Home Price in Peoria, IL
Median Rent in Peoria, IL
Top Reasons to Live in Peoria IL
Housing Statistics If you are considering a move to Peoria, you should know something about the housing in the area. The number of homes owned is a little over 49,200 and the number of apartments rented is 23,400. If you're interested in renting a home, the average rent is around $500 per month, and there are approximately 2,300 homes for rent available. Buying a home in Peoria will cost you an average of $400,000. There are approximately 52,400 owner occupied homes, 5,600 homes are vacant, meaning 89 percent of the homes are occupied. As you can see, living in Peoria is a good deal cheaper than living in Chicago.
Nightlife One of the most popular nightlife activities in Peoria is the Nighttime on the Riverfront event. Although the Riverfront has activities all the time, things really come alive at night. You have music, live music, waterside festivals, shopping, and wonderful restaurants available for your enjoyment. The Center Stage at the Landing gives you a multitude of entertainment options. The Rhythm Kitchen Music Cafe provides live music and the Martini's on Water lets you dine and listen to live music while taking in a great view.
Arts and Culture There are plenty of activities to keep you busy when living in Peoria. The town has a new museum square, which is home to the well-renowned Peoria Riverfront Museum. This museum provides interactive displays, a planetarium, and exhibits of all kinds, so even the little ones will enjoy it. On the other end of town, the Peoria Zoo and Gardens includes an African safari exhibit. There is also a Civil War Memorial, the Grand View Drive, Renaissance Park, and Forest Park, which is a 500 acre wooded area. To top it off, there's the Luthy Memorial Botanical Garden, and Peoria's famous Riverfront, which hosts the Steamboat Classic and the Louie Louie Festival.
Neighborhoods There are many neighborhoods in Peoria and, like any other city, it's important to do your research to determine which is right for you.