Rent to own Homes in East Peoria, IL
With a population of 23,000 and a land area of 22 square miles, East Peoria has plenty of room for growth. Part of Tazewell County, it enjoys a convenient location near the Illinois River. In the last few years, East Peoria has enjoyed a variety of major renovations, including work on the Interstate 74, which serves as the main way in and out of the city. These renovations are bringing about new business growth throughout the city.
East Peoria, IL is a great place for affordable rent-to-own homes! With a median household income of over $65,164 and a median rent of $699, the East 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 East 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 East Peoria, IL Property Resources
Rent to own Homes in Cities Near East 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
Buying a Home in East Peoria, IL
East Peoria, IL is seeing rapid growth and East Peoria, IL's' housing market remains optimal with an average home price that is -34% below the 2024 national average. East Peoria, IL is part of Tazewell 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 Tazewell is 1.85% which is above the national average, which is 0.99%.
Median Home Price in East Peoria, IL
Median Rent in East Peoria, IL
Top 5 Reasons to Live in East Peoria, Illinois
Expansion leads to plenty of job opportunities! East Peoria is undergoing major renovations and expansion, which will lead to increased employment opportunities in the future. In the meantime, there are plenty of companies that attract job seekers, including local news agencies like the ABC affiliate WHOI or the MyNetworkTV affiliate WAOE. Of course, media jobs are still just one option and many locals also find work at the local Caterpillar Inc. plants that operate in the city.
Very reasonable home buying options! The home prices in East Peoria may not be the least expensive in Illinois, but they are certainly below the national average, with the mean cost resting at about $133,000. There are also rent to own homes available for people who prefer alternative financing. This includes some nice homes in the northern neighborhood of Bay View Garden or some options down in the southern neighborhood of City Center.
Rentals are extremely affordable! The average rental rate in East Peoria is only $602, leaving it well below the national average. This means you can move into a great rental home situation for a relatively low cost. For those seeking a less expensive option, The Meadows offers very affordable apartments. If you are looking for something a bit more refined, you may seek out The Lofts at Waterfront Place.
Plenty of local events to enjoy! Like most cities of its size, there is a definite emphasis on community within East Peoria. The Annual Festival of Lights is a fun source of entertainment for residents. On a more serious note, the city regularly has Mornings with the Mayor, which gives every citizen the opportunity to discuss important community matters with the town leadership.
Ambitious Planning and Development Department! In addition to the many recently planned improvements, the Planning and Development Department, along with GIS Planning, has maintained a record of ambitious expansion and a commitment to development of the city. There is also the East Peoria Housing Authority, which helps to develop and expand housing opportunities.