An April report ranks Peoria as one of the most affordable metro cities to purchase a home.
Looking at February cost data from Zillow, Consumer Affairs compared the 200 largest metro areas across the United States. The report utilized the financial rule of thumb that housing costs should not account for more than 28% of gross monthly income.
Peoria ranked No. 5 for cities requiring the lowest income to purchase a home – factoring in a 10% down payment.
With a median sale price of $147,359, the report determined an annual income of $65,486 is required to purchase a home in Peoria. The median income for the area based on 2024 data, meanwhile, was $74,352.
Even with a lower down payment of 5%, Consumer Affairs found Peorians would need $67,896 a year to afford a home. That number dropped to $55,982 per year – with a monthly home payment of $1,306 – for homebuyers with a 20% down payment.
Cities with a lower income required for homeownership included:
On the flipside, California took nine of the 10 spots for cities requiring the highest income for home purchasing – with San Jose well outpacing the rest with an annual needed income of $501,012. The next most expensive city, San Francisco, required $358,090 per year.
For each of the cities in the top 10, however, Consumer Affairs said the annual required income had decreased when compared to 2025.
This article originally appeared on Journal Star: Peoria ranked among most affordable large metros for buying a home
Reporting by Cassidy Waigand, Peoria Journal Star / Journal Star
USA TODAY Network via Reuters Connect
