Elgin, IL vs Peoria, IL

The cost of living difference between Elgin, IL and Peoria, IL is dramatic. Peoria is 31.3% cheaper than Elgin, a gap that translates to thousands of dollars per year in household expenses. Elgin has a cost index of 95 while Peoria sits at 72, making this one of the more striking comparisons on our site. Relocating between these cities would require a serious reassessment of budget and lifestyle expectations.

On the housing front, median rent in Elgin is $1,260/month compared to $951/month in Peoria — a 33% difference. Home values follow the same pattern: Peoria is more affordable at $149,500 median vs $252,400.

Median household income in Elgin is $88,316 compared to $58,716 in Peoria (+50.4%). While Elgin is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Elgin spend roughly 17.1% of their income on rent, less than the 19.4% in Peoria.

Climate-wise, Peoria is notably warmer with an average of 52.7°F compared to 49.7°F in Elgin. Peoria receives more rainfall at 37.6" per year compared to 33.2" in Elgin.