Mount Prospect, IL vs Peoria, IL

The cost of living difference between Mount Prospect, IL and Peoria, IL is dramatic. Peoria is 53.6% cheaper than Mount Prospect, a gap that translates to thousands of dollars per year in household expenses. Mount Prospect has a cost index of 111 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 Mount Prospect is $1,454/month compared to $951/month in Peoria — a 53% difference. Home values follow the same pattern: Peoria is more affordable at $149,500 median vs $377,000.

Median household income in Mount Prospect is $103,911 compared to $58,716 in Peoria (+77%). While Mount Prospect is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Mount Prospect spend roughly 16.8% of their income on rent, less than the 19.4% in Peoria.

Climate-wise, both cities share similar average temperatures (50.8°F vs 52.7°F). Peoria receives more rainfall at 37.6" per year compared to 32.3" in Mount Prospect.