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Greater Peoria is a mid-sized metro area with low cost of living and short commutes, high quality of life and a nurturing place for businesses. Compared to other regions in the nation, Greater Peoria holds its own and stacks up well against larger metro as an innovative region with a qualified and diverse workforce.
Looking for a quick overview of why Greater Peoria is the region for you? Here are 10 reasons why.
Greater Peoria offers you affordable real estate options that are well below the national average prices for properties of the same quality, size, and amenities. For instance, a 100,000-square-foot warehouse space in Dallas, Texas will cost you $7.2 Million, when in Peoria, Illinois, it will only cost you $4.1 Million. You save 43%! And we have the amenities and incentives, plus a dynamic workforce, to ensure your growth. You grow with us while saving on overhead costs. When it comes to residential real estate, our region packs a huge punch! Peoria County has one of the most affordable housing markets in the United States. According to the US Census, the median value of owner-occupied houses is around $130,000. Additionally, the same data shows that Median Household Income in Peoria County is nearly $56,000 per year. That means that if you only spend household income on buying a house, you could accomplish that in less than two-and-a-half years. By contrast, it would take you nearly six years in the Seattle area to do the same thing and almost eight years in San Jose. In addition to this, the quality of life in our region means that your money and savings go further for you.
In Greater Peoria, you’ll spend way less time in your car inching through congested, concrete jungles, meaning more time to enjoy the things you love most. This, however, doesn’t mean our region is not urban enough, in fact, we have a true urban downtown which is the home of OSF Healthcare’s headquarters. Our region is strategically developed to make the commute less stressful. Gone are the days of a two-hour commute to your workplace located just 15 miles from your home – you can commute in less than 20 minutes in our region. According to the US Census, the average commute time in Peoria County is 18.5 minutes a day, about two-thirds of the national average of 27 minutes. That means the average American worker spends three more entire days each year just commuting – 74 hours just stuck in traffic! In other parts of the country, it is even worse. Chicago area drivers, for example, waste 5.4 entire days commuting to and from work. Imagine what you can do with the extra time you save on each commute. All those missed school events will be a thing of the past.
Ranked 11th for Best Affordable Places to live in the United States, the Greater Peoria region gives you a high quality of life that doesn’t come at a high premium. Coupled with affordable real estate and short commute times, our region is perfect for new and growing businesses, new families, and millennials looking to build roots away from the hectic living of big cities. Our major cities offer the same amenities as big cities such as Chicago and Dallas but at a much lower rate. The Greater Peoria Cost of Living Index is 74.6, which is lower than the national average of 100 and beats Chicago and Dallas at 106.9 and 103.9 respectively. This simply means it takes a salary of $43,015 ($54,870 before tax) to live comfortably* in the Peoria MSA vs a Salary of $50,878 ($66,893 before tax) in the Chicago MSA, or $50,9117 ($62,400 before tax) in the Dallas MSA.
*comfortably is defined as double the living wage which can be found here: https://livingwage.mit.edu/. After-tax income was calculated using this tool: https://smartasset.com/taxes/illinois-tax-calculator
These are the lights and sounds of a city on the rise. Its past, though bright, pales to its future. Passion flows through its people - bringing life, energy, and growth. It is a place where competition and community exist side-by-side and everyone can find their place. Fun, greatness, opportunity, and expression have a home here.
We are here to help. Whether you need economic data to move your business, need business assistance, or resources to help you make a relocation decision, the Greater Peoria EDC is here for you. Contact us today.
