Peoria, IL Homes For Rent

Homes for Rent in Peoria, IL: What You Need to Know

Peoria, located at the heart of Illinois, is the seat of Peoria County. It’s where a U.S. Department of Agriculture (USDA) laboratory developed the method to mass-produce penicillin in the 1940s. 

Local History

The city got its name from the Peoria tribe of the Illinois confederacy, the original inhabitants of the area. The first European settlement in Peoria dates back to 1680 when the French built Fort Crèvecoeur, one of the oldest settlements in Illinois. The fort was short-lived, but the French built a larger bulwark called Fort Pimiteoui a decade later. In 1825, Peoria City became the seat of Peoria County. The city’s location along the Illinois River made it a major port and trading and shipping center for the region’s agricultural industry.

Job Opportunities

Caterpillar Inc. has moved its headquarters from Peoria to Deerfield, but the company remains one of the city’s top employers. Other key employers are OSF HealthCare, with 13 hospitals, Methodist Medical Center, and Central Illinois Light Company. In addition, the National Center for Agricultural Utilization Research, the USDA’s research arm, is based in the city. In the 1940s, the laboratory ushered in the era of antibiotics when it developed commercial production of penicillin.

The Cost of Living in Peoria

Your housing budget will go further in Peoria (population: 110,417). Its cost of living rate and housing costs are 10.6% and 27.1% lower than the national average, respectively. However, food cost in the city is 4.9% higher than the national average. Peoria’s median gross rent is $784. In Illinois, you’ll be paying a flat income tax of 4.95% and a sales tax of 6.25% to 11%.

Know Your Neighborhoods

Downtown Peoria’s scenic views of the Illinois River, farmers market, and cultural venues are a main draw for residents. A big percentage of Peoria residents are renters. Morton, only 11 miles away from the city, is a popular suburb with excellent schools and lots of community events, including an annual Pumpkin Festival. Dunlap is an affordable, underrated suburb, which also has great schools and a family-friendly environment. 

Getting Around in Peoria

Most residents rely on cars to get around. As an alternative, the Greater Peoria Mass Transit District provides an environmentally friendly bus system called CityLink and CityLift paratransit service. CityLink operates 21 routes in Peoria and Tazewell counties, Illinois. The closest airport is the General Wayne A. Downing Peoria International Airport with flights to many destinations.