Peoria, Illinois
City of Peoria
Navigation:
$162,445 - Median Listing Price for single family homes in Peoria (August 2023) - Source - Federal Reserve
Population:
- Population Estimates, July 1, 2022, (V2022): 111,021
- Population estimates base, April 1, 2020, (V2022): 113,176
- Population, percent change - April 1, 2020 (estimates base) to July 1, 2022, (V2022): -1.9%
- Population, Census, April 1, 2020: 113,150
- Population, Census, April 1, 2010: 115,007
Age and Sex:
- Persons Under 5 Years: 7.2%
- Persons Under 18 Years: 24.2%
- Persons 65 Years and Over: 16.0%
- Female Persons: 51.6%
Race and Hispanic Origin:
- White Alone: 58.7%
- Black or African American Alone: 26.7%
- American Indian and Alaska Native Alone: 0.2%
- Asian Alone: 6.5%
- Hispanic or Latino: 6.8%
Population Characteristics:
- Veterans (2017-2021): 5,193
- Foreign Born Persons (2017-2021): 9.1%
Race and Hispanic Origin:
- White Alone: 58.7%
- Black or African American Alone: 26.7%
- American Indian and Alaska Native Alone: 0.2%
- Asian Alone: 6.5%
- Hispanic or Latino: 6.8%
Housing:
- Housing Units (July 1, 2022): Not specified
- Owner-Occupied Housing Unit Rate (2017-2021): 57.1%
- Median Value of Owner-Occupied Housing Units (2017-2021): $129,400
- Median Selected Monthly Owner Costs (With a Mortgage) (2017-2021): $1,356
- Median Selected Monthly Owner Costs (Without a Mortgage) (2017-2021): $567
- Median Gross Rent (2017-2021): $845
Families & Living Arrangements:
- Households (2017-2021): 47,734
- Persons per Household (2017-2021): 2.30
- Living in the Same House 1 Year Ago (2017-2021): 85.1%
- Language Other Than English Spoken at Home (2017-2021): 12.5%
Computer and Internet Use:
- Households With a Computer (2017-2021): 90.7%
- Households With a Broadband Internet Subscription (2017-2021): 83.3%
Education:
- High School Graduate or Higher (2017-2021): 90.8%
- Bachelor's Degree or Higher (2017-2021): 37.0%
Health:
- With a Disability (Under Age 65 Years) (2017-2021): 9.6%
- Persons Without Health Insurance (Under Age 65 Years): 8.3%
Economy:
- In Civilian Labor Force (Total) (2017-2021): 61.1%
- In Civilian Labor Force (Female) (2017-2021): 57.8%
- Total Accommodation and Food Services Sales (2017): $321,974 (in thousands)
- Total Health Care and Social Assistance Receipts/Revenue (2017): $3,175,104 (in thousands)
- Total Transportation and Warehousing Receipts/Revenue (2017): $129,844 (in thousands)
- Total Retail Sales (2017): $1,988,500 (in thousands)
- Total Retail Sales Per Capita (2017): $17,647
Transportation:
- Mean Travel Time to Work (Minutes) (Workers Age 16 Years+) (2017-2021): 17.4
Income & Poverty:
- Median Household Income (2021): $53,568
- Per Capita Income (in 2021 dollars) (2017-2021): $35,232
- Persons in Poverty: 19.7%
Businesses:
- Total Employer Establishments (2021): Not specified
- Total Employment (2021): Not specified
- Total Annual Payroll (2021): Not specified
- Total Employment (Percent Change, 2020-2021): Not specified
- Total Nonemployer Establishments (2020): Not specified
- All Employer Firms (Reference Year 2017): 2,524
- Men-Owned Employer Firms (Reference Year 2017): 1,440
- Women-Owned Employer Firms (Reference Year 2017): 351
- Minority-Owned Employer Firms (Reference Year 2017): Not specified
- Nonminority-Owned Employer Firms (Reference Year 2017): 1,833
- Veteran-Owned Employer Firms (Reference Year 2017): Not specified
- Nonveteran-Owned Employer Firms (Reference Year 2017): 1,903
Geography:
- Population per Square Mile (2020): 2,359.0
- Population per Square Mile (2010): 2,395.6
- Land Area in Square Miles (2020): 47.97
- Land Area in Square Miles (2010): 48.01
- FIPS Code: 1759000
This objective overview provides key demographic and economic data for Peoria, Illinois, as reported by the U.S. Census Bureau (source).
Buying real estate in peoria, Illinois
How to find the right property and get the best deal
When it comes to making one of the most significant financial decisions of your life—buying a home in Peoria, Illinois—it's essential to approach the process with diligence, savvy, and an understanding of the local real estate market. This guide aims to provide prospective homebuyers with the tools and insights necessary to navigate the Peoria real estate landscape and secure the best deal in the right neighborhood.
- Know Your Budget: Before diving into the market, determine your budget. Calculate your down payment, monthly mortgage affordability, and additional costs like property taxes, insurance, and maintenance. This will help you narrow your search and avoid homes that are out of your financial reach.
- Location Matters: Peoria is a diverse city with various neighborhoods, each offering a unique atmosphere and amenities. Research neighborhoods that align with your lifestyle, commute, and school preferences. Consider factors like safety, proximity to work, schools, and recreational activities.
- Market Trends: Keep an eye on Peoria's real estate market trends. Look for patterns in home prices, inventory levels, and the average time properties spend on the market. This data will help you gauge whether it's a buyer's or seller's market, influencing your negotiating power.
Leverage Local Resources
- Local Real Estate Agents: Engage with reputable local real estate agents who possess in-depth knowledge of the Peoria market. They can provide insights, show you homes that fit your criteria, and guide you through the buying process.
- Online Listings: Utilize online platforms and real estate websites to explore available properties in Peoria. These platforms often include photos, virtual tours, and detailed property descriptions to help you narrow your options.
Viewing and Evaluation
- Visit Open Houses: Attend open houses to get a firsthand look at homes you're interested in. Take notes, ask questions, and pay attention to the condition of the property, neighborhood, and nearby amenities.
- Home Inspection: Once you've identified a potential home, invest in a thorough home inspection. A professional inspector can uncover hidden issues that might affect your decision or provide leverage in negotiations.
Negotiation and Closing
- Market Analysis: Your real estate agent can help you conduct a market analysis to determine the fair market value of the property. Armed with this information, you can make informed offers and negotiate effectively.
- Due Diligence: During the negotiation phase, perform due diligence on the property. Investigate its history, any pending repairs or renovations, and understand the terms of the sale contract.
- Financing: Secure mortgage pre-approval before making an offer. This demonstrates your seriousness as a buyer and helps streamline the closing process.
Closing the Deal
- Title Search: Ensure a thorough title search is conducted to confirm the property's legal status and uncover any potential issues.
- Closing Costs: Be prepared for closing costs, which typically include fees for legal services, inspections, and title insurance. Review these costs with your lender and agent.
Final Thoughts
Buying a home in Peoria, Illinois, can be a rewarding endeavor, provided you approach it strategically. Remember that patience and thorough research are your allies in this process. By understanding the local market, leveraging professional expertise, and conducting due diligence, you can secure the best deal in the right area—a place you'll proudly call home in the heart of Illinois.
