Cost of Living: Minneapolis, MN vs Peoria, IL (2026)

Minneapolis

Minnesota
102
VS

Peoria

Illinois
61

Minneapolis is 67% more expensive than Peoria.

$1,329/mo ↑ 40%
Median Rent
$951/mo ↓ 28%
$80,269/yr ↑ 37%
Median Income
$58,716/yr ↓ 27%
$345,600 ↑ 131%
Home Value
$149,500 ↓ 57%
$1,513/mo ↑ 50%
Owner Costs
$1,007/mo ↓ 33%
426,845
Population
112,126

Tax Comparison

9.85%
Income Tax
4.95%
6.875%
State Sales Tax
6.25%
1.11%
Property Tax
2.07%

Affordability

19.9%
rent-to-income
Affordability
19.4%
rent-to-income

Detailed Comparison

When comparing Minneapolis, MN and Peoria, IL, the overall cost of living indices are 102 and 61 respectively (national median = 100). Rent is $378/month cheaper in Peoria, saving renters about $4,536/year.

Median household income is $21,553/year higher in Minneapolis. Home values also differ significantly — the median in Minneapolis is $345,600 compared to $149,500 in Peoria.

Illinois has a lower income tax rate, making Peoria slightly more tax-friendly.

Frequently Asked Questions

Minneapolis vs Peoria — common questions

Is Minneapolis or Peoria cheaper to live in?
Based on our cost index, Peoria is cheaper to live in with an index of 61 compared to 102 (US average = 100).
What is the rent difference between Minneapolis and Peoria?
Median rent in Minneapolis is $1,329/month and in Peoria it's $951/month — a difference of $378/month.
Which city has higher income, Minneapolis or Peoria?
Median household income is $80,269 in Minneapolis and $58,716 in Peoria. Median household income is $21,553/year higher in Minneapolis.
How do taxes compare between Minnesota and Illinois?
Minnesota has 9.85% income tax, 6.875% sales tax, and 1.11% property tax. Illinois has 4.95% income tax, 6.25% sales tax, and 2.07% property tax.
Should I move to Minneapolis or Peoria?
It depends on your priorities. Minneapolis has a cost index of 102 with median rent of $1,329/mo, while Peoria has a cost index of 61 with rent of $951/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Minneapolis details → View Peoria details →

More Comparisons

Other cost of living comparisons for Minneapolis and Peoria

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