Cost of Living: Richmond, VA vs Peoria, IL (2026)

Richmond

Virginia
98
VS

Peoria

Illinois
61

Richmond is 61% more expensive than Peoria.

$1,314/mo ↑ 38%
Median Rent
$951/mo ↓ 28%
$62,671/yr ↑ 7%
Median Income
$58,716/yr ↓ 6%
$328,100 ↑ 119%
Home Value
$149,500 ↓ 54%
$1,374/mo ↑ 36%
Owner Costs
$1,007/mo ↓ 27%
227,595
Population
112,126

Tax Comparison

5.75%
Income Tax
4.95%
5.3%
State Sales Tax
6.25%
0.8%
Property Tax
2.07%

Affordability

25.2%
rent-to-income
Affordability
19.4%
rent-to-income

Detailed Comparison

When comparing Richmond, VA and Peoria, IL, the overall cost of living indices are 98 and 61 respectively (national median = 100). Rent is $363/month cheaper in Peoria, saving renters about $4,356/year.

Median household income is $3,955/year higher in Richmond. Home values also differ significantly — the median in Richmond is $328,100 compared to $149,500 in Peoria.

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

Frequently Asked Questions

Richmond vs Peoria — common questions

Is Richmond or Peoria cheaper to live in?
Based on our cost index, Peoria is cheaper to live in with an index of 61 compared to 98 (US average = 100).
What is the rent difference between Richmond and Peoria?
Median rent in Richmond is $1,314/month and in Peoria it's $951/month — a difference of $363/month.
Which city has higher income, Richmond or Peoria?
Median household income is $62,671 in Richmond and $58,716 in Peoria. Median household income is $3,955/year higher in Richmond.
How do taxes compare between Virginia and Illinois?
Virginia has 5.75% income tax, 5.3% sales tax, and 0.8% property tax. Illinois has 4.95% income tax, 6.25% sales tax, and 2.07% property tax.
Should I move to Richmond or Peoria?
It depends on your priorities. Richmond has a cost index of 98 with median rent of $1,314/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 Richmond details → View Peoria details →

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