Cost of Living: Waco, TX vs Peoria, IL (2026)

Waco

Texas
72
VS

Peoria

Illinois
61

Waco is 18% more expensive than Peoria.

$1,098/mo ↑ 15%
Median Rent
$951/mo ↓ 13%
$51,468/yr ↓ 12%
Median Income
$58,716/yr ↑ 14%
$199,600 ↑ 34%
Home Value
$149,500 ↓ 25%
$1,094/mo ↑ 9%
Owner Costs
$1,007/mo ↓ 8%
141,925
Population
112,126

Tax Comparison

0%
Income Tax
4.95%
6.25%
State Sales Tax
6.25%
1.6%
Property Tax
2.07%

Affordability

25.6%
rent-to-income
Affordability
19.4%
rent-to-income

Detailed Comparison

When comparing Waco, TX and Peoria, IL, the overall cost of living indices are 72 and 61 respectively (national median = 100). Rent is $147/month cheaper in Peoria, saving renters about $1,764/year.

Median household income is $7,248/year higher in Peoria. Home values also differ significantly — the median in Waco is $199,600 compared to $149,500 in Peoria.

Texas has no state income tax, giving Waco residents a significant tax advantage over Illinois's 4.95% rate.

Frequently Asked Questions

Waco vs Peoria — common questions

Is Waco or Peoria cheaper to live in?
Based on our cost index, Peoria is cheaper to live in with an index of 61 compared to 72 (US average = 100).
What is the rent difference between Waco and Peoria?
Median rent in Waco is $1,098/month and in Peoria it's $951/month — a difference of $147/month.
Which city has higher income, Waco or Peoria?
Median household income is $51,468 in Waco and $58,716 in Peoria. Median household income is $7,248/year higher in Peoria.
How do taxes compare between Texas and Illinois?
Texas has 0% income tax, 6.25% sales tax, and 1.6% property tax. Illinois has 4.95% income tax, 6.25% sales tax, and 2.07% property tax.
Should I move to Waco or Peoria?
It depends on your priorities. Waco has a cost index of 72 with median rent of $1,098/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 Waco details → View Peoria details →

More Comparisons

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