Peoria, Illinois
City population: 115,424
Share of population 65+: 14.3%
Living costs for retirees: 5.9% below the national average
Average income for 65+: $53,116
Community score: 58.6
State’s tax rating for retirees: Tax-Friendly
Fast developing cities are seen by many as unaffordable, but Peoria, Illinois makes the best of both worlds. It’s perfect for seniors who want to downsize without giving up on their dreams of living in a fun and exciting neighborhood, meaning they can keep active for longer while exploring their surroundings on the daily. What exactly do we mean? Well, let’s look at the median home value, to begin with. Compared with the $229,000 median for the U.S, the median home value in Peoria is $89,000.
So if you’re looking for a home that’s 20,8% lower than the national average in order to stretch out your retirement budget, look no further. In terms of nursing homes, seniors can rent a room for as little as $6,798 a month.
Renting anywhere else across the U.S. would typically cost you around $8,365 per month. In terms of development, The Downtown Development Corporation of Peoria has put $74 towards construction in the downtown area, money which most certainly helped with adding a lively and bustling atmosphere to the area. Furthermore, the Riverfront area is known for being a hub for shops, attractions, and eateries, the most well know of which is the Peoria Riverfront Museum.
Residents and visitors alike can enjoy the Giant Screen Theater and Dome Planetarium while seniors are invited to join a variety of programs, bi-weekly morning lecture series, and they get to visit the museum free of charge every second Wednesday of the month (age 60 and up). Outdoor loving folk will also love the 64 park sites, especially if you like hiking, visiting nature centers, and golfing.
