High-Salary, Low-Cost Living
Peoria was recently ranked nationally as one of the “10 Best Cities for High Salaries and Low Costs of Living,” according to The Ascent, an online hub for personal finance information. While many cities in the U.S. have a low cost of living, most of them also have lower than average salaries—canceling out the financial benefits of cheaper housing, groceries and other expenses.
Peoria, however, seems to have the best of both worlds. By dividing the mean annual wage by the cost of living index in every major U.S. metropolitan area, The Ascent ranked which cities have the highest salary relative to its cost of living. Most of the cities that made the top 10 are in the Midwest, and only two metro areas were in the same state. That would be Illinois, with Champaign-Urbana ranked at No. 4, and Peoria at No. 10.