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Real Estate Prices & Overview

Downtown Peoria median real estate price is $258,057, which is more expensive than 40.6% of the neighborhoods in Illinois and 31.0% of the neighborhoods in the U.S.

The average rental price in Downtown Peoria is currently $1,014, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 95.1% of Illinois neighborhoods.

Downtown Peoria is a suburban neighborhood (based on population density) located in Peoria, Illinois.

Downtown Peoria real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) apartment complexes/high-rise apartments and small apartment buildings. Most of the residential real estate is renter occupied. Many of the residences in the Downtown Peoria neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built before 1940.

Vacant apartments or homes are a major fact of life in Downtown Peoria. The current real estate vacancy rate here is 28.4%. This is higher than the rate of vacancies in 94.4% of all U.S. neighborhoods. In addition, most vacant housing here is vacant year round. This can sometimes be the case in neighborhoods dominated by new construction that is not yet occupied. But often neighborhoods with vacancy rates this high are places that can be plagued by a protracted vacancy problem. If you live here, you may find that a number of buildings in your neighborhood are actually empty.

Notable & Unique Neighborhood Characteristics

When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.

People

The Downtown Peoria neighborhood stands out for having an average per capita income lower than 99.2% of the neighborhoods in the United States. Also of note, 68.9% of the children in this area live in poverty; an extraordinarily high percentage compared to other neighborhoods in the nation. In a nation where approximately one in four children grows up in poverty, this neighborhood stands out for the depth of the problem manifested here.

In addition, one of the most interesting things about the Downtown Peoria neighborhood is that it has a greater concentration of residents who live alone than most all neighborhoods in America. With 62.4% of the households here made up of people living alone, NeighborhoodScout's research reveals that this is a larger proportion of people living alone than in 99.1% of the neighborhoods in America.

Real Estate

The real estate in the Downtown Peoria neighborhood really stands out in the way it looks for a unique reason: this neighborhood has a higher proportion of apartment complexes or high-rise apartments than nearly every neighborhood in the country. Most neighborhoods are a mixture of real estate and housing types, but here it is almost entirely dominated by big apartment buildings and complexes. In fact, 86.4% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 97.7% of American neighborhoods.

In addition, the Downtown Peoria neighborhood is very unique in that it has one of the highest proportions of one, two, or no bedroom real estate of any neighborhood in America. Most neighborhoods have a mixture of home or apartment sizes from small to large, but here the concentration of studios and other small living spaces is at near-record heights. With 86.7% of the real estate here of this small size, this most assuredly is a notable feature that makes this neighborhood unique, along with just a handful of other neighborhoods in the U.S. that share this characteristic.

Modes of Transportation

More people in Downtown Peoria choose to walk to work each day (16.5%) than almost any neighborhood in America. If you are attracted to the idea of being able to walk to work, this neighborhood could be a good choice.

Also, in the Downtown Peoria neighborhood, carpooling is still a popular way to get to and from work. NeighborhoodScout's analysis reveals that 24.4% of commuters carpool here, which is more than in 96.6% of all U.S. neighborhoods.

Length of Commute

Whether walking, biking, riding, or driving, the length of one's commute is an important factor for one's quality of life. The Downtown Peoria neighborhood stands out for its commute length, according to NeighborhoodScout's analysis. Residents of the Downtown Peoria neighborhood have the pleasure of having one of the shortest commutes to work of any neighborhood in America. 61.1% of the residents have a commute time from home to work (one way) of less than fifteen minutes. This is a higher proportion of residents enjoying a short trip to work than NeighborhoodScout found in 96.4% of U.S. neighborhoods. Less time commuting means more time for other things in life.

Diversity

Did you know that the Downtown Peoria neighborhood has more Finnish and Swiss ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 1.7% of this neighborhood's residents have Finnish ancestry and 1.3% have Swiss ancestry.

Downtown Peoria is also pretty special linguistically. Significantly, 0.6% of its residents five years old and above primarily speak Persian at home. While this may seem like a small percentage, it is higher than 96.2% of the neighborhoods in America.

Migration / Stability

The freedom of moving to new places versus the comfort of home. How much and how often people move not only can create diverse and worldly neighborhoods, but simultaneously it can produce a loss of intimacy with one's surroundings and a lack of connectedness to one's neighbors. NeighborhoodScout's exclusive research has identified this neighborhood as unique with regard to the transience of its populace. In the Downtown Peoria neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 95.2% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas.

The Neighbors

There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a neighborhood.

The neighbors in the Downtown Peoria neighborhood in Peoria are low income, making it among the lowest income neighborhoods in America. NeighborhoodScout's research shows that this neighborhood has an income lower than 99.2% of U.S. neighborhoods. With 68.9% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 98.5% of U.S. neighborhoods.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the Downtown Peoria neighborhood, 38.8% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is manufacturing and laborer occupations, with 35.0% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (22.0%), and 4.3% in sales and service jobs, from major sales accounts, to working in fast food restaurants.

Languages

The most common language spoken in the Downtown Peoria neighborhood is English, spoken by 81.1% of households. Some people also speak Spanish (15.8%).

Ethnicity / Ancestry

Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.

In the Downtown Peoria neighborhood in Peoria, IL, residents most commonly identify their ethnicity or ancestry as Mexican (14.3%). There are also a number of people of German ancestry (12.0%), and residents who report English roots (6.6%), and some of the residents are also of Irish ancestry (4.9%), along with some Polish ancestry residents (3.3%), among others. In addition, 12.3% of the residents of this neighborhood were born in another country.

Getting to Work

Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in Downtown Peoria neighborhood spend under 15 minutes commuting one-way to work (61.1% of working residents), one of the shortest commutes across America.

Here most residents (45.5%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (24.4%) and 16.5% of residents also hop out the door and walk to work for their daily commute. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.


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