PEORIA, Ill. — Peoria was ranked among the “10 Best Cities for High Salaries and Low Costs of Living” in a recent online personal finance report.
According to The Ascent, an online hub for personal finance information, Peoria ranked 10 out of 10 on the list. There are some parts of the U.S. that are cheap to live in, but they also have relatively low average salaries, which can cancel out the financial benefits of cheaper housing, groceries, and other expenses.
However, The Ascent said there are places that offer the best of both worlds, and Peoria is one of them. The website analyzed cost of living and salary data for more than 200 of the largest metropolitan areas to see where the best combinations of high salaries and low costs of living can be found.
The Ascent ranked which cities have the highest salary relative to its cost of living by dividing the mean annual wage by the cost of living index in every major U.S. metropolitan area.
|Rank||City or Metro||Cost of Living Index (COLI)||Mean Annual Salary||Salary/COLI|
|3||Des Moines, IA||89.5||$52,220||583.5|
|5||St. Louis, MO||87.4||$50,250||574.9|
|8 (tie)||Dayton, OH||88.9||$50,100||563.6|
A majority of the cities that made the top 10 are in the Midwest, Champaign-Urbana also ranked in the top 10, coming in at No. 4.
For the full report, click here.