Memphis vs Peoria
Fair Market Rent Comparison — HUD 2025 Data
Quick Answer
Peoria is 11% cheaper for renters. A 2-bedroom rents for $736/mo vs $819/mo in Memphis — saving $996/year.
Rent by Unit Size
| Unit Size | Memphis | Peoria | Difference |
|---|---|---|---|
| Studio | $560 | $470 | $90 |
| 1 Bedroom | $682 | $596 | $86 |
| 2 Bedrooms | $819 | $736 | $83 |
| 3 Bedrooms | $1,011 | $870 | $141 |
| 4 Bedrooms | $1,184 | $1,074 | $110 |
| Median Income | $44,652 | $39,404 | $5,248 |
Memphis
- Studio
- $560/mo
- 1 BR
- $682/mo
- 2 BR
- $819/mo
- 3 BR
- $1,011/mo
- 4 BR
- $1,184/mo
- Median Income
- $44,652/yr
Peoria
- Studio
- $470/mo
- 1 BR
- $596/mo
- 2 BR
- $736/mo
- 3 BR
- $870/mo
- 4 BR
- $1,074/mo
- Median Income
- $39,404/yr
Frequently Asked Questions
Is Memphis or Peoria cheaper to rent in?
Peoria is cheaper — a 2-bedroom Fair Market Rent is $736/mo vs $819/mo in Memphis. That's $83/mo or $996/year more expensive in Memphis (11% higher).
What is the 2-bedroom rent in Memphis vs Peoria?
The HUD Fair Market Rent for a 2-bedroom in Memphis is $819/month. In Peoria, a 2-bedroom FMR is $736/month.
How do incomes compare between Memphis and Peoria?
The median household income in Memphis is $44,652/year. In Peoria it is $39,404/year. Memphis has the higher median income.
What is the studio rent in Memphis vs Peoria?
A studio apartment Fair Market Rent in Memphis is $560/mo. In Peoria it is $470/mo.