mortgage payment Peoria
The average mortgage payment is about $1,500 per month, according to the U.S. Census Bureau, coming in at about the same amount as the cost of renting (the average cost to rent was $1,476 in October).

Mortgage payments have decreased about 3% since mid-2018. They’re expected to get even lower this year, possibly 3.3% to 5.9% below this year, The Mortgage Reports notes.

The trend is occurring even as home prices rise. Mortgage rates, currently at around three-year lows, are helping more homeowners see a decrease in their monthly mortgage payments.

Census Bureau data shows that mortgage payments can vary quite a bit by location. For example, the Pacific region of the U.S., which faces some of the highest home prices, has an average mortgage payment of $2,096. On the other hand, the East South Central area has the lowest average for a mortgage, at $1,140.

This table from The Mortgage Reports shows the breakdown:

Pacific $2,096 Washington, Oregon, California, Hawaii, Alaska
New England $1,912 Maine, New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island
Middle Atlantic $1,856 New York, Pennsylvania, New Jersey
Mountain $1,439 Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico
South Atlantic $1,437 West Virginia, Maryland, Delaware, Washington D.C., Virginia, North Carolina, South Carolina, Georgia, Florida
West South Central $1,397 Oklahoma, Arkansas, Louisiana, Texas
West North Central $1,321 North Dakota, South Dakota, Nebraska, Kansas, Minnesota, Iowa, Missouri
East North Central $1,296 Wisconsin, Michigan, Illinois, Indiana, Ohio
East South Central $1,140 Kentucky, Tennessee, Mississippi, Alabama

Source: The Average Mortgage Payment Is Declining. Here’s Why

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We are located on the Northwest corner of 75th Avenue & Thunderbird Road in Peoria, which is anchored by Basha’s Grocery Store. We are on the end of the center towards 75th Avenue and just across from BBVA Compass Bank (suite 9). You’ll see our sign on the building. Come on in, we would love to see you.