I live in northwest Iowa and have yellow tree peonie that is beautiful each spring. Mine is 5 years old...I got it when I worked at garden center and plant was going get thrown out so I took it and planted it in fall. That was the first time I had ever grown one so it has been trial and error. I mulched with lots of leaves in winter, fertilize it when it first emerges in spring and after done blooming. Keep it dead-headed but do NOT cut it back. Old plant is what comes back and peonie's trees take LONG time to get 7-9 ft. tall. Mine was about 5 tall last year and had about 50 huge lemon yellow, very fragrant blooms and then huge storm hit our area and part our maple split and fell on it and crushed it. This spring it's only about 3 foot tall and only has about 10 little buds on it. It will be blooming next week...the same time as iris and columbine.
Mine has survived a lot of harsh winters so I don't think you will have much problem. Main thing too...buy one at decent greenhouse and make sure you read description for hardiness. Also best time to plant one is fall but still early enough now to start a new plant.
I love mine...look forward to it's large, scented flowers each spring. One of my favories.