Cost of Living in Savoy, IL
Population 8,807 · Illinois · Data vintage 2023
(100 = US avg)
Savoy sits on the smaller end of the Illinois city distribution. That scale shapes the housing market, the labor pool, and the services available to residents in ways the data below makes visible. The labor market has been unusually tight, with unemployment around 1.2% — below most comparable cities in the state.
Located 75 miles east of Springfield, Savoy is far enough out that local conditions diverge meaningfully from the big-metro baseline. Median home values run roughly 81% higher than Springfield's $155,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Savoy
The median home value in Savoy is $280,700 — 8% below the national median of $305,000. Median rent runs $954/month, 27% lower than the national median of $1,314/month. The median household income of $88,828/year is 19% higher than the US median of $74,580. The local unemployment rate is 1.2%, below the national average of 4.8%. Illinois's top state income tax rate is 5.0% and the combined sales tax is 8.7%. Overall, Savoy has a cost of living index of 84 versus the US average of 100, meaning it is 16% less expensive.
Savoy has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
Frequently Asked Questions
What is the cost of living in Savoy, IL?
Savoy has a cost index of 84 (100 = national average). It is 16% below the national average.
What is average rent in Savoy, IL?
The median gross rent in Savoy is $954 per month based on 2023 Census data.
What is the average home price in Savoy?
The median home value in Savoy is $280,700 according to Zillow and Census data.
What is the median income in Savoy?
The median household income in Savoy is $88,828 per year (2023 ACS 5-year estimates).
What is the sales tax in Savoy, IL?
The combined state and local sales tax rate in Savoy is 8.7%. The Illinois state income tax top rate is 5.0%.
Is Savoy, IL affordable?
Yes, Savoy is generally considered affordable, with a cost of living index of 84 — about 16% below the US national average of 100.
Savoy at a Glance
- Population
- 8,807
- Median Income
- $88,828
- Home Value
- $280,700
- Median Rent
- $954/mo
- Unemployment
- 1.2%
- Sales Tax
- 8.7%
Nearby Cities
Explore county-level cost of living data
Illinois Rankings
Similar Cost Cities
Cities in other states with comparable housing costs