At $1,409/mo, rent takes about 18% of the local median household income, comfortably within the 30% benchmark.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,409 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
30% of the median household income ($91,966) is $2,299 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($1,340).
From Zillow's monthly rent index (ZORI) for Savoy. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Savoy, IL is majority owner-occupied, has a median income above the national average, 63.3% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Savoy, IL has changed in 5 years
Household income in the area moved from $78,584 to $91,966 across the same window, up 17.0% versus 2021. The population has grown by 2.0% since 2021, moving from about 8,793 residents to roughly 8,968. Renters now make up 40.7% of households, compared with 42.8% five years ago. College-educated residents now make up 63.3% of adults here, versus 58.5% in 2021.
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Can you afford rent in Savoy on your salary?
At $1,409/mo, how Savoy rent compares to typical pay (30% rule).
Savoy rent by bedroom count
Median rent for each apartment size in Savoy. Click any size for full breakdown.
Tips for renters in Savoy
Last updated: October 17, 2026
The median rent in Savoy is $1,409/mo as of October 2026. A studio apartment averages $850/mo while a 2-bedroom runs $1,010/mo. One-bedroom apartments average $850/mo and 3-bedroom units go for $1,310/mo.
At 18% of local median household income ($91,966/yr), Savoy ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.
Frequently asked questions
How much income do you need to rent in Savoy?
Is rent going up or down in Savoy?
How does Savoy rent compare to other cities in Illinois?
Which nearby cities are cheaper to rent in than Savoy?
At $1,409/mo, rent takes ~18% of Savoy's median household income ($91,966/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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