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City Report · IL

Savoy

Pop. 8,968·92nd most expensive in Illinois·Rental market data updated monthly for Savoy, IL
Median rent (all units)
$1,557/mo
Year-over-Year
Stable
Month-over-Month
+9.0%
vs US Median
-$408
Rising (Monthly)
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Most AffordableMost Expensive
Savoy · $1,557
More affordable than 72% of US cities · National median $1,965/mo
Affordability
20% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $1,557/mo, rent takes about 20% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$62,000/yr
Local median income
$91,966/yr
Based on the 30%-of-income rule using Savoy's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$850
1 BR
$850
2 BR
$1,010
3 BR
$1,310
4 BR+
$1,340
Research median
$1,010/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$18,684/yr
At $1,557/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 0.0% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+0.0% YoY, +9.0% MoM), not inventory.
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Demographics

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.

Population
8,968
Median income
$91,966
Median age
38
Renters
40.7%
Age distribution
24.1%
21.3%
27.2%
19.4%
Under 1824.1%
18–3421.3%
35–5427.2%
55–648%
65+19.4%
Gender
44.8%
55.2%
Male44.8%
Female55.2%
Race & ethnicity
63.8%
20.4%
White63.8%
Black7.1%
Hispanic6.9%
Asian20.4%
Other1.8%
Education (25+)
18.7%
16.6%
63.3%
No HS diploma1.4%
HS diploma18.7%
Some college16.6%
Bachelor's+63.3%
Housing tenure
59.3%
40.7%
Owner59.3%
Renter40.7%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Savoy, IL has changed in 5 years

Income
$78,584 → $91,966
up 17.0%
Population
8,793 → 8,968
up 2.0%
Renter share
42.8% → 40.7%
-2.1 pts
Bachelor's+
58.5% → 63.3%
+4.8 pts
Median age
35.4 → 38
+2.6 yrs

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.

Community

Discussions about Savoy

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View Savoy rent history (2015–2026) →
Salary vs rent

Can you afford rent in Savoy on your salary?

At $1,557/mo, how Savoy rent compares to typical pay (30% rule).

By apartment size

Savoy rent by bedroom count

Median rent for each apartment size in Savoy. Click any size for full breakdown.

Local insights

Tips for renters in Savoy

About renting in Savoy, IL

Last updated: July 20, 2026

The median rent in Savoy is $1,557/mo as of July 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 20% 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.

FAQ

Frequently asked questions

Is Savoy an affordable city for renters?

Savoy is considered very affordable for renters. At $1,557/mo, rent takes approximately 20% of the local median household income ($91,966/yr). The standard benchmark is 30%. Savoy falls comfortably within that range.

How much income do you need to rent in Savoy?

To keep rent at or below 30% of gross income, you would need to earn at least $62,000/year (~$30/hour full-time) to afford the median rent of $1,557/mo in Savoy. The local median household income is $91,966/yr, meaning the typical Savoy household meets that threshold.

Is rent going up or down in Savoy?

Rent in Savoy has been relatively stable over the past year, with a 0.0% change year over year as of July 2026.

How does Savoy rent compare to other cities in Illinois?

Savoy is middle-of-the-pack for Illinois for rent, ranking #92 out of 142 tracked cities at $1,557/mo.

Which nearby cities are cheaper to rent in than Savoy?

Several nearby cities have lower median rents than Savoy ($1,557/mo): Charleston ($730/mo), Rantoul ($808/mo), Urbana ($1,249/mo).

What percentage of Savoy residents rent vs. own?

According to Census data, approximately 40.7% of Savoy households are renters, while 59.3% are owner-occupied. Savoy leans toward homeownership, which can mean a smaller rental inventory.

How does Savoy rent compare to the national average?

Savoy's median rent of $1,557/mo is $408 (21%) below the US national median of $1,965/mo. Within Illinois, it ranks #92 out of 142 tracked cities.
Income Affordability
20%
VERY AFFORDABLE

At $1,557/mo, rent takes ~20% of Savoy's median household income ($91,966/yr). The standard benchmark is 30%.

Savoy 20%Benchmark 30%
State income tax4.95%
Run the Savoy affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Savoy, IL

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