The typical owner-occupied home in Savanna is worth about $72,400, 73% below the Illinois median of $263,300 and 78% below the national median of $332,700. Owners pay a median $1,253 a year in property taxes, about 1.73% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $48,036 a year, so the median home costs 1.5 times the median income (3.2 times for Illinois). 60% of occupied homes here are lived in by their owners, and 35% of those owners still have a mortgage.
Savanna at a glance
| Savanna | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $72,400 | $263,300 | $332,700 |
| Median property tax paid per year | $1,253 | $5,298 | $3,119 |
| Property tax as a share of value | 1.73% | 2.01% | 0.94% |
| Median household income | $48,036 | $83,390 | $80,734 |
| Homes lived in by their owners | 60% | 67% | 65% |
| Owner homes with a mortgage | 35% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $870 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 18.2% | 20.6% | 21.0% |
| Median rent | $835 | $1,274 | $1,413 |
| Rent as a share of renters' income | 24.9% | 29.1% | 30.6% |
| Median year homes were built | 1944 | 1971 | 1980 |
| Vacant homes | 14.3% | 7.7% | 10.1% |
| Population | 2,816 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Savanna
At this week's average 30-year rate of 7.11%, buying the median Savanna home of $72,400 with 20% down costs about $524 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $645, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $22,464 for the 20%-down payment. That payment is 13% of the median Savanna household income of $48,036; at that income and 20% down, the 28% guideline points to a home of about $155,000.
The median rent here is $835 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $14,480 |
|---|---|
| Loan amount | $57,920 |
| Principal and interest | $390 |
| Property taxes (1.73% a year) | $104 |
| Homeowners insurance (our estimate, 0.5% a year) | $30 |
| PMI | $0 |
| Total per month | $524 |
Change the numbers in the calculator
| Down payment | $2,534 |
|---|---|
| Loan amount | $71,089 |
| Principal and interest | $478 |
| Property taxes (1.73% a year) | $104 |
| Homeowners insurance (our estimate, 0.5% a year) | $30 |
| FHA mortgage insurance | $32 |
| Total per month | $645 |
Change the numbers in the calculator
Questions about home buying in Savanna
What is the median home value in Savanna?
About $72,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Savanna?
Homeowners pay a median $1,253 a year, which is about 1.73% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Savanna?
For the median home with 20% down at 7.11%, the payment is about $524 a month. Keeping that under 28% of gross income takes about $22,464 a year.
More about Savanna
- Mortgage Refinance in Savanna
- Debt Relief in Savanna
- Home Equity Loans in Savanna
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data