The typical owner-occupied home in Savoy is worth about $320,300, 22% above the Illinois median of $263,300 and 4% below the national median of $332,700. Owners pay a median $6,351 a year in property taxes, about 1.98% of their home's value, close to the Illinois rate of 2.01%. The median household earns $91,966 a year, so the median home costs 3.5 times the median income (3.2 times for Illinois). 59% of occupied homes here are lived in by their owners, and 68% of those owners still have a mortgage.
Savoy at a glance
| Savoy | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $320,300 | $263,300 | $332,700 |
| Median property tax paid per year | $6,351 | $5,298 | $3,119 |
| Property tax as a share of value | 1.98% | 2.01% | 0.94% |
| Median household income | $91,966 | $83,390 | $80,734 |
| Homes lived in by their owners | 59% | 67% | 65% |
| Owner homes with a mortgage | 68% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $2,127 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 18.1% | 20.6% | 21.0% |
| Median rent | $1,003 | $1,274 | $1,413 |
| Rent as a share of renters' income | 24.8% | 29.1% | 30.6% |
| Median year homes were built | 1996 | 1971 | 1980 |
| Vacant homes | 8.2% | 7.7% | 10.1% |
| Population | 8,968 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Savoy
At this week's average 30-year rate of 7.11%, buying the median Savoy home of $320,300 with 20% down costs about $2,386 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,919, 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 $102,244 for the 20%-down payment. That payment is 31% of the median Savoy household income of $91,966; at that income and 20% down, the 28% guideline points to a home of about $288,000.
The median rent here is $1,003 a month, so owning the median home costs about $1,383 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $64,060 |
|---|---|
| Loan amount | $256,240 |
| Principal and interest | $1,724 |
| Property taxes (1.98% a year) | $528 |
| Homeowners insurance (our estimate, 0.5% a year) | $133 |
| PMI | $0 |
| Total per month | $2,386 |
Change the numbers in the calculator
| Down payment | $11,210 |
|---|---|
| Loan amount | $314,499 |
| Principal and interest | $2,116 |
| Property taxes (1.98% a year) | $528 |
| Homeowners insurance (our estimate, 0.5% a year) | $133 |
| FHA mortgage insurance | $142 |
| Total per month | $2,919 |
Change the numbers in the calculator
Questions about home buying in Savoy
What is the median home value in Savoy?
About $320,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Savoy?
Homeowners pay a median $6,351 a year, which is about 1.98% 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 Savoy?
For the median home with 20% down at 7.11%, the payment is about $2,386 a month. Keeping that under 28% of gross income takes about $102,244 a year.
More about Savoy
- Mortgage Refinance in Savoy
- Debt Relief in Savoy
- Home Equity Loans in Savoy
- 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