Savoy, IL
Population 8,807 · Illinois
About Savoy, IL
Savoy is a small town located in Illinois with a population of 8,807 residents according to the latest US Census Bureau American Community Survey data. The median household income is $88,828 per year, which is 18% above the national median of $75,149. The median age of 38.3 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Savoy features a median home value of $280,700, which is 15% above the national median of $244,900. This positions Savoy in a moderately priced market relative to the rest of the country. Median monthly rent is $954, 18% below the national average of $1,163/month. Of the 3,837 total housing units, 59% are owner-occupied (2,055 units) and 41% are renter-occupied (1,441 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Savoy shows an unemployment rate of 1.2%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 9.0%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Savoy have an average one-way commute time of 17 minutes, one of the shorter commutes in the region.
Education & Demographics
58.8% of Savoy residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 4.7% White, 0.5% Hispanic or Latino, 0.0% Black or African American, and 2.2% Asian residents, with 22.4% of the population being foreign-born.
Cost of Living in Savoy, IL
Compared to national averages, Savoy has a median household income of $88,828 (18% above the national median of $75,149). Home values average $280,700, which is 15% above the national median. Monthly rent at $954 is 18% below the US average of $1,163. Within Illinois, Savoy's income is 18% above the state average of $75,072, and home values are 69% above the state median of $165,779.
Why Live in Savoy, IL?
Savoy offers a strong local economy with a median household income of $88,828, well above the national average, and rent that’s lower than the national average at $954/month, and a strong job market with an unemployment rate of just 1.2%. Additionally, the city features a well-educated community where 58.8% of residents hold a bachelor’s degree or higher, and a low poverty rate of 9.0%, better than the national average, and short commute times averaging just 17 minutes.
Savoy has a population of 8,807 with a median age of 38.3 years. Compare Savoy with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Savoy
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Monmouth | 8,794 | $59,690 | $88,100 | Compare |
| Harwood Heights | 8,851 | $79,651 | $316,400 | Compare |
| Olney | 8,864 | $57,997 | $96,900 | Compare |
| Mascoutah | 8,743 | $93,902 | $226,300 | Compare |
| Glencoe | 8,715 | $250,001 | $1,354,900 | Compare |
| Lake Villa | 8,707 | $111,110 | $325,900 | Compare |
| Rock Falls | 8,683 | $48,733 | $82,400 | Compare |
| Manteno | 8,942 | $96,057 | $241,700 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Savoy With Other Cities
Frequently Asked Questions about Savoy
What is the population of Savoy, IL?
The population of Savoy, IL is 8,807 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Illinois.
What is the median household income in Savoy?
The median household income in Savoy, IL is $88,828 per year, which is 18% above the national median of $75,149.
What is the median home value in Savoy?
The median home value in Savoy, IL is $280,700, which is 15% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Savoy?
The median monthly rent in Savoy, IL is $954, which is 18% below the national average of $1,163/month.
What is the unemployment rate in Savoy?
The unemployment rate in Savoy, IL is 1.2%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Savoy, IL a good place to live?
Savoy offers above-average incomes, a competitive housing market, and a strong job market. With a population of 8,807 and a median age of 38.3, the city appeals to a broad range of residents.
How educated is Savoy, IL?
58.8% of residents in Savoy aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Savoy?
Key cost-of-living indicators for Savoy, IL: median home value is $280,700 (15% above national), median rent is $954/month, and median household income is $88,828. The home-value-to-income ratio is 3.2x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Savoy?
The poverty rate in Savoy, IL is 9.0%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Savoy, IL?
Savoy's population is 4.7% White, 0.5% Hispanic or Latino, 0.0% Black or African American, 2.2% Asian, and 9.1% two or more races. 22.4% of residents are foreign-born.