Tovey, IL
Population 707 · Illinois
About Tovey, IL
Tovey is a small community located in Illinois with a population of 707 residents according to the latest US Census Bureau American Community Survey data. The median household income is $81,250 per year, which is 8% above the national median of $75,149. The median age of 26.6 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Tovey features a median home value of $78,200, which is 68% below the national median of $244,900. This makes Tovey one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $541, 53% below the national average of $1,163/month. Of the 281 total housing units, 90% are owner-occupied (219 units) and 10% are renter-occupied (23 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Tovey shows an unemployment rate of 1.9%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 4.4%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Tovey have an average one-way commute time of 20 minutes.
Education & Demographics
10.9% of Tovey residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 20.5% White, 0.1% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 2.5% of the population being foreign-born.
Cost of Living in Tovey, IL
Compared to national averages, Tovey has a median household income of $81,250 (8% above the national median of $75,149). Home values average $78,200, which is 68% below the national median. Monthly rent at $541 is 53% below the US average of $1,163. Within Illinois, Tovey's income is 8% above the state average of $75,072, and home values are 53% below the state median of $165,779.
Why Live in Tovey, IL?
Tovey offers a strong local economy with a median household income of $81,250, well above the national average, and affordable housing with a median home value of $78,200, below the US average of $244,900, and rent that’s lower than the national average at $541/month. Additionally, the city features a strong job market with an unemployment rate of just 1.9%, and a low poverty rate of 4.4%, better than the national average, and short commute times averaging just 20 minutes.
Tovey has a population of 707 with a median age of 26.6 years. Compare Tovey with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Tovey
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| North City | 708 | $50,469 | $107,400 | Compare |
| Cedarville | 705 | $59,712 | $110,600 | Compare |
| Sherrard | 705 | $86,932 | $130,400 | Compare |
| Augusta | 710 | $41,094 | $86,500 | Compare |
| Bowen | 710 | $70,263 | $74,400 | Compare |
| Golden | 711 | $55,875 | $125,500 | Compare |
| Matherville | 703 | $80,714 | $136,200 | Compare |
| Aroma Park | 702 | $72,250 | $150,400 | 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 Tovey With Other Cities
Frequently Asked Questions about Tovey
What is the population of Tovey, IL?
The population of Tovey, IL is 707 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Illinois.
What is the median household income in Tovey?
The median household income in Tovey, IL is $81,250 per year, which is 8% above the national median of $75,149.
What is the median home value in Tovey?
The median home value in Tovey, IL is $78,200, which is 68% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Tovey?
The median monthly rent in Tovey, IL is $541, which is 53% below the national average of $1,163/month.
What is the unemployment rate in Tovey?
The unemployment rate in Tovey, IL is 1.9%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Tovey, IL a good place to live?
Tovey offers above-average incomes, affordable housing, and a strong job market. With a population of 707 and a median age of 26.6, the city appeals to young professionals and families.
How educated is Tovey, IL?
10.9% of residents in Tovey aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Tovey?
Key cost-of-living indicators for Tovey, IL: median home value is $78,200 (68% below national), median rent is $541/month, and median household income is $81,250. The home-value-to-income ratio is 1.0x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Tovey?
The poverty rate in Tovey, IL is 4.4%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Tovey, IL?
Tovey's population is 20.5% White, 0.1% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 2.5% of residents are foreign-born.