Total monthly cost of ownership
Cost to Own a Home in Savoy, Illinois
A $281,000 home here costs
$2,599per month, all in, with 20% down at today's 7.32% 30-year fixed rate. By the 28% rule that takes a household income of about $111,500 a year.
A standard mortgage calculator would have told you $1,544. The real number is $1,055 higher every month, 68% more than the payment most buyers budget for.
Compare Champaign County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Savoy against Champaign County and Illinois
| Measure | Savoy | Champaign County |
|---|---|---|
| Median home value | $280,700 | $205,100 |
| Median property tax | $6,107 | $4,245 |
| Effective tax rate | 2.176% | 2.070% |
| Median gross rent | $954 | $1,018 |
| Population | 8,807 | 206,098 |
The weather behind that power bill
Savoy sits in Champaign County, which averages a high of 85.0°F in its hottest month and a low of 17.9°F in its coldest, with 36.97" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 1,054 cooling and 5,586 heating degree days, which is what sets the $133 electricity line above.
See the full climate breakdown for Champaign County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Champaign County
Full Champaign County cost breakdown · Every county in Illinois
Talk to someone who works this market
These are Savoy averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Savoy every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Savoy?
A $281,000 home in Savoy, Illinois costs approximately $2,599 per month with 20% down at 7.32%. That is $1,544 principal and interest, $510 property tax, $110 homeowners insurance, $201 utilities and $234 set aside for maintenance.
What is the property tax rate in Savoy?
Savoy has an effective property tax rate of 2.176%, based on a median home value of $280,700 and median real estate taxes of $6,107. That is higher than the Champaign County average of 2.070%.
What is the average home price in Savoy?
The median owner-occupied home value in Savoy, Illinois is $280,700, against $205,100 across Champaign County.
Is it cheaper to rent or buy in Savoy?
Median gross rent in Savoy is $954 a month, against $2,599 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Savoy?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Savoy, Illinois at today's rate takes a household income of roughly $111,500 a year. That covers the full $2,599 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Savoy, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Illinois.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.