Savoy, IL is a small city located in Champaign County near the University of Illinois campus. It has a population of over 6,800 people and is known for its great quality of life and low cost of living. The average two bedroom rent in Savoy is $1,000, which is significantly lower than the US average rent of $1,430. Additionally, the grocery cost index in Savoy is 100 versus 100 in the US, making it comparable to other parts of America.
Savoy offers many amenities for those who are looking for an affordable place to live. There are many local businesses to explore including Country Financial, Urbana Market & Deli and Savoy 16 IMAX Theatre. For those who want to take advantage of Savoy's low cost of living and small-town charm but still have access to big city amenities, this is an excellent option.
Savoy has an unemployment rate of 5.0%. The US average is 6.0%.
Savoy has seen the job market increase by 2.2% over the last year. Future job growth over the next ten years is predicted to be 30.2%, which is lower than the US average of 33.5%.
Tax Rates for Savoy
- The Sales Tax Rate for Savoy is 8.0%. The US average is 7.3%.
- The Income Tax Rate for Savoy is 5.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Savoy
- The average income of a Savoy resident is $32,231 a year. The US average is $28,555 a year.
- The Median household income of a Savoy resident is $78,584 a year. The US average is $69,021 a year.