Savoy cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexSavoyIllinoisNational
Cost of living index10098100
IndexSavoyIllinoisNational
Goods & Services index9497100
Groceries index9197100
Health care index99100100
Housing index11199100
Transportation index93104100
Utilities index10995100
The above illustration supplies generalized information for the Savoy, IL cost of living index. Compared to other cities in Illinois and cities across the country, the cost of living index in Savoy, IL is 100, which is 2% higher than the Illinois average and equal to that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Savoy, IL are 3% lower than the average for Illinois and 6% lower than the rest of the country.

Did you know?

  • The cost of living in Savoy is 2% higher than the Illinois average.
  • The cost of living in Savoy is equal to the national average.
  • The cost of housing in Savoy is 11% higher than the national average.
  • Illinois general sales tax is 23% higher than the national average.
  • Illinois state income tax is 69% higher than the national average.

Find Real Estate Listings In Savoy

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Savoy

Compare Savoy, IL Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Use the salary calculator to compare your current income in Savoy, IL to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Savoy, IL, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Savoy, IL salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$91,775$7,648$2,141$2,754
Renters$33,241$2,770$776$997
One can approximate the cost of living and the housing affordability in Savoy, IL by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Savoy, IL have a median income of $91,775. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,141 per month to avoid calamity and poverty. The renters in the city have an income of about $33,241, which would make their monthly maximum allowable rental costs $776.

Illinois Sales Tax

StateGeneral Sales TaxWith Max Surtax
Illinois6.25%9.75%

Illinois Income Tax

StateIncome Tax (Low)Income Tax (High)
Illinois3.75%3.75%
When you are determining the total cost of living in Savoy, IL you will want to make sure you consider both the Illinois sales tax and the Illinois income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Illinois is 6.25%, with the highest surtax being 9.75%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Illinois have a range from 3.75% to 3.75%.

Goods & Services

ItemSavoyNational avg.Difference
Haircut $21.17$15.5636.0%
Beauty Salon $38.35$36.116.2%
Toothpaste $2.94$2.4719.0%
Shampoo $0.87$0.969.5%
Movie $9.00$10.1311.1%
Bowling $4.67$4.741.4%

Groceries

ItemSavoyNational avg.Difference
Ground Beef $3.80$3.984.5%
Fried Chicken $1.18$1.4116.1%
Milk $1.98$2.063.9%
Potatoes $2.93$2.981.9%
Pizza $9.49$9.470.2%
Beer $8.31$8.795.5%

Health Care

ItemSavoyNational avg.Difference
Optometrist $75.53$101.0425.2%
Doctor $89.37$107.4416.8%
Dentist $97.33$90.427.7%
Ibuprofen $10.66$9.2814.9%
Lipitor $438.22$426.502.7%

Housing

ItemSavoyNational avg.Difference
Home Price $207,200.00$175,700.0017.9%
Avg. Mortgage Payment $1,004.08$1,133.2311.4%
Apartment Rent $864.00$920.006.1%

Transportation

ItemSavoyNational avg.Difference
Gasoline $1.93$1.993.4%
Tire Balancing $38.50$45.7615.9%

Utilities

ItemSavoyNational avg.Difference
All Electricity$153.29$163.816.4%
Phone $36.95$28.3930.2%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Longview, IL17276-24%
Ivesdale, IL28882-18%
Seymour, IL26982-18%
Thomasboro, IL1,14784-16%
Villa Grove, IL2,27084-16%
Savoy, IL7,8351000%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Tremonton, UT7,83390-10%
Galliano, LA7,83087-13%
Summit Park, UT7,84315656%
Milan, TN7,82683-17%
Dunbar, WV7,84485-15%
Savoy, IL7,8351000%
Source: The Savoy, IL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.