Home Affordability in Savannah, GA
The median home price in Savannah is $260,000 with a median household income of $42,784. Housing is significantly stretched relative to local incomes.
Median Home Price
$260,000
Median Income
$42,784
Price-to-Income Ratio
6.1x
Est. Affordable Home
$166,000
Property Tax Rate
0.98%
Annual Property Tax
$2,548
Sales Tax Rate
7.00%
Cost of Living Index
90
Buying a Home in Savannah
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $42,784 in Savannah can afford a monthly housing payment of approximately $998. This translates to a home price of roughly $166,000, which is below the median home price of $260,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Savannah would be approximately $2,548 per year ($212/month) at the effective rate of 0.98%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $7,800 | $252,200 | Yes |
| 5% | $13,000 | $247,000 | Yes |
| 10% | $26,000 | $234,000 | Yes |
| 20% | $52,000 | $208,000 | No |
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