Finding a place to rent in Savannah without sacrificing your grocery budget, gas money, and dignity has officially become an Olympic sport, and most residents are losing.
What It Means For You: If you’re renting in Savannah, you’re competing in one of America’s toughest housing markets. Only about 1 in 10 rental properties here cost what the federal government considers affordable based on local wages.
What’s Happening: New research from CashNetUSA ranks Savannah as the 20th least affordable rental market in the United States. The study found that just 9.52% of available rental properties in the city cost less than 30% of Savannah’s average wage, the threshold the U.S. Department of Housing and Urban Development uses to define “affordable housing.”
To put that in perspective: more than 90% of Savannah’s rental properties would force the average worker to spend more than the recommended amount of their paycheck just to keep a roof overhead.
Between the Lines: The 30% rule isn’t some arbitrary number dreamed up by bureaucrats with nothing better to do. It’s the federal standard designed to ensure people can afford housing and still have money left over for minor luxuries like food, transportation, and the occasional medical emergency.
When 9 out of 10 rentals blow past that benchmark, it’s not a housing market — it’s a financial obstacle course.
The Big Picture: Savannah isn’t alone in its affordability crisis, but it’s keeping some pretty grim company. The city landed in the top 20 worst markets nationwide, suggesting that the charming squares and Spanish moss come with a side of financial stress that would make even the ghosts on River Street weep.
The study analyzed rental markets across the country to determine where renters face the steepest uphill battle between their paychecks and their housing costs. Savannah made the cut — though “cut” might be too gentle a word for what’s happening to residents’ budgets.
The Sources: CashNetUSA.
B.T. Clark
B.T. Clark is an award-winning journalist and the Publisher of The Georgia Sun. He has 25 years of experience in journalism and served as Managing Editor of Neighbor Newspapers in metro Atlanta for 15 years and Digital Director at Times-Journal Inc. for 8 years. His work has appeared in several newspapers throughout the state including Neighbor Newspapers, The Cherokee Tribune and The Marietta Daily Journal. He is a Georgia native and a fifth-generation Georgian.
