Savannah Living Cost

With its beautiful architecture, vibrant arts scene, and picturesque parks, Savannah, GA has a lot going for it. For these reasons and more, Savannah has become a top choice for folks who want a great quality of life without breaking the bank. 

There’s no denying that the cost of living in a big city can be pricey. And that’s where Savannah comes in. As more people are on the hunt for cities with affordable living, Savannah has emerged as an extremely desirable option. 

But just how affordable is “The Hostess City of the South”? To answer that question, we’ll take a look at the cost of living in Savannah. We’ll also compare it to other popular Georgia cities, and discuss some of the factors that impact living expenses. 

Cost of living

From housing to food and transportation, there are many factors that can influence the overall cost of living. So, let’s start by taking a closer look at these components.

Housing

It’s no secret that of all the factors that contribute to cost of living, housing is the most significant. In order to understand how expensive a city truly is, knowing what housing will cost you is crucial.

Just how much house can I afford, you may ask. Currently, the average home value in Savannah is right around $321,000. While this certainly isn’t the lowest you’ll find, it’s still less than both the Georgia and nationwide average.

But still, if that number seems a bit of your price range, have no fear. You’re not alone. Fortunately, from condos to historic mansions, Savannah has just about every type of home you can think of, and for every budget.

Another consideration to take into account is that home prices in Savannah are on the rise. While that may mean you might not want to wait around too long to find the perfect Savannah home, it also means that purchasing property here is a sound investment. 

Food and grocery

When it comes to food, Savannah has a rich culinary scene, which might make it tempting to dine out or order in every night. While restaurant prices can vary greatly, there are plenty of affordable options available.

As far as groceries are concerned, the average adult spends just under $3,300 a year, while a family of four costs just over $9,400 a year. These amounts are just a few dollars higher than the state and national average. 

One distinct advantage to living in Savannah is that the metro area is home to several farmers markets and produce stands. This means that you can purchase fresh, locally sourced items at very reasonable prices.

Utilities

In terms of utilities, the city’s mild winters and lower energy costs mean savings when compared to the country a whole. Residents can expect to pay an average of $123 per month for electricity, gas, and water. That’s about 6% lower than the national average. 

While that might not seem like a whole lot, it can add up to be pretty significant over time. And that extra money you’ll save during those cooler months will come in handy for the hot and humid summers.

Transportation

Transportation costs in Savannah are also relatively low compared to other cities in the US. The city is fairly compact, which makes it easy to walk or bike around for basic errands and even for your daily commute.

Another contributing factor to the lower cost of transportation is the amount of residents that live and work in Savannah. Only 25% of workers commute to jobs outside of the city and the average commute is 20 minutes. When compared to the national average, that’s almost 20% less commuters leaving the city to work, and a 6 minute shorter trip.

Savannah also offers great and affordable public transportation. The Chatham Area Transit (CAT) provides bus service throughout the city and surrounding areas. And a one-way fare is only $1.50!

When all this is taken into consideration, along with gas prices below the national average, Savannahians spend $500 less annually in transportation than the average American.

Healthcare

Now let’s talk about healthcare costs in Savannah. The cost of healthcare in Savannah is 6% lower than the national average.

Additionally, healthcare costs in Savannah are lower than the rest of Georgia as a whole. In fact, the cost of healthcare in Savannah is 3% lower than the state average. 

This is significant considering that Georgia has a relatively low cost of healthcare to begin with. So, whether you’re comparing it to the state or the country, Savannah wins again. 

Childcare

If you’re a parent or planning to start a family, it’s important to factor in the cost of childcare when considering the overall cost of living in Savannah. Childcare costs can vary pretty significantly depending on a number of factors, so you’ll want to do a little more research. 

In Savannah, the average cost of childcare is $193 per week. This puts it under the national average yet again.

It does come in a little bit higher than the state average. But, it’s worth noting that Georgia is one of the states with the least expensive childcare. This means that even at a little bit more than the state as a whole, Savannah childcare is still very affordable.

Factors that influence the cost of living in Savannah

While cost of living is affected by several factors, there are some that stand out as having a significant impact on the overall expenses in Savannah. We’ll look at some of the biggest influences on Savannah’s cost of living.

Job Availability and Economic Growth

Job availability and economic growth are a major factor when looking at the overall cost of living in Savannah. The more jobs that are available, the higher the demand for housing and other goods and services. This can lead to an increase in prices. 

Economic growth also plays a crucial role. It’s what creates more job opportunities and attracts businesses to the area. In recent years, Savannah has experienced steady economic growth, which has contributed to the increasing cost of living in the city.

Tourism

Savannah is a popular tourist destination. It attracts millions of visitors each year. The tourism industry has a significant impact on the local economy and the cost of living in the city. 

While tourism generates revenue and creates job opportunities, it also leads to an increase in prices. Particularly in the housing and hospitality industries. 

As a result, the cost of living in Savannah can be higher than in other cities of similar size that are not as popular tourist destinations.

Education

The quality of education in an area is also a big influence in the overall cost of living. In Savannah, the city’s public schools are highly rated, and there are several private schools that offer excellent education. 

In addition, there are several higher learning institutions in and around Savannah. Savannah College of Art and Design, St. Leo University at Savannah, and Savannah State University all lie within the city limits.

This creates a higher demand for housing in Savannah, particularly in certain areas. That can drive up the cost to purchase or rent properties. 

Comparison to other cities in Georgia

Now that we have established that Savannah is an affordable city, it is time to compare its cost of living to other cities in Georgia. To help us with these comparisons, we’ll use the cost of living index for each place.

Savannah’s cost of living index is 93.9, while Georgia as a whole fall’s at 96.2.

Atlanta

When comparing the cost of living between Savannah and Atlanta, Savannah comes out as the more affordable city. The cost of living index for Atlanta is 103.7, which is higher than both the state and national averages. 

This means that living in Savannah is generally less expensive than living in Atlanta, making it an attractive option for those looking to save on expenses. 

Athens

Another city that is often compared to Savannah is Athens. Athens is known for being a college town and is the home of the University of Georgia. The cost of living index for Athens is 94.2, which is slightly higher than Savannah. 

It’s worth mentioning, however, that while both cities have a similar cost of living, Athens has a higher median household income than Savannah. When these two factors are taken into account together, both towns come out pretty evenly.

Augusta

The final city we’ll talk about is Augusta. Augusta is the second-largest city in Georgia and is home to the Masters golf tournament. 

The cost of living index for Augusta is 88.9, which is significantly lower than Savannah. However, Augusta also has a lower median household income. 

Once again, when we look at both the cost of living index and median household income together, Savannah and Augusta are pretty on par with each other.

Conclusion

Savannah’s cost of living is affordable compared to many other cities in the country, making it an attractive option for those looking to relocate. The city’s rich history, beautiful scenery, and diverse range of cultural activities make it an even more desirable place to call home. After all, there must be a reason it’s considered one of the best cities in the US!

So, if you’re looking to make your move to Savannah, now is the perfect time. At the Heather Murphy Group, our knowledgeable staff wants to help you navigate the Savannah real estate market and find the perfect home for you.

Contact us today to learn more about our services and how we can help you make Savannah your new home!