Department of Numbers

Savannah, Georgia Home Affordability

The data below measures home affordability for the Savannah, Georgia metropolitan area using price-to-income and price-to-rent metrics.1 The maximum affordable loan amount for the median household income is also calculated. You can also compare Savannah home affordability to other cities.

Savannah, Georgia Home Price-to-Income Ratios

The second chart shows a history of the ratio as an index calculated from the Federal Housing Finance Agency's Savannah HPI series. Median household income data for Savannah is from the Census American Community Survey.

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Savannah, Georgia Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
September 2011 121.4
June 2011 123.0
March 2011 128.4
December 2010 128.8
September 2010 134.1
June 2010 135.7
March 2010 134.8
December 2009 146.2
September 2009 146.4

Savannah, Georgia Home Price-to-Rent Ratios

The chart below shows an index of the rent ratio calculated from the metro FHFA HPI series and the Savannah median contract rent data from the Census ACS.

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Savannah, Georgia Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
September 2011 95.9
June 2011 97.1
March 2011 101.4
December 2010 101.7
September 2010 105.9
June 2010 107.2
March 2010 106.4
December 2009 111.0
September 2009 111.1

Savannah, Georgia Inferred Affordable Mortgage

The inferred affordable mortgage value is determined by taking the median household income for Savannah, Georgia and calculating the mortgage 30% of that income could afford. Traditionally, 30% of income is the maximum amount a homeowner could use towards a home loan. Inferred affordable loan values are calculated from ACS median household income and average monthly mortgage rates.

Inferred Affordable Mortgage

Savannah, Georgia Inferred Affordable Mortgage History

Date Inferred Mortgage
November 2011 $245,129
October 2011 $242,777
September 2011 $241,613
August 2011 $237,040
July 2011 $229,343
June 2011 $230,420
May 2011 $226,949
April 2011 $221,761
March 2011 $221,761
February 2011 $218,984
January 2011 $223,815
December 2010 $225,113
November 2010 $236,197

1. Specifically, home prices are from the non seasonally adjusted FHFA all-transactions quarterly series. Dollar ratios are calculated using NAR metro prices when available. Rent and income data are from the Census ACS and are carried forward into the following year prior to release of the new data. ↩

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