What's the Cost of Living in Savannah, GA?

Is Savannah, GA, an expensive place to live? Let's find out by looking deeper into the cost of living, the average household income, typical expenses, and more!

Only a short drive to the beach, Savannah, GA, is one of the prime destinations to live in the whole state. It is known for its stunning coastal landscapes, well-preserved architecture, prime real estate, and deep history as the first planned city. 

You may recognize Savannah as the location of the iconic bench scene from Forest Gump, filmed on the city center's North side of Chippewa Square. With over 148,000 residents, it is known as one of the best places to live in all of Georgia.

Georgia residents can enjoy many activities, including golfing, beach-going, and dining out, while benefiting from a low cost of living. Before you do anything, make sure you know everything you can about your new city, including the cost of living. 

The cost of living is a combination of expenses, including real estate, transportation costs, healthcare costs, and more fees. Fortunately, we have compiled a list of all the essential information you need to know about the overall cost of living in Georgia. 

Keep reading to learn more about the cost of living in Savannah.

Cost of Living

The overall cost of living in Savannah is 10% lower than the national average, making it much more affordable compared to other cities around the country. The cost of living varies greatly depending on your career, average salary, and the real estate market in the area. 

If we dig a little deeper into the cost of living compared to the national average, housing costs are 28% lower, utilities are 7% lower, groceries are 5% lower, and transportation is 8% lower. Savannah is one of the most affordable and beautiful cities in all of Georgia. Remember that these prices can be lowered even more depending on your lifestyle and budget. 

Make sure you know everything you can about Georgia's most affordable cities, including Marietta, Augusta, Athens, Bainbridge, and Cairo. The cost of living in the whole state is 6% lower than the average, which means you can expect to save a lot of money.

Depending on your budget, lifestyle, and family size, you can save even more on your everyday expenses. Based on the location, some areas of Savannah cost more than others, so finding somewhere comfortable to live for you and your family is crucial. Research the cost of living in your desired area to ensure you love everything about your new home. 

Here are some typical costs of living aspects according to Payscale. 

Real Estate

Savannah's housing expenses are 28% lower than the national average, and utility prices are 7% lower. The real estate is highly affordable, with a median home price of $324,206 and a median rent of $985.75 per month. 

Savannah is known for its absolutely stunning architecture. The homes are no different; with a diverse range of home styles, you can ensure you'll find the perfect home. Home styles include Dutch Colonial, Contemporary, French Provincial, Classic Revival, and Low Country. Check out the best neighborhoods in Savannah once you start looking for a home. 

Housing prices will vary depending on location, home size, and many other factors. Finding the perfect home is significant; luckily, there are many great single-family homes, townhomes, and condos. 

If you are looking for short-term housing or aren't ready to buy your home, only 45% of residents own it. Not only will you love your home, but you'll fall in love with the community. There are many benefits of being friends with your neighbors, and luckily, Savannah is known for its charming Southern hospitality.

Make sure to check out the gorgeous neighborhoods in Athens, Marietta, or Atlanta. 

Income

As Georgia's 5th largest city, Savannah provides a wide array of employment prospects. Approximately 80.2% of employed workers are in full-time positions, higher than the 78.1% nationwide. Savannah's job market is considered vital.

Most of the residents in the city are employed in the accommodation and food services as well as the health care and social assistance sectors. However, there are also significant industries such as Aerospace, Health Tech, Entertainment Production, and Advanced Manufacturing. This implies that various employment opportunities are available for people with different areas of expertise.

The average annual salary is around $50,520 per year. The highest earners receive approximately $79,847, while those at the 25th percentile earn $37,657. Of course, your salary will vary depending on your occupation, experience, and many other factors. 

Food and Grocery

Food and grocery prices are essential to take into consideration as you search for your new home. Grocery expenses vary greatly depending on where you live and where you shop. Luckily, you can save a lot of money on groceries, even if they are expensive in your area, by choosing more affordable grocery stores or farmer's markets.

The good news is that Savannah's grocery prices are 5% lower than the national average. This may seem like a slight difference, but it can end up saving you a lot of money each month. 

To give you a better idea of the grocery prices, here are the average prices of everyday grocery items according to Payscale. 

Frequent dining out can become quite expensive, but fortunately, Savannah's grocery prices are pretty affordable. However, when you don't feel like cooking or wish to celebrate, Savannah boasts an excellent range of restaurant options.

Check out the list below if you are looking for some of the best local places to eat in Savannah.

• The Garage at Victory North: This local favorite is known for its delicious classic southern cuisine, fresh cocktails, and carefully crafted beers. This is a great spot to check out for a romantic date night or celebration with friends.
• Bull Street Taco: This neighborhood favorite serves some of the best made-from-scratch Mexican eats and refreshing local beers. Definitely check this place out for a casual dinner experience.
• The Wyld: Located right on the water, this restaurant is known around the city for its outstanding seafood, cocktails, bocce, and fantastic atmosphere. 

Taxes

The minimum combined 2023 sales tax rate in Savannah is 7%. This is a total of state, county, and city sales tax rates. The state of Georgia has a sales tax rate of 4%, and the county's rate is 3%.

Like the rest of the state, Savannah's taxes are billed against the property's assessed value, which is 40% of the market value. The city's 2022 millage rate was at 12.20, meaning property owners pay $12.20 per $1,000 of taxable value. 

The income tax rate varies based on income, ranging from 1.00% to 5.75%. Georgia's tax system ranks 32nd overall on the 2023 State Business Tax Climate Index, making it about average compared to the rest of the country.

Transportation

Savannah has an excellent array of public transportation options running throughout the city. One of the main options is the Chatham Area Transit (CAT), offering 16 fixed bus routes throughout the city and county. The fare for local one-way service is $1.50, and discounted weekly and monthly passes are available. 

In addition, CAT offers the 100x Airport Express daily from the Savannah/Hilton Head International Airport to the Joe Murray Rivers, Jr. Intermodal Transit Center and stops in specific downtown hotels. 

Savannah offers a downtown shuttle system called DOT, with 18 stops in the Historic District and at the Savannay Belles Ferry. From the ferry, you can travel to Hutchinson Island, the Savannah International Trade and Convention Center, and Waving Girl Landing.  

Savannah is also known as a highly walkable city, but sometimes, if you're feet get tired, you can always hop in a taxi, Uber, or Lyft to travel around the city. Overall, there are many convenient ways to get around the city.

Healthcare

Healthcare expenses in Savannah are 8% higher than the national average. However, there are many affordable options for healthcare in the city. Make sure to consider how healthcare can impact the overall cost of living, as it can seriously add up depending on your health situation.

The healthcare costs in Savannah are even lower than the rest of Georgia by 3%. Savannah has three major hospitals: St. Joseph's Hospital, Candler Hospital, and the Memorial Health University Medical Center. Meaning you'll be relatively close to reliable and affordable healthcare no matter where you live in the city. 

The average healthcare costs may not equate to exactly how much you will be spending. Personal healthcare costs vary greatly depending on where you go, the specialized service you need, and your type of healthcare. This is why it is vital to take into account how the average compares to your current city. 

Check out the average prices for standard doctor visits accounting to Payscale.

FAQ: Cost of living in Savannah, GA

Here are some commonly asked questions about the overall cost of living in Savannah, GA.

Is it expensive to live in Savannah, GA?

Savannah is known to be relatively affordable; the majority of expenses are much less than the national average. With no estate tax and a median home price that is 28% lower than the national average, the city is a great place to live at any age. 

What salary do you need to live in Savannah, GA?

An individual living alone would only need about $28,293 per year to live comfortably. A family of four would need about $490,819 per year or $21.83 per hour. 

Is it cheaper to live in Atlanta or Savannah?

The overall cost of living is much lower in Savannah compared to Atlanta. The majority of expenses in Savannah are lower than the national average, whereas in Atlanta, they are mostly higher than the national average.

Why do people move to Savannah, GA? 

Thousands of people are moving to Savannah for affordable living and housing costs. Savannah has been listed as one of the most affordable cities, although there are many other cheap cities in Georgia. 

Is Savannah an excellent place to retire?

Besides being one of the top vacation destinations in the country, Savannah is also known to be a great place to retire. Forbes named Savannah one of the 25 Best Places to Retire in 2022. 

Cost of Living in Savannah, GA - The Bottom Line

No matter where you live in Savannah, you can count on the fact that you'll experience beautiful nature, a kind community, excellent restaurants, and a low cost of living. The city offers plenty of fun activities, a beautiful environment, a friendly community, fantastic restaurants, and, don't forget, an affordable cost of living.

If Savannah doesn't suit you, consider Marietta, Athens, or Atlanta, other beautiful and affordable cities in Georgia. Try comparing the cost of living to Atlanta, as the prices vary significantly from city to city. Savannah is still a fantastic place to visit, and you might fall in love with the city. 

Whether you decide to move to Savannah for its beautiful history, a new job opportunity, or a fresh start, our team at UpHomes is dedicated to helping you find the home of your dreams. If you are ready to find that perfect home, don't hesitate to contact one of our helpful Realty Specialists or check out some fantastic homes for sale in Georgia.