Savannah, GA

Rent vs buy in Savannah

Median home $271,100. A 1 bedrooms rents for $1,408 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,408; per month
Own the median home: $1,823; P&I, tax, insurance, upkeep
Owning costs extra: $415; per month, same metro

What a purchase actually costs

20% down payment$54,220
Mortgage at 6.5%$1,371
Property tax (0.90% of value)$203/mo · $2,440/yr
Insurance and upkeep (1.1%/yr)$249
Total monthly ownership$1,823

Months of leftover to save the down payment

At $1,946 left over a month, it takes about 28 months (2.3 years) to save $54,220 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.