SAVANNAH, Ga. (WSAV) — While you don’t have to tell Savannah locals about the high rental prices, CashNetUSA confirmed renters’ feelings in a recent study.
Savannah ranked higher than Tampa(19), Flordia, Frisco(15), Texas and San Diego(10), California, falling behind New York(7), New York, Boston(3), Massachusetts and Miami(1), Florida.
Compared to the average city salary with the average rental price data from Zillow, they found that only 14% of rentals in Savannah can be afforded.
This aligns with the average salary in Savannah as $40,901 a year or $19.66 an hour.
The average rent for a one-bedroom apartment, according to apartments.com, is $1,502 a month .
Following the 30% golden ratio suggested by experts, you would have to make $60,080 a year.
Additionally, among Georgia’s metropolitan cities:
- Columbus, 83.55% can be afforded
- Macon, 78.80% can be afforded
- Augusta, 76.45% can be afforded
- Atlanta, 41.19% can be afforded