SAVANNAH, Ga. (WSAV) — Savannah ranked 47 out of 133 small cities for the best housing market with a 55.83 score, which doesn’t seem surprising.
As we know, the housing market in the country seems to be lacking, as two-thirds of American homeowners and renters agree that finding affordable housing has become a burden.
This comes as the annual income needed to afford median homeownership rose 20% to $117,000.
WalletHub ranked large, medium and small cities on affordability, with Atlanta ranking sixth among large cities.
Senior Teaching Specialist at Michigan State University, Victoria Morckel, notes the most important financial factors to consider when deciding where to live.
“One should consider how much income they can reasonably generate in the new location compared to the cost of living,” said Morckel. “Proximity to friends and family can have an indirect impact on finances as well.”
Rosalind Greenstein, a Lecturer at Tufts University, encourages home seekers to look at other factors like fire and or flood dangers of the city.
Georgette Chapman Phillips, the Dean of the College of Business at Lehigh University, notes a few ways for policymakers to make their cities more attractive.
“Make sure your city retains the right amenities for the residents-parks/recreation, performing arts, academically superior public education, are a few that come to mind,” said Philips. “People buy a ‘bundle’ when they invest in their home. It starts with the house but it doesn’t end there.”