Savannah’s Zillow ZHVI typical city home value is $326,616, while ZORI typical observed monthly market rent is $1,807. Together they imply a 6.64% city gross yield before every operating cost; ZHVI is down 2.9% year over year and ZORI is down 1.3%. The home value equals 5.7x ACS median household income, and annual ZORI equals 37.9% of that income, indicating an affordability constraint rather than property cash flow.
ACS shows that 54.6% of Savannah’s occupied units are renter-occupied and 14.6% of all city units are vacant. ACS surveyed occupied housing reports a $248,900 median home value and $1,382 median gross rent, including selected utilities. These differ in concept and period from Zillow’s typical value and observed market rent and should not be averaged.
Single-family structures comprise 61.4% of city housing units, versus 8.8% in large multifamily buildings. Among city renters measured by ACS, 54.9% pay at least 30% of income toward gross rent, while 20.5% of vacant units are classified for rent and the for-rent and seasonal vacancy counts are nearly equal. These citywide survey facts do not establish current availability or lease-up for a property. Population is 147,898, up 1.7% between overlapping ACS vintages, a nonannualized comparison that may reflect boundary changes. Median household income is $57,137; poverty is 19.7% and unemployment is 7.2%, descriptive demand constraints rather than causes. Neither structure mix nor vacancy reasons measure investable inventory.
Chatham County context shows a median 72 days on market and a 23.8% price-reduced share, suggesting negotiating room in the county but not measuring city conditions. The Savannah metro has 4.5 months of supply; this metro evidence frames liquidity, not Savannah property performance. The national Freddie Mac 30-year mortgage rate is 6.58%, a national financing benchmark rather than a city or borrower quote.
Underwriting is limited by citywide and survey aggregates, timing differences, gross rather than net yield, and the absence of property-specific expense, condition, insurance, tax, financing and achievable-rent data. Next, verify the subject’s purchase price and current lease comps; inspect building systems and deferred maintenance; obtain insurance and hazard terms; confirm assessed taxes, utilities and management; model vacancy, concessions and capital reserves; and test debt service with an actual lender quote. These checks are necessary before judging cash flow or fit.