Savannah Tops List of Most Affordable, Trendy Cities of 2022
By: Charles Sells
With home prices skyrocketing in nearly every market nationwide, how can we, as investors, possibly appeal to today’s demanding Millennial and Zoomer buyers who have the income and the inclination to buy but only if they can do so in a place that is not only affordable but also “trendy?” Well, as it turns out, there’s a metric (or three) for that, and the Realtor.com economists have spent the last year figuring out how to quantify terms like “hip” so that they can tell us exactly where these attractive, in-demand (and demanding) buyers are buying.
Good news for the Southeast. We are still holding on strong. In fact, Savannah, Georgia, led the pack on this list for “affordable, trendy cities of 2022” with the No. 1 spot! Danielle Hale, Realtor.com’s chief economist, observed that relative obscurity has helped many cities on the list maintain affordability. Even in the case of Savannah, which plays host to the single largest (and fastest-growing) container terminal in America, many homebuyers might overlook these cities in favor of larger metro areas. Now, however, we can expect the rush to really begin – as if it hadn’t already.
Not surprisingly, Savannah scored well when it came to “amenities loved by the trendy set: yoga studios, breweries, and art house theaters,” the economists reported. Median home prices had to also come in below $400,000, which is apparently what passes for affordable in today’s real estate market. And, like all the markets on the list, Savannah boasted an increase in its population of 25- to 34-year-old residents between 2018 and 2019, ensuring that the youth of the area do not have to tolerate too many “Okay, Boomer” moments or sneering Gen Xers without the sympathetic support of members of their own generations.
So, what are the winning points for everyone’s favorite waterfront city and port location? Here they are:
- Median Listing Price: $340,403
- Home to SCAD, the Savannah College of Art and Design
- “Purple” politically due to its “artsy scene” and “large numbers of tourists visiting from across the country”
- Walkability thanks to pedestrian-friendly block design
- Plenty of fine dining
- Access to properties relatively near the “historic core” thanks to Savannah’s “moving incentive” and prices ranging from $350,000 to $425,000 for two- and one-bedroom homes.
If just being affordable and trendy is not enough for you, Savannah, as usual, raked in 2022 accolades to celebrate the New Year. TravelandLeisure.com placed the city on its “Best Places to Travel in 2022” and TravelAwaits.com writers named it one of 22 places they want to visit in 2022. For all you Airbnb investors, British publication the Telegraph observed that in 2022, “We’re all going to the USA.” With a thriving art scene in full recovery and plenty of public/private partnerships available for investors wishing to participate in local housing initiatives, Savannah, Georgia, is definitely top-of-mind for real estate investing in 2022.