Renting vs. Buying in Savannah: Which Makes More Sense for You?

A practical look at the pros and cons based on your lifestyle and finances.

In a city as unique as Savannah, deciding whether to rent or buy isn’t just a numbers game. It’s about lifestyle, timing, and long-term goals. Whether you’re a young professional new to the area, a military family on the move, or someone dreaming of a permanent place under the moss-draped oaks, understanding your options is key.

The Case for Renting in Savannah

Flexibility is the main draw. Renting allows you to test different neighborhoods, from the bustle of Starland to the quiet charm of Coffee Bluff, without committing to a 30-year mortgage. It’s ideal for those unsure about job changes, lifestyle shifts, or long-term plans.

Lower upfront costs are another plus. With average rental deposits usually amounting to one month's rent, renters avoid the hefty down payments, closing costs, and property taxes that come with ownership.

No maintenance headaches. Leaky roof? Broken HVAC? That’s your landlord’s problem. For people who value simplicity and want to avoid the responsibilities of homeownership, renting offers peace of mind.

The Case for Buying in Savannah

Equity and investment. When you buy, your monthly payments build toward ownership, not your landlord’s mortgage. In 2024, Savannah’s housing market continues to show steady appreciation, with median home prices rising over 5 percent year-over-year according to recent MLS data.

Stable monthly payments. Fixed-rate mortgages offer predictability that rent often doesn’t. While rental prices can climb annually, your mortgage payment stays the same, giving you control over your budget.

Customization and control. As a homeowner, you can knock down walls, paint cabinets, or plant a citrus tree in the backyard. You're free to create a space that reflects your vision and needs.

Crunching the Numbers

Let’s say you’re looking at a $2,000 monthly rent vs. a $350,000 home purchase with 10 percent down. Over five years, renting could cost you around $120,000 with zero return. Meanwhile, buying could result in equity gains, tax benefits, and appreciation, even after factoring in maintenance and closing costs.

However, if you plan to stay fewer than three years, the math may favor renting. Closing costs and agent fees can offset any gains if you sell too soon.

Lifestyle Still Matters

If you travel often, don’t want to be tied down, or are unsure of your long-term goals, renting keeps things simple. But if you're ready to settle in Savannah and invest in a home, buying may offer more value over time.

The Bottom Line

Savannah offers unique advantages on both sides. Renters can enjoy vibrant downtown living without the upkeep, while buyers can find long-term value in appreciating neighborhoods like Parkside, Ardsley Park, and even newer communities just beyond the city limits.

Ruben and the team at Savannah Fine Homes can help you evaluate what’s best for your situation. Let's talk.

Contact Us