Concern in Savannah Over Housing Costs

Like many states and cities in the United States, Savannah is another city that constantly struggles with the housing crisis caused by the high deficit and the difficulties that all residents, especially those with middle and low incomes, face in obtaining affordable housing.

Thanks to a recent study, it was determined that since Savannah authorities first developed a housing action plan about three decades ago, 40% of the city’s households have been unable to afford housing, and that housing costs each year exceed the incomes of these households. And although since the initiation of this plan, residents have experienced a good change in the real estate market, they still hope for further improvement.

Despite the fact that in recent years the Savannah administration has invested large sums of money to develop housing strategies and measures that help residents obtain affordable housing, there is still a lack of investment to fully achieve the goals of the city’s housing action plan.

For real estate experts in Savannah, the best strategy or measure that the administration can take to improve the city’s crisis is to enhance and increase the housing supply. It is this housing shortage that keeps the city below other urban areas that also face crises.

Compared to other major cities in the country, Savannah has not increased its housing supply, neither in rental properties nor in properties for sale. Therefore, the limited availability drives up costs and keeps the housing crisis in the city ongoing and with little improvement.

To begin addressing this housing crisis, experts say it would be important for the city to change or modify the city’s zoning code that prevents the construction of variable density housing such as multifamily homes, duplexes, triplexes, etc.

Once the zoning code is reformed, it is important to encourage more construction of these types of homes through the use of tax credits so that more investors and property developers are motivated to develop more projects in the city that help increase the housing supply for all residents and thus meet the demand, achieving a market balance where housing costs are not excessively high.

Available Foreclosure:

Savannah: 1200 homes available.

By Elías DaSilva | 02 de diciembre de 2024.