A recent article from BusinessinSavannah.com claims that rising rent prices in Savannah has caused more millennials to consider homeownership over renting. High rent prices in downtown Savannah are causing long-time renters to look into investing in a home of their own, especially millennials.
According to Apartment List, rents in Savannah increase by 4% year after yare, with a one-bedroom apartment averaging at $860 a month, and two bedrooms over $1,000 a month depending on location.
Students at the Savannah College of Art and Design will always supply a demand for rental units in the downtown market, but according to Linda King, president of the Savannah Area Board of Realtors, many SCAD parents are choosing to purchase a home for their college students to live in. This allows them to avoid high rental rates,while gaining an investment and equity opportunity.
While a 20% down payment may be daunting to a young millennial, working with a lender will reveal there are several mortgage options where 3% or even 1% down payments are possible in today’s market.
If you are ready to start looking for your first home, Seaport Real Estate is here to help and make the process an enjoyable one! Contact us to learn more about buying a home for the first time.