31408, Savannah, GA

Savannah, GA is a city located in the southeastern region of the United States. The city has a population of approximately 102,000 and is home to the University of Georgia. Savannah was founded in 1733 by General James Oglethorpe and became the first permanent English-speaking settlement in what would become Georgia. The 31408 zip code covers much of Savannah's historic downtown district as well as some suburban neighborhoods.

According to the 2016 American Community Survey, median household income in the 31408 zip code is $50,715. This is significantly lower than both the statewide median income ($60,594) and national median household income ($53,657). However, despite this lower income level, homeownership rates are high – nearly two-thirds (64%) of households in this zip code own their homes outright. Additionally, home values have increased significantly over the past several years – according to Zillow data from January 2017, average home values within this zip code are $183,600. This represents a significant increase from just five years ago when average home values were only $130,500.

While there are many factors that may contribute to these high home values and homeownership rates within the 31408 zip code area – including low unemployment rates and strong economic growth – one potential explanation for these trends could be related to Savannah's strong economy and its status as a major tourist destination. As visitors increasingly seek out locations within desirable urban areas with low housing costs and good job opportunities – such as Savannah – prices for homes within these areas may continue to rise relatively quickly.