Tips for Finding Self Storage in Allentown, PA
Before beginning your self storage search in Allentown, there are a few things you should know. Allentown storage unit prices and availability are closely related to things like real estate prices, the type of housing available in the area, the city's wealth, and whether or not many people are moving to the area. In order to give you a better idea of these factors in Allentown, we pulled in data from the US Census.The Relationship Between Real Estate and Self Storage in Allentown, PA
The Allentown real estate climate may affect storage prices and availability in a number of ways, one of those ways being housing prices. We can get a better idea of the relative cost of Allentown storage by looking into data on local home values and rental rates provided by the US Census. The median home value in Allentown is $207,000 according to the US Census. That's higher than average for the top 100 US metros. Between 2009 and 2013 the median home value in Allentown declined by -1%. Also, considering the fact that the median income in Allentown makes up 27.93% of the median home value, we can say that housing in Allentown is less affordable than other US metros. 71% of Allentown homes are owner occupied, a higher percentage than other big cities.
In terms of rental rates, median rent in Allentown is $919 per month, which is higher than other large US metros. Between 2005 and 2013, the median rent in Allentown grew by 14.45%, a higher rate than comparable cities. How affordable is that for median earners in Allentown? Median rent would take up 19.07% of a median earner's paycheck in Allentown, making it more affordable for renters than other big cities. Approximately 26% of occupied housing in Allentown is being rented out, a lower rate than comparable cities.
Since self storage is also used in situations where people don't have enough space in their home, cities where homes are generally smaller may have a greater need for storage. Allentown homes have a median number of 6.8 rooms, which is a higher number than the average for large US cities. The median price per room in Allentown is $30,441, which is lower than average among the top US metro areas.Self Storage Prices and Economics in Allentown, PA
Economic indicators like local income and GDP growth can also hint at how storage prices in Allentown compare to other cities. According to the most recent US Census data, median income in Allentown is $57,823, which is higher than the average for the top 100 US metro areas. Between 2009 and 2013, median income in Allentown grew by 1.48%. 4.1% of the population in Allentown make over $200,000 a year, a lower proportion than in other large cities. The US Census reports that Allentown's total GDP is $32,416,000,000 and its GDP per capita is $39,195. That's a lower GDP per capita than the average for comparable cities. More educated cities are often wealthier cities. 35% of Allentown residents over the age of 18 have a high school diploma, 16% have a college degree, and 9% have a graduate or professional degree.