Tips for Finding Self Storage in El Paso, TX
Just starting your El Paso self storage search? There are a few things you should know. The pricing and availability of storage units in El Paso will depend on several factors such as the real estate climate, the number of people moving into or throughout the area, housing conditions in the city, and the general wealth and prosperity of the area. We used US Census data on El Paso to give you a better idea of these factors.Self Storage and Moving in El Paso, TX
Self storage is commonly used as a secure place to store one's belongings when moving into a new home. If there's a high amount of moving activity in El Paso, that could affect storage unit pricing and availability. Population changes over time are one way of gauging the amount of moving activity in El Paso. From 2010 to 2014, the El Paso metro area population grew from 651,676 to 679,036, a growth rate of 4.2% according to the US Census.The Relationship Between Real Estate and Self Storage in El Paso, TX
In El Paso, like any city, the real estate climate can affect the prices and availability at storage facilties in a number of ways, one of those being the cost of housing. By looking into US Census data on El Paso housing values and median rents, we can get a better idea of the real estate climate in El Paso and how it may affect self storage. With a median home value of $111,400 according to the US Census, El Paso real estate prices are lower than the average for the top 100 US metros. The median home value in El Paso grew by 17.02% between 2009 and 2013. In terms of housing affordability, the median income in El Paso is 35.96% of the median home value, making El Paso housing more affordable than most other big cities. 62% of El Paso homes are owner occupied, a lower percentage than other big cities.
At $720 per month, median rent in El Paso is higher than the average for the top 100 US cities. Between 2005 and 2013, the median rent in El Paso grew by 21.62%, a higher rate than comparable cities. In terms of rent affordability, the yearly median rent in El Paso would consume 22% of the median income. This makes El Paso less affordable than similar cities. Renters occupy approximately 35% of housing in El Paso, a higher rate than similar cities.
Self storage is commonly used when people need extra space, so cities where homes are smaller on average may have a greater need for storage space. In El Paso, homes have a median number of 6 rooms, which is lower than the average for large US cities. The median price per room in El Paso is $18,567, which is lower than average among the top US metro areas.
Housing unit occupancy can give us an idea of what the demand is like for living and storage space in El Paso. If there's low vacancy rates in El Paso housing, there's likely low vacancy at El Paso storage facilities. This would allow storage facilities in El Paso to charge higher prices for their units. According to US Census estimates, 95.3% of housing units in El Paso are occupied, while the vacancy rate is at 4.7%. That's a lower vacancy rate than the average for cities in the United States, and suggests that storage facility vacancy in El Paso may also be lower. Low vacancy allows storage facilities to charge higher rent, so a cheap storage unit could be trickier to find in El Paso than in other cities.El Paso, TX Self Storage Prices and Economics
The local economy will also have an effect on self storage prices. Wealthier cities will likely have higher storage unit prices than cities where incomes are generally lower, so it may be useful to look at these numbers for El Paso, particularly if you're moving in from another city. The median income in El Paso is $40,062, which is lower than the average for large US cities. Between 2009 and 2013, median income in El Paso grew by 13.65%. 2.1% of those living in El Paso make over $200,000 a year, a lower rate than the average for the top 100 US metros. According to the latest US Census reports, El Paso has a GDP of $25,543,000,000 and a per capita GDP of $30,604. That GDP per capita is lower than it is for comparable cities. Cities where the populace has a higher level of education are typically wealthier and more expensive. 25% of El Paso residents over the age of 18 have a high school diploma, 13% have a college degree, and 6% have a graduate or professional degree.