Finding Self Storage in Worcester, MA: Everything You Need To Know
There are a few things you should know about Worcester self storage before you begin your search. The pricing and availability of storage units in Worcester 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 Worcester to give you a better idea of these factors.Worcester, MA Self Storage and Moving
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 Worcester, that could affect storage unit pricing and availability. A city with a high amount of moving activity should see substantial changes in population, so by looking at population data for Worcester we can get a better idea of the amount of moving activity. The Worcester metro area grew from 181,811 persons in 2010 to 183,016 persons in 2014 according to the US Census, an increase of 0.66%.The Real Estate Climate and Self Storage in Worcester, MA
Worcester housing prices and land values can affect storage prices as well. Storage facilities in more expensive Worcester neighborhoods will typically charge higher rental rates. By looking into US Census data on Worcester housing values and median rents, we can get a better idea of the real estate climate in Worcester and how it may affect self storage. Census data tells us that the median home value in Worcester is $251,200, which is higher than the average median home value among the top 100 US metros. In the 5 year span from 2009 to 2013, median home values in Worcester declined by -11.86%. Also, considering the fact that the median income in Worcester makes up 25.65% of the median home value, we can say that housing in Worcester is less affordable than other US metros. 66% of Worcester homes are owner occupied, a higher percentage than other big cities.
In terms of rental rates, median rent in Worcester is $906 per month, which is lower than other large US metros. Between 2005 and 2013, the median rent in Worcester grew by 6.97%, a lower rate than comparable cities. The median rent in Worcester would eat up approximately 17% of the median income, which makes Worcester more affordable for most renters than comparable cities. 33% of Worcester housing stock is renter occupied, a lower percentage than other large US 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. Worcester homes have a median number of 6.5 rooms, which is a higher number than the average for large US cities. The median price per room in Worcester is $38,646, which is higher 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 Worcester. If there's low vacancy rates in Worcester housing, there's likely low vacancy at Worcester storage facilities. This would allow storage facilities in Worcester to charge higher prices for their units. The US Census estimates that housing vacancy rates in Worcester are at 8.1%, while the occupancy rate is at 91.9%. That's a higher rate than average for US cities, suggesting storage unit occupancy in Worcester may also be higher. That might make it harder to find cheap storage in Worcester.Economics and Storage Unit Prices in Worcester, MA
Cities with a wealthier population and a faster-growing economy may see higher storage prices. Looking at economic statistics for Worcester can be particularly helpful if you're moving from another city. Worcester's median income is estimated to be $64,443, which is higher than average for large US cities. Between 2009 and 2013, median income in Worcester grew by 1.13%. 5.3% of those living in Worcester make over $200,000 a year, a higher rate than the average for the top 100 US metros. According to the latest US Census reports, Worcester has a GDP of $35,022,000,000 and a per capita GDP of $37,737. That's a lower GDP per capita than the average for comparable cities. Cities where the populace has a higher level of education are typically wealthier and more expensive. 30% of Worcester residents over the age of 18 have a high school diploma, 19% have a college degree, and 11% have a graduate or professional degree.