Everything You Need to Know About Finding Self Storage in Bridgeport, CT
Before beginning your self storage search in Bridgeport, there are a few things you should know. If you're wondering how much you should expect to pay for self storage in Bridgeport, consider the fact that storage prices are closely related to factors like the real estate climate, the economic prospects of the city, and population growth. In order to give you a better idea of these factors in Bridgeport, we pulled in data from the US Census.Moving and Storage in Bridgeport, CT
If there are many people moving to or from Bridgeport, prices could be higher than in other cities. That's because self storage if often used as part of a home move. Population changes over time are one way of gauging the amount of moving activity in Bridgeport. The Bridgeport metro area grew from 144,845 persons in 2010 to 147,612 persons in 2014 according to the US Census, an increase of 1.91%.Self Storage and Real Estate in Bridgeport, CT
Bridgeport housing prices and land values can affect storage prices as well. Storage facilities in more expensive Bridgeport neighborhoods will typically charge higher rental rates. By looking into US Census data on Bridgeport housing values and median rents, we can get a better idea of the real estate climate in Bridgeport and how it may affect self storage. The median home value in Bridgeport is $432,100 according to the US Census. That's higher than average for the top 100 US metros. The median home value in Bridgeport declined by -10.76% between 2009 and 2013. Also, considering the fact that the median income in Bridgeport makes up 19.04% of the median home value, we can say that housing in Bridgeport is less affordable than other US metros. 69% of homes in Bridgeport are owner occupied, a higher rate than comparable cities.
At $1,302 per month, median rent in Bridgeport is higher than the average for the top 100 US cities. Between 2005 and 2013, the median rent in Bridgeport grew by 9.97%, a lower rate than comparable cities. How affordable is that for median earners in Bridgeport? Median rent would take up 18.99% of a median earner's paycheck in Bridgeport, making it more affordable for renters than other big cities. Renters occupy approximately 28% of housing in Bridgeport, a lower 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 Bridgeport, homes have a median number of 6.9 rooms, which is higher than the average for large US cities. The median price per room in Bridgeport is $62,623, which is higher than average among the top US metro areas.
Vacancy and occupancy rates in the Bridgeport housing market can help us gauge the demand for living space and thus self-storage space in Bridgeport, and may hint at storage availability and pricing. Low rates of vacancy in Bridgeport housing could indicate that real estate is in short supply. Self storage units in Bridgeport may then also be in short supply, which means Bridgeport storage unit prices may be higher. Bridgeport is estimated to have a 89.9% housing occupancy rate, while the vacancy rate is at 10.1%. The average occupancy rate in US cities is 89%, so it's likely the case that storage facilities in Bridgeport also have higher than average occupancy rates. High occupancy rates in Bridgeport will make it more difficult to find a good deal on a storage unit.Bridgeport, CT Economics and Self Storage Prices
Cities with a wealthier population and a faster-growing economy may see higher storage prices. Looking at economic statistics for Bridgeport can be particularly helpful if you're moving from another city. According to the most recent US Census data, median income in Bridgeport is $82,283, which is higher than the average for the top 100 US metro areas. Between 2009 and 2013, median income in Bridgeport grew by 1.44%. 17% of Bridgeport household have an income in excess of $200,000 a year, which is a higher rate than the average for large US cities. Bridgeport has a total GDP of $87,791,000,000 and a GDP per capita of $93,185. That's a higher GDP per capita than the average for comparable cities. Education levels also tend to correlate with wealth. 23% of Bridgeport residents over the age of 18 have a high school diploma, 24% have a college degree, and 17% have a graduate or professional degree.