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Finding Self Storage in Honolulu, HI: Everything You Need To Know

There are a few things you should know about Honolulu self storage before you begin your search. Storage unit prices and availability in Honolulu are determined by many different factors, including real estate, population growth, the wealth of the local population, the current economic climate, and more. In order to give you a better idea of these factors in Honolulu, we pulled in data from the US Census.

The Relationship Between Real Estate and Self Storage in Honolulu, HI.

The Honolulu 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 Honolulu storage by looking into data on local home values and rental rates provided by the US Census. Census data tells us that the median home value in Honolulu is $556,300, which is higher than the average median home value among the top 100 US metros. Honolulu home values grew by 3.44% between 2009 and 2013. The median income in Honolulu makes up 13.08% of the median home value, which indicates that housing in Honolulu is less affordable than in other large cities. In Honolulu, 56% of homes are occupied by their owner, a lower portion than other big American cities.

At $1,467 per month, median rent in Honolulu is higher than the average for the top 100 US cities. Between 2005 and 2013, the median rent in Honolulu grew by 16.24%, a higher rate than comparable cities. How affordable is that for median earners in Honolulu? Median rent would take up 24.19% of a median earner's paycheck in Honolulu, making it less affordable for renters than other big cities. Renters occupy approximately 42% of housing in Honolulu, a higher rate than similar cities.

Another way housing may affect storage demand is in the general size of homes in that city, with areas where homes are smaller often having a greater need for extra storage space. The median number of rooms per home in Honolulu is 5.5, which is lower than the average among the top 100 US metros. The median price per room in Honolulu is $101,145, which is higher than average among the top US metro areas.

Honolulu, HI Self Storage Prices and Economics

Statistics like income and economic growth can also hint at storage pricing, since higher local incomes will likely point to higher storage prices. This can be particularly useful if you're moving to Honolulu from a different city. Median earners in Honolulu make $72,764 a year according to the most recent US Census estimates, a higher median pay than the average for large US urban areas. Between 2009 and 2013, median income in Honolulu grew by 8.5%. 6.6% of the population in Honolulu make over $200,000 a year, a higher proportion than in other large cities. Honolulu has a total GDP of $54,011,000,000 and a GDP per capita of $54,721. That GDP per capita is higher than it is for comparable cities. More educated cities are often wealthier cities. 28% of Honolulu residents over the age of 18 have a high school diploma, 19% have a college degree, and 10% have a graduate or professional degree.