Everything You Need to Know About Finding Self Storage in Indianapolis, IN
Just starting your Indianapolis self storage search? There are a few things you should know. Indianapolis 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. We used US Census data on Indianapolis to give you a better idea of these factors.Moving and Storage in Indianapolis, IN
If there are many people moving to or from Indianapolis, prices could be higher than in other cities. That's because self storage if often used as part of a home move. A city with a high amount of moving activity should see substantial changes in population, so by looking at population data for Indianapolis we can get a better idea of the amount of moving activity. From 2010 to 2014, the Indianapolis metro area population grew from 830,909 to 858,325, a growth rate of 3.3% according to the US Census.The Real Estate Climate and Self Storage in Indianapolis, IN
Indianapolis real estate and self storage are interrelated in a few different ways. For one, land values and the cost of housing can make storage more or less expensive. That means that looking into US Census data on Indianapolis home values and rents can help us get an idea of storage pricing. With a median home value of $140,200 according to the US Census, Indianapolis real estate prices are lower than the average for the top 100 US metros. Between 2009 and 2013 the median home value in Indianapolis declined by -0.92%. Also, considering the fact that the median income in Indianapolis makes up 37.19% of the median home value, we can say that housing in Indianapolis is more affordable than other US metros. 66% of homes in Indianapolis are owner occupied, a higher rate than comparable cities.
In terms of rental rates, median rent in Indianapolis is $787 per month, which is lower than other large US metros. Between 2005 and 2013, the median rent in Indianapolis grew by 7.96%, a lower rate than comparable cities. In terms of rent affordability, the yearly median rent in Indianapolis would consume 18% of the median income. This makes Indianapolis more affordable than similar cities. 30% of Indianapolis 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. Indianapolis homes have a median number of 6.6 rooms, which is a higher number than the average for large US cities. The median price per room in Indianapolis is $21,242, which is lower than average among the top US metro areas.Indianapolis, IN 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 Indianapolis, particularly if you're moving in from another city. Median earners in Indianapolis make $52,147 a year according to the most recent US Census estimates, a lower median pay than the average for large US urban areas. From 2009 to 2013, median income in Indianapolis declined by -1.72%. 3.9% of those living in Indianapolis make over $200,000 a year, a lower rate than the average for the top 100 US metros. Indianapolis has a total GDP of $117,312,000,000 and a GDP per capita of $60,063. That's a higher per capita GDP than the average for large cities in the United States. Wealth and education are also highly correlated. 30% of Indianapolis residents over the age of 18 have a high school diploma, 19% have a college degree, and 9% have a graduate or professional degree.