Tips for Finding Self Storage in Louisville, KY
If you're searching for self storage in Louisville, there are a few things you should keep in mind. If you're wondering how much you should expect to pay for self storage in Louisville, 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. We used US Census data on Louisville to give you a better idea of these factors.Real Estate and Self Storage in Louisville, KY
Louisville 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 Louisville home values and rents can help us get an idea of storage pricing. The median home value in Louisville is $147,100 according to the US Census. That's lower than average for the top 100 US metros. Louisville home values grew by 4.03% between 2009 and 2013. Housing in Louisville is more affordable than most other cities, with the median income making up 33.82% of the median home value. 68% of the housing stock in Louisville is owner occupied, a higher rate than other major American cities.
In terms of rental rates, median rent in Louisville is $725 per month, which is lower than other large US metros. Between 2005 and 2013, the median rent in Louisville grew by 10.86%, a higher rate than comparable cities. In terms of rent affordability, the yearly median rent in Louisville would consume 17% of the median income. This makes Louisville more affordable than similar cities. 29% of Louisville 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. Louisville homes have a median number of 6.4 rooms, which is a lower number than the average for large US cities. The median price per room in Louisville is $22,984, which is lower than average among the top US metro areas.Louisville, KY Self Storage Prices and Economics
Economic indicators like local income and GDP growth can also hint at how storage prices in Louisville compare to other cities. Louisville's median income is estimated to be $49,753, which is lower than average for large US cities. Between 2009 and 2013, median income in Louisville grew by 4.09%. 3.5% of those living in Louisville 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, Louisville has a GDP of $60,649,000,000 and a per capita GDP of $48,049. That means that Louisville's per capita GDP is lower than the average for the top 100 US metros. Wealth and education are also highly correlated. 31% of Louisville residents over the age of 18 have a high school diploma, 15% have a college degree, and 9% have a graduate or professional degree.