Tips for Finding Self Storage in Madison, WI
Just starting your Madison self storage search? There are a few things you should know. Madison 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. Using US Census data, we've pieced together a better picture of those factors as they relate to self storage in Madison.Madison, WI Moving and Storage
Many people use storage as part of their move, so if there are many people moving to Madison, you might expect storage prices to be higher and unit availability to be lower. A city with a high amount of moving activity should see substantial changes in population, so by looking at population data for Madison we can get a better idea of the amount of moving activity. According to the US Census, the Madison metro area's population grew from 233,515 in 2010 to 245,691 in 2014, a growth rate of 5.21%.The Real Estate Climate and Self Storage in Madison, WI
In Madison, like any city, the real estate climate can affect the prices and availability at storage facilties in a number of ways, one of those being the cost of housing. That means that looking into US Census data on Madison home values and rents can help us get an idea of storage pricing. According to the US Census, the median value of a home in Madison is $217,500, which is higher than the average for the top 100 US metros. The median home value in Madison declined by -0.55% between 2009 and 2013. In terms of housing affordability, the median income in Madison is 27.91% of the median home value, making Madison housing less affordable than most other big cities. 63% of Madison homes are owner occupied, a lower percentage than other big cities.
The median monthly housing rent in Madison is $879 per month, which is lower than most other big cities. Between 2005 and 2013, the median rent in Madison grew by 9.33%, a lower rate than comparable cities. How affordable is that for median earners in Madison? Median rent would take up 17.38% of a median earner's paycheck in Madison, making it more affordable for renters than other big cities. Renters occupy approximately 38% of housing in Madison, a higher rate than similar 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. Madison homes have a median number of 6.7 rooms, which is a higher number than the average for large US cities. The median price per room in Madison is $32,463, 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 Madison. Low rates of vacancy in Madison housing could indicate that real estate is in short supply. Self storage units in Madison may then also be in short supply, which means Madison storage unit prices may be higher. 5.8% of housing units in Madison are vacant according to the US Census, while 94.2% are occupied. That's a higher rate than average for US cities, suggesting storage unit occupancy in Madison may also be higher. That might make it harder to find cheap storage in Madison.Self Storage Prices and Economics in Madison, WI
Cities with a wealthier population and a faster-growing economy may see higher storage prices. Looking at economic statistics for Madison can be particularly helpful if you're moving from another city. According to the most recent US Census data, median income in Madison is $60,694, which is higher than the average for the top 100 US metro areas. Between 2009 and 2013, median income in Madison grew by 3.26%. 4.2% of residents in Madison make over $200k in income a year, a lower rate than in other big cities. Madison's GDP as of 2013 was $40,186,000,000, which gives it a GDP per capita of $64,045. That means that Madison's per capita GDP is higher than the average for the top 100 US metros. More educated cities are often wealthier cities. 24% of Madison residents over the age of 18 have a high school diploma, 24% have a college degree, and 14% have a graduate or professional degree.