Finding Self Storage in Milwaukee, WI: Top Tips
Before beginning your self storage search in Milwaukee, there are a few things you should know. Storage unit prices and availability in Milwaukee are determined by many different factors, including real estate, population growth, the wealth of the local population, the current economic climate, and more. We used US Census data on Milwaukee to give you a better idea of these factors.Milwaukee, WI Self Storage and Moving
If there are many people moving to or from Milwaukee, prices could be higher than in other cities. That's because self storage if often used as part of a home move. We can get a good idea of whether or not many people are moving to or from Milwaukee by looking at the change in population. The US Census tells us that the metro area population of Milwaukee grew from 595,064 in 2010 to 599,642 in 2014, which is a rate of 0.77% growth over four years.The Relationship Between Real Estate and Self Storage in Milwaukee, WI
Milwaukee 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 Milwaukee home values and rents can help us get an idea of storage pricing. With a median home value of $198,100 according to the US Census, Milwaukee real estate prices are lower than the average for the top 100 US metros. The median home value in Milwaukee declined by -0.7% between 2009 and 2013. In terms of housing affordability, the median income in Milwaukee is 27% of the median home value, making Milwaukee housing less affordable than most other big cities. 61% of the housing stock in Milwaukee is owner occupied, a lower rate than other major American cities.
At $811 per month, median rent in Milwaukee is higher than the average for the top 100 US cities. Between 2005 and 2013, the median rent in Milwaukee grew by 7.28%, a lower rate than comparable cities. In terms of rent affordability, the yearly median rent in Milwaukee would consume 18% of the median income. This makes Milwaukee more affordable than similar cities. 36% of Milwaukee housing stock is renter occupied, a higher percentage than other large US 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 Milwaukee, homes have a median number of 6.4 rooms, which is lower than the average for large US cities. The median price per room in Milwaukee is $30,953, which is lower 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 Milwaukee. If there's low vacancy rates in Milwaukee housing, there's likely low vacancy at Milwaukee storage facilities. This would allow storage facilities in Milwaukee to charge higher prices for their units. Milwaukee is estimated to have a 90.1% housing occupancy rate, while the vacancy rate is at 9.9%. The average occupancy rate in US cities is approximately 89%, which is lower than the rate in Milwaukee, suggesting that storage unit inventory might also be tighter in Milwaukee. With fewer units available, storage facilities in Milwaukee may charge higher prices.Self Storage Prices and Economics in Milwaukee, WI
Cities with a wealthier population and a faster-growing economy may see higher storage prices. Looking at economic statistics for Milwaukee can be particularly helpful if you're moving from another city. According to the most recent US Census data, median income in Milwaukee is $53,479, which is lower than the average for the top 100 US metro areas. From 2009 to 2013, median income in Milwaukee declined by -0.07%. 4.2% of Milwaukee household have an income in excess of $200,000 a year, which is a lower rate than the average for large US cities. Milwaukee has a total GDP of $89,052,000,000 and a GDP per capita of $56,715. That means that Milwaukee's per capita GDP is higher than the average for the top 100 US metros. Cities where the populace has a higher level of education are typically wealthier and more expensive. 28% of Milwaukee residents over the age of 18 have a high school diploma, 20% have a college degree, and 10% have a graduate or professional degree.