Finding Self Storage in New Haven, CT: Everything You Need To Know
Just starting your New Haven self storage search? There are a few things you should know. The pricing and availability of storage units in New Haven will depend on several factors such as the real estate climate, the number of people moving into or throughout the area, housing conditions in the city, and the general wealth and prosperity of the area. We used US Census data on New Haven to give you a better idea of these factors.New Haven, CT Self Storage and Moving
If there are many people moving to or from New Haven, 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 New Haven by looking at the change in population. The New Haven metro area grew from 129,803 persons in 2010 to 130,282 persons in 2014 according to the US Census, an increase of 0.37%.Real Estate and Self Storage in New Haven, CT
The New Haven 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 New Haven 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 New Haven is $256,900, which is higher than the average median home value among the top 100 US metros. New Haven home values declined by -5.38% between 2009 and 2013. The median income in New Haven makes up 24.13% of the median home value, which indicates that housing in New Haven is less affordable than in other large cities. 64% of homes in New Haven are owner occupied, a lower rate than comparable cities.
The median monthly housing rent in New Haven is $1,060 per month, which is higher than most other big cities. Between 2005 and 2013, the median rent in New Haven grew by 9.84%, a lower rate than comparable cities. In terms of rent affordability, the yearly median rent in New Haven would consume 21% of the median income. This makes New Haven less affordable than similar cities. Renters occupy approximately 35% of housing in New Haven, a higher rate than similar cities.
Cities where homes tend to be smaller may have a greater need for extra storage space. Homes in New Haven have a median number of 6.3 rooms, which is lower than the average for large US metros. The median price per room in New Haven is $40,778, which is higher than average among the top US metro areas.
One way to get an idea of the demand for housing and storage space in New Haven is to look at housing occupancy and vacancy rates. If there's low vacancy rates in New Haven housing, there's likely low vacancy at New Haven storage facilities. This would allow storage facilities in New Haven to charge higher prices for their units. According to US Census estimates, 88.9% of housing units in New Haven are occupied, while the vacancy rate is at 11.1%. That's a higher rate than average for US cities, suggesting storage unit occupancy in New Haven may also be higher. That might make it harder to find cheap storage in New Haven.New Haven, CT Economics and Self Storage Prices
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 New Haven from a different city. Median earners in New Haven make $61,996 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 New Haven grew by 1.24%. 6.1% of those living in New Haven make over $200,000 a year, a higher rate than the average for the top 100 US metros. The US Census reports that New Haven's total GDP is $41,461,000,000 and its GDP per capita is $48,042. That GDP per capita is lower than it is for comparable cities. Wealth and education are also highly correlated. 30% of New Haven residents over the age of 18 have a high school diploma, 17% have a college degree, and 13% have a graduate or professional degree.