Everything You Need to Know About Finding Self Storage in Pittsburgh, PA
Just starting your Pittsburgh self storage search? There are a few things you should know. If you're wondering how much you should expect to pay for self storage in Pittsburgh, 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 Pittsburgh to give you a better idea of these factors.Moving and Storage in Pittsburgh, PA
Many people use storage as part of their move, so if there are many people moving to Pittsburgh, you might expect storage prices to be higher and unit availability to be lower. By looking at population changes in Pittsburgh, we should be able to get an idea of how many people are moving to or from the city. The Pittsburgh metro area saw its population decline from 305,656 persons in 2010 to 305,412 persons in 2014 according to the US Census, a decrease of -0.08%.Self Storage and Real Estate in Pittsburgh, PA
Pittsburgh 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. We can get a better idea of the relative cost of Pittsburgh storage by looking into data on local home values and rental rates provided by the US Census. With a median home value of $124,800 according to the US Census, Pittsburgh real estate prices are lower than the average for the top 100 US metros. Between 2009 and 2013 the median home value in Pittsburgh grew by 10.25%. The median income in Pittsburgh makes up 40.81% of the median home value, which indicates that housing in Pittsburgh is more affordable than in other large cities. 70% of Pittsburgh homes are owner occupied, a higher percentage than other big cities.
At $705 per month, median rent in Pittsburgh is higher than the average for the top 100 US cities. Between 2005 and 2013, the median rent in Pittsburgh grew by 11.9%, a higher rate than comparable cities. How affordable is that for median earners in Pittsburgh? Median rent would take up 16.61% of a median earner's paycheck in Pittsburgh, making it more affordable for renters than other big cities. Approximately 28% of occupied housing in Pittsburgh is being rented out, a lower rate than comparable cities.
Another way housing may affect storage demand is in the general size of homes in that city, with areas where homes are smaller often having a greater need for extra storage space. The median number of rooms per home in Pittsburgh is 6.4, which is lower than the average among the top 100 US metros. The median price per room in Pittsburgh is $19,500, which is lower than average among the top US metro areas.
Housing occupancy and vacancy rates in Pittsburgh can help us get a better idea of how much demand there is for living and storage space in Pittsburgh and thus the kind of storage prices and availability we should expect to find. If housing occupancy rates in Pittsburgh are high, it's probably safe to assume that storage facility occupancy rates in Pittsburgh are also high, which would push unit prices up. The US Census estimates that housing vacancy rates in Pittsburgh are at 12.8%, while the occupancy rate is at 87.2%. The average occupancy rate in US cities is 89%, so it's likely the case that storage facilities in Pittsburgh also have higher than average occupancy rates. High occupancy rates in Pittsburgh will make it more difficult to find a good deal on a storage unit.Pittsburgh, PA Self Storage Prices and Economics
Economic indicators like local income and GDP growth can also hint at how storage prices in Pittsburgh compare to other cities. Median earners in Pittsburgh make $50,935 a year according to the most recent US Census estimates, a lower median pay than the average for large US urban areas. Between 2009 and 2013, median income in Pittsburgh grew by 9.82%. 3.8% of Pittsburgh household have an income in excess of $200,000 a year, which is a lower rate than the average for large US cities. Pittsburgh has a total GDP of $122,891,000,000 and a GDP per capita of $52,060. That's a higher GDP per capita than the average for comparable cities. Wealth and education are also highly correlated. 35% of Pittsburgh residents over the age of 18 have a high school diploma, 18% have a college degree, and 10% have a graduate or professional degree.