Tips for Finding Self Storage in Scranton, PA
Just starting your Scranton self storage search? There are a few things you should know. Storage unit prices and availability in Scranton are determined by many different factors, including real estate, population growth, the wealth of the local population, the current economic climate, and more. The US Census keeps accurate data relating to all of these factors, so we've used their data on Scranton to help inform your Scranton self storage search.Scranton, PA Self Storage and Moving
One of the primary uses of self storage is as a safe place to keep your things between moving homes. If many people are moving to or from Scranton, prices could be higher and availability lower. By looking at population changes in Scranton, we should be able to get an idea of how many people are moving to or from the city. The Scranton metro area saw its population decline from 76,065 persons in 2010 to 75,281 persons in 2014 according to the US Census, a decrease of -1.03%.The Real Estate Climate and Self Storage in Scranton, PA
The Scranton real estate climate may affect storage prices and availability in a number of ways, one of those ways being housing prices. By looking into US Census data on Scranton housing values and median rents, we can get a better idea of the real estate climate in Scranton and how it may affect self storage. The median home value in Scranton is $131,000 according to the US Census. That's lower than average for the top 100 US metros. In the 5 year span from 2009 to 2013, median home values in Scranton grew by 11.77%. Housing in Scranton is more affordable than most other cities, with the median income making up 34.55% of the median home value. 68% of Scranton homes are owner occupied, a higher percentage than other big cities.
The median monthly housing rent in Scranton is $672 per month, which is lower than most other big cities. Between 2005 and 2013, the median rent in Scranton grew by 13.13%, a higher rate than comparable cities. That rental rate would take up 18% of a median earner's income in Scranton, making Scranton more affordable for renters than the average for the top 100 US metros. Approximately 30% of occupied housing in Scranton 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 Scranton is 6.5, which is higher than the average among the top 100 US metros. The median price per room in Scranton is $20,154, which is lower than average among the top US metro areas.
Housing occupancy and vacancy rates in Scranton can help us get a better idea of how much demand there is for living and storage space in Scranton and thus the kind of storage prices and availability we should expect to find. If there's low vacancy rates in Scranton housing, there's likely low vacancy at Scranton storage facilities. This would allow storage facilities in Scranton to charge higher prices for their units. The US Census estimates that housing vacancy rates in Scranton are at 11.2%, while the occupancy rate is at 88.8%. That's a higher rate than average for US cities, suggesting storage unit occupancy in Scranton may also be higher. That might make it harder to find cheap storage in Scranton.Self Storage Prices and Economics in Scranton, PA
Economic indicators like local income and GDP growth can also hint at how storage prices in Scranton compare to other cities. Median earners in Scranton make $45,258 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 Scranton grew by 6.85%. 2.4% of those living in Scranton 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, Scranton has a GDP of $20,041,000,000 and a per capita GDP of $35,670. That GDP per capita is lower than it is for comparable cities. Cities where the populace has a higher level of education are typically wealthier and more expensive. 38% of Scranton residents over the age of 18 have a high school diploma, 14% have a college degree, and 7% have a graduate or professional degree.