Finding Self Storage in Springfield, MA: Everything You Need To Know
If you're searching for self storage in Springfield, there are a few things you should keep in mind. Storage unit prices and availability in Springfield 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 Springfield to give you a better idea of these factors.Springfield, MA Self Storage and Moving
Self storage is commonly used as a secure place to store one's belongings when moving into a new home. If there's a high amount of moving activity in Springfield, that could affect storage unit pricing and availability. By looking at population changes in Springfield, we should be able to get an idea of how many people are moving to or from the city. According to the US Census, the Springfield metro area's population grew from 153,596 in 2010 to 153,991 in 2014, a growth rate of 0.26%.The Real Estate Climate and Self Storage in Springfield, MA
Springfield 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 Springfield home values and rents can help us get an idea of storage pricing. The median home value in Springfield is $215,600 according to the US Census. That's higher than average for the top 100 US metros. Between 2009 and 2013 the median home value in Springfield grew by 1.27%. Housing in Springfield is less affordable than most other cities, with the median income making up 24.09% of the median home value. 63% of homes in Springfield are owner occupied, a lower rate than comparable cities.
At $820 per month, median rent in Springfield is higher than the average for the top 100 US cities. Between 2005 and 2013, the median rent in Springfield grew by 9.63%, a lower rate than comparable cities. How affordable is that for median earners in Springfield? Median rent would take up 18.95% of a median earner's paycheck in Springfield, making it more affordable for renters than other big cities. Renters occupy approximately 38% of housing in Springfield, a higher rate than similar cities.
Cities where homes tend to be smaller may have a greater need for extra storage space. Homes in Springfield have a median number of 6.2 rooms, which is lower than the average for large US metros. The median price per room in Springfield is $34,774, 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 Springfield is to look at housing occupancy and vacancy rates. Low rates of vacancy in Springfield housing could indicate that real estate is in short supply. Self storage units in Springfield may then also be in short supply, which means Springfield storage unit prices may be higher. Springfield is estimated to have a 92% housing occupancy rate, while the vacancy rate is at 8%. The average occupancy rate in US cities is approximately 89%, which is lower than the rate in Springfield, suggesting that storage unit inventory might also be tighter in Springfield. With fewer units available, storage facilities in Springfield may charge higher prices.Economics and Storage Unit Prices in Springfield, MA
The local economy will also have an effect on self storage prices. Wealthier cities will likely have higher storage unit prices than cities where incomes are generally lower, so it may be useful to look at these numbers for Springfield, particularly if you're moving in from another city. The median income in Springfield is $51,935, which is lower than the average for large US cities. Between 2009 and 2013, median income in Springfield grew by 3.01%. 3.4% of residents in Springfield make over $200k in income a year, a lower rate than in other big cities. Springfield's GDP as of 2013 was $22,895,000,000, which gives it a GDP per capita of $36,435. That's a lower per capita GDP than the average for large cities in the United States. More educated cities are often wealthier cities. 29% of Springfield residents over the age of 18 have a high school diploma, 15% have a college degree, and 10% have a graduate or professional degree.