Tips for Finding Self Storage in Syracuse, NY
There are a few things you should know about Syracuse self storage before you begin your search. The pricing and availability of storage units in Syracuse 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. The US Census keeps accurate data relating to all of these factors, so we've used their data on Syracuse to help inform your Syracuse self storage search.Syracuse, NY Moving and Storage
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 Syracuse, prices could be higher and availability lower. We can get a good idea of whether or not many people are moving to or from Syracuse by looking at the change in population. From 2010 to 2014, the Syracuse metro area population fell from 145,216 to 144,263, a loss of -0.66% according to the US Census.Self Storage and Real Estate in Syracuse, NY
Syracuse 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 Syracuse storage by looking into data on local home values and rental rates provided by the US Census. According to the US Census, the median value of a home in Syracuse is $122,900, which is lower than the average for the top 100 US metros. The median home value in Syracuse grew by 11.02% between 2009 and 2013. The median income in Syracuse makes up 43.11% of the median home value, which indicates that housing in Syracuse is more affordable than in other large cities. 68% of Syracuse homes are owner occupied, a higher percentage than other big cities.
The median monthly housing rent in Syracuse is $749 per month, which is lower than most other big cities. Between 2005 and 2013, the median rent in Syracuse grew by 9.02%, a lower rate than comparable cities. In terms of rent affordability, the yearly median rent in Syracuse would consume 17% of the median income. This makes Syracuse more affordable than similar cities. Approximately 32% of occupied housing in Syracuse is being rented out, a lower rate than comparable 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 Syracuse, homes have a median number of 6.7 rooms, which is higher than the average for large US cities. The median price per room in Syracuse is $18,343, which is lower than average among the top US metro areas.
One way to get an idea of the demand for housing and storage space in Syracuse is to look at housing occupancy and vacancy rates. If housing occupancy rates in Syracuse are high, it's probably safe to assume that storage facility occupancy rates in Syracuse are also high, which would push unit prices up. 10.9% of housing units in Syracuse are vacant according to the US Census, while 89.1% are occupied. That's a higher rate than average for US cities, suggesting storage unit occupancy in Syracuse may also be higher. That might make it harder to find cheap storage in Syracuse.Self Storage Prices and Economics in Syracuse, NY
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 Syracuse from a different city. Syracuse's median income is estimated to be $52,981, which is lower than average for large US cities. Between 2009 and 2013, median income in Syracuse grew by 7.47%. 3.2% of the population in Syracuse make over $200,000 a year, a lower proportion than in other large cities. Syracuse's GDP as of 2013 was $28,370,000,000, which gives it a GDP per capita of $42,799. That GDP per capita is lower than it is for comparable cities. More educated cities are often wealthier cities. 29% of Syracuse residents over the age of 18 have a high school diploma, 16% have a college degree, and 11% have a graduate or professional degree.