Everything You Need to Know About Finding Self Storage in Washington, DC
Just starting your Washington self storage search? There are a few things you should know. Storage unit prices and availability in Washington are determined by many different factors, including real estate, population growth, the wealth of the local population, the current economic climate, and more. Using US Census data, we've pieced together a better picture of those factors as they relate to self storage in Washington.Real Estate and Self Storage in Washington, DC
Washington 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 Washington 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 Washington is $373,100, which is higher than the average for the top 100 US metros. In the 5 year span from 2009 to 2013, median home values in Washington declined by -11.82%. Also, considering the fact that the median income in Washington makes up 24.27% of the median home value, we can say that housing in Washington is less affordable than other US metros. 64% of homes in Washington are owner occupied, a lower rate than comparable cities.
Median rent is $1,439 in Washington according to the US Census, a higher rate than other sizeable US cities. Between 2005 and 2013, the median rent in Washington grew by 17.37%, a higher rate than comparable cities. That rental rate would take up 19% of a median earner's income in Washington, making Washington more affordable for renters than the average for the top 100 US metros. Renters occupy approximately 33% of housing in Washington, a higher rate than similar cities.
Since self storage is also used in situations where people don't have enough space in their home, cities where homes are generally smaller may have a greater need for storage. Washington homes have a median number of 7.5 rooms, which is a higher number than the average for large US cities. The median price per room in Washington is $49,747, which is higher than average among the top US metro areas.Washington, DC Self Storage Prices and Economics
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 Washington, particularly if you're moving in from another city. According to the most recent US Census data, median income in Washington is $90,540, which is higher than the average for the top 100 US metro areas. Between 2009 and 2013, median income in Washington grew by 7.24%. 13.7% of residents in Washington make over $200k in income a year, a higher rate than in other big cities. Washington has a total GDP of $437,085,000,000 and a GDP per capita of $73,248. That's a higher GDP per capita than the average for comparable cities. Cities where the populace has a higher level of education are typically wealthier and more expensive. 20% of Washington residents over the age of 18 have a high school diploma, 24% have a college degree, and 20% have a graduate or professional degree.