How can you hunt for a cheap storage unit if you don't know how much one in Michigan City should cost? After all, storage prices can vary widely from place to place, so the only comparison you can make is with other facilities in the area. But there's no need to worry: we here at SelfStorage.com have all the data to help you go into your storage search well-informed.
On average, a storage unit in Michigan City goes for $43.75 a month. That monthly rate would come out to a yearly rate of $525, should you be thinking of renting long term. However, it's important to note that this is the average for all storage unit sizes. You can, after all, end up paying twice as much for the larger unit sizes than the smaller sizes. Storage units in Michigan City come in these standard sizes: 5x5, 5x10, 10x10, For each standard size, the average price in Michigan City is:
|Storage Unit Size||Average Price in Michigan City, IN|
The demand for storage being as highly seasonal as it is, moving between highs and lows throughout the year, the season you decide to book a unit during can have as much affect on the price you pay as any other factor. Storage prices generally reach their peak during the period from May to September, coinciding with moving season. Sometimes called 'National Moving Day' or 'Crazy Tuesday', the day following Memorial Day is typically the busiest for storage businesses and the highest point of the high season. Cities with high proportions of university students may see more pronounced seasonal highs and lows, as many students book storage units during the summer.
There's not as much of a difference between prices during the high and low seasons in Michigan City as there is in other cities, meaning seasonality is less of a concern here. Despite the fact that seasonal price changes are less of a risk in Michigan City, they're not impossible, so a good idea might be to play it safe and lock in your rate for the entirety of your stay, if possible. May is the least expensive month for storage in Michigan City, with an average price of $41.25 for a storage unit. November is the most expensive month, when storage goes for an average rate of $116.
Successfully booking the storage unit you're looking for will have much to do with the number of self storage businesses in your city, as the more facilities there are the more options you'll have available. So does Michigan City offer plenty of options when it comes to different storage facilities?
Analysts at SelfStorage.com report that there are an estimated 16 storage facilities located in the Michigan City area. Other Indiana cities have an average of 9 facilities on our network, 7 less than Michigan City, which leads us to conclude that Michigan City offers a moderately-high number of facilities. In fact, Michigan City's 16 facilities give it the 5th-highest count in the state out of all 29 cities. It's home to a surprising 5.98% of all facilities in Indiana. Outside of Indiana, Michigan City still has a sizeable supply of storage facilities, 7 more than the 9 that other cities across the nation average.
But of course, there are vast differences in population between Michigan City and other cities in Indiana, and even more so nationwide, so not controlling for population makes little sense. 32,410 people make Michigan City their home. Is 16 a relatively high or low number of storage facilities for such a population? As it turns out, Michigan City actually does have a large amount of storage space for its size. Nationwide, cities with populations of 25,000 to 50,000 have an average 7 storage facilities, which is of course 9 less than the 16 found in Michigan City. We've further verified Michigan City's relative surplus of storage space by examining its per capita count of facilities. Michigan City places into the 76th percentile for storage facilities per person nationwide, meaning that the 32,410 people living there should have plenty of extra storage space. But does Michigan City have a large number of storage facilities per person for a city in Indiana? Indeed, it does, ranking at the 75th percentile.
To conclude our discussion of storage facilities per capita, it's worth noting that Michigan City's population has been dwindling over the past few years. In the decade span between the 2000 and 2010 censuses, Michigan City experienced a 1.3% decrease in inhabitants. During that same span, however, the state of Indiana took on 6.6% more people. With its lower growth rate and higher number of facilities per capita versus other cities in its state, Michigan City's supply of storage units should outweigh the demand.
It's often true that certain areas in a city offer much lower storage rental rates than others. By expanding your search into areas you might not have thought to look, you might be able to happen upon some excellent deals. To some, the greater distance to the facility is worth the greater savings. But on the other hand, if we can show that self-storage (commonly known as mini storage or public self storage) is cheaper in Michigan City than its surroundings, there's no reason to waste time looking elsewhere.
With its average price of $43.75 a month for a unit, Michigan City is the 24th most expensive city for self-storage in the state of Indiana, which itself is the 27th most-expensive state for storage. In general, storage units in Michigan City go for $21.94 less than the state average of $65.69.
While average prices will give you a good idea of how much you should expect to spend, they don't necessarily tell us if storage is relatively affordable in that city. To give you a better idea of affordability, we've created a 'relative price' scale that estimates how expensive storage is for median income earners in that state. In Indiana, the median income is $46,020.00 a year, which would make the average $43.75 unit in Michigan City cost 1.14% of a median earner's monthly income. As a percentage of income this is actually a very cheap price to pay for a storage unit. Indeed, when compared to other cities in Indiana, the relative price of storage in Michigan City ranks at the 14th percentile.
In addition, storage in Michigan City is also very cheap on the national scale, ranking at the 22nd percentile compared to other cities across the nation. To put that in more concrete terms, storage in Michigan City should cost an average of $28.40 less than the national average price of 72.15.
If you’re considering buying/selling a home instead of renting, it’s crucial to find a storage unit that will last you through the purchase or sale process. Especially when, according to Zillow, Michigan City had an average home value of $89,000 which in the past year is down 0.016%.