Some communities are home to plenty of storage businesses, offering those looking for storage a wide variety of choices, while other communities are less-well served and may need to expand their search into neighboring cities and suburbs. So are there a large or small number of storage businesses operating in Paducah?
According to our numbers, there are 25 total storage facilities in Paducah, KY. When compared to other cities in the state, Paducah offers a slightly-higher number of facilities, 9 more than the state average of 16 per city. Furthermore, Paducah accounts for a full 15.83% of facilities in Kentucky and ranks as the 2nd-largest storage market out of all 10 cities in Kentucky. Paducah isn't only a large storage market in terms of its state, either, as its 25 facilities give it 16 more than the national average of 9 facilities per city.
'But what about self storage facilities per capita?', you might be thinking. Comparing Paducah to other cities in Kentucky irrespective of population does, indeed, make little sense. We ought to be comparing Paducah, with its population of 25,720, to cities of similar size. Considering that cities with populations of 25,000 to 50,000 average 7 storage facilities, we feel fully confident in saying that Paducah--which offers 18 more facilities--has plenty of extra storage space for its size. One may of course argue that measuring Paducah against cities of a like size isn't the best yardstick and does not prove that there are plenty of storage facilities for the number of people who live there. In order to address these concerns we've looked at Paducah's facilities per person, which seems to have affirmed our former conclusions. On a per capita basis, Paducah ranks in the 89th percentile for storage facilities compared with other cities nationwide, meaning there is a very high amount of storage space per person. On a state level, Paducah still has a good amount of storage space per person, ranking in at the 77th percentile for cities in Kentucky.
Another thing to note is the fact that the population of Paducah has been shrinking in recent years, falling by 2% from 2000 to 2010, according to data from the US Census. During that same period Kentucky as a whole experienced population growth of 7.4%. Such a low growth rate relative to other cities in Kentucky, not to mention its higher number of facilities per capita than most of those cities, would seem to make Paducah a high supply but low demand city for storage, which of course is ideal for anyone seeking to book a unit there.
Just as home prices will differ from neighborhood to neighborhood in Paducah, so will self-storage rates. Storage is cheapest in the 42001 ZIP code in Paducah, where the average rental price is $80.48. Paducah's most expensive place for storage lies within the 42003 ZIP code, where storage rental rates are an average $87.76 a month.
Scoring an excellent price on a storage unit in Paducah often comes down to knowing what kind of price range to expect. With the average rental rate varying widely from place to place, the only truly valuable comparison you can make is with other storage facilities in the area. Which is precisely the reason we've had the SelfStorage.com analysts dig through all the data in order to bring back the crucial information you need to book a unit in Paducah.
The average rental rate of a self storage unit in Paducah is $90 a month. For you long-term storage seekers out there, that's about $1080 per year. Don't, however, put too much weight on that number, as it does not discriminate by unit size. It's not uncommon for larger units to be more than twice as costly as the smaller sizes. In Paducah you'll have the option of renting six standard storage unit sizes, such as 5x10, 10x10, 10x15, 10x20, and 10x30. The average rental rates for each size of storage unit found in Paducah are:
|Storage Unit Size||Average Price in Paducah, KY|
It's often the case that storage prices can swing to the opposite end of the spectrum within a few blocks in the same city, just as real estate values are liable to do. The more expansive your search, the more facilities you'll be able to compare, and the more options you'll have. You might have to spend more on gas getting out to that unit, but the savings you'll be building up could totally compensate for that. Knowing whether or not you should look in nearby cities depends on whether or not self-storage (sometimes called mini storage or public self storage) in those cities is less expensive than in Paducah. We've gone ahead and figured that out for you.
Paducah's average price of $90 a month for a unit ranks it as the 1st most expensive city for self-storage in Kentucky, which itself ranks as the 45th most expensive state for storage. When searching for storage in Paducah, expect to pay $35.19 more than Kentucky's average price of $54.81.
An average price alone, however, doesn't tell you if storage is or isn't more affordable in one city versus another, as the cost of living will also be different. In order to establish some kind of index of affordability for Paducah storage, we've developed a 'relative price' scale which takes the cost of living in terms of state median income into account. The median income in Kentucky is $41,129.00, which means the average storage unit in Paducah would require 2.63% of a median earner's monthly income. When compared to storage price as a percent of income in other cities in Kentucky, Paducah ranks in the 100th percentile, which means that self-storage here is quite expensive.
In addition to being very expensive at the state level, storage in Paducah is also very expensive on the national scale, ranking at the 84th percentile when compared to other cities nationwide. To put that in more concrete terms, storage in Paducah should cost an average of $17.85 more than the national average price of 72.15.
Scoring a good monthly price on your self storage unit has a lot to do with the time of year you book it, as prices vacillate from season to season. This seasonality is primarily driven by moving season, which lasts from May to September and generally causes storage prices to spike. National Moving Day (the day following Memorial Day) is typically seen as the first real day of the high season and is often the busiest day of the year for storage facilities. College students looking for a place to keep their things during the summer holiday can also have an effect on high season prices, pushing up prices on smaller units in particular, which is something to keep in mind if you live in a college town.
The difference between seasons is somewhat greater in Paducah than it is elsewhere, meaning you should be more wary of seasonal effects. Keep seasonal changes at bay by signing your storage lease during the low season and then locking in that rate for your entire stay. Those looking for self storage in Paducah will find the lowest prices in October, with its average price of $54. November, however, is the most expensive month, averaging $130.
Are you searching for a budget self storage unit in Paducah, KY? October is the best month to conduct your search for storage, and the cheapest units are located in the 42001 ZIP code. Do your best to avoid searching in November, the month during which prices hit their year-long peak, and be cognizant of the fact that the 42003 area is costlier than other areas.
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, Paducah had an average home value of $129,900 which in the past year is up 0.121%.