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Springfield, MA MSA Self-Storage Development Opportunity

POPULATION
In 2023, the population in your selected geography is 52,393. The population has changed by -4.26 since 2010. It is estimated that the population in your area will be 52,780 five years from now, which represents a change of 0.7 percent from the current year. The current population is 50.9 percent male and 49.1 percent female. The median age of the population in your area is 45.6, compared with the U.S. average, which is 38.7. The population density in your area is 666 people per square mile.

HOUSEHOLDS
There are currently 18,777 households in your selected geography. The number of households has changed by 3.73 since 2010. It is estimated that the number of households in your area will be 18,943 five years from now, which represents a change of 0.9 percent from the current year. The average household size in your area is 2.5 people.

INCOME
In 2023, the median household income for your selected geography is $98,694, compared with the U.S. average, which is currently $68,480.The median household income for your area has changed by 36.19 since 2010. It is estimated that the median household income in your area will be $111,774 five years from now, which represents a change of 13.3 percent from the current year.

The current year per capita income in your area is $48,264, compared with the U.S. average, which is $39,249. The current year’s average household income in your area is $132,132, compared with the U.S. average, which is $100,106.

EMPLOYMENT
In 2023, 24,952 people in your selected area were employed. The 2010 Census revealed that 69.8 percent of employees are in white-collar occupations in this geography, and 15 percent are in blue-collar occupations. In 2023, unemployment in this area was 4.0 percent. In 2010, the average time traveled to work was 26.00 minutes.

HOUSING
The median housing value in your area was $300,391 in 2023, compared with the U.S. median of $268,796. In 2010, there were 15,617.00 owner-occupied housing units and 2,484.00 renter-occupied housing units in your area.

EDUCATION
The selected area in 2023 had a higher level of educational attainment when compared with the U.S averages. 17.0 percent of the selected area’s residents had earned a graduate degree compared with the national average of only 12.7 percent, and 22.1 percent completed a bachelor’s degree, compared with the national average of 20.2 percent.

The number of area residents with an associate degree was higher than the nation’s at 10.5 percent vs. 8.5 percent, respectively.

The area had fewer high-school graduates, 26.5 percent vs. 26.9 percent for the nation. The percentage of residents who completed some college is also lower than the average for the nation, at 16.6 percent in the selected area compared with the 20.1 percent in the U.S.

• Springfield, MA MSA Self-Storage Development Opportunity
• Proposed 40,800 Net Rentable Square Feet & 306 Non-Climate Controlled Units
• Undersaturated Market: No Other Facilities Within a Three-Mile Radius and 5.21 Net Rentable Square Feet Per Capita Within a Five-Mile Radius
• Affluent Market: Average Household Income Within One, Three, and Five Miles is Well Above the National Average
• Average HHI: 1-Mile: $128,206 | 3-Miles: $162,032 | 5-Miles: $132,132

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