U.S. housing affordability crisis drives rise in self-storage use

A Bankrate analysis indicates that more than 75% of homes in the United States are unaffordable for the typical household. Using the standard where annual housing costs should not exceed 30% of income, the study estimates a typical home costs approximately $435,000, requiring an annual income of roughly $113,000. This significantly exceeds the 2024 median household income of nearly $84,000.

This affordability crisis is impacting first-time buyers, who accounted for only 24% of home sales in 2025, down from 50% in 2010. Additionally, Zillow suggests millions of new housing units are needed to meet demand.

As high prices and mortgage rates prevent families from upgrading to larger residences, there is a growing trend toward using self-storage units. A survey by StorageCafe found that searches for self-storage increased by about 25% across 150 major U.S. cities in 2025. Many Americans are utilizing these units as ‘extra closets’ to manage clutter due to limited space in their current homes.