This Monthly Expense Could Save You Thousands in the Long Term
Written by
Dawn Allcot
Edited by
Amen Oyiboke
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Minimalism and the appeal of tiny homes are on the rise amongst both homebuyers and apartment dwellers, as highlighted by a recent study showing the growing number of tiny homes in major cities. According to a SpareFoot.com report, the average home size has decreased from over 1,900 square feet in 2016 to just 1,800 square feet in 2024.
But there’s a limit to how much you can declutter before you risk letting go of treasured family items, valuable possessions, or items that truly “spark joy.” No one wants to toss out something like a special outfit or a rarely used kitchen gadget, only to find themselves needing it later and having to buy it again. Whether it’s formalwear or a turkey roasting pan, some things are worth keeping for future use.
That’s where self-storage comes in as a practical solution.
Benefits of Self-Storage
While many personal finance experts recommend getting rid of items instead of paying for storage, the cost of a self-storage unit might be less than you expect. If you’re contemplating buying a larger house or adding more storage to your home, a self-storage unit could be a cost-effective solution.
You’d have to invest in self-storage for 17 years before the cost would equal the price of adding storage space to your home, according to SpareFoot.com. If you’re in the market for a house, you could pay an average of $12,438 more for an extra 50 square feet of storage space, according to the research.
In Which States Will a Storage Unit Save You the Most Money?
How much you can save with a storage unit rather than buying a larger house or adding to your existing dwelling depends on where you live.
While higher home prices typically translate into savings if you opt for self-storage, the cost of storage also plays a big role. In places where the cost of storage is cheap and homes are expensive, you’ll save the most.
The chart below breaks down the median home price per square foot and the cost of storage per square foot in the six states where you can save the most.
| State | Median home price per sq. ft. | Storage unit Price per sq. ft. | Savings Potential | Years to Break Even on the Cost of Storage vs. Home Expansion |
| Montana | $310 | $0.59 | $309 | 44.14 |
| Hawaii | $726 | $1.68 | $724 | 35.98 |
| Utah | $255 | $0.82 | $254 | 25.89 |
| Idaho | $280 | $0.97 | $279 | 24.02 |
| California | $443 | $1.54 | $441 | 23.91 |
| Arizona | $266 | $0.94 | $265 | 23.47 |
What To Store and What To Toss
If you’re paying for storage space, however, you still want to be selective about what you keep. Choosing the right size storage unit will help you keep costs down. First, purge as much as you can without getting rid of items you’ll need in the future and would have to purchase again. Then, add in-home storage solutions, such as shelving and cabinets, to maximize your existing space.
If your space still feels cluttered, it’s time to consider self-storage. Some items you might want to store rather than sell or purge include:
- Family heirlooms that are still increasing in value
- Collections
- Seasonal sporting goods
- Seasonal clothing
- Children’s toys that they want to pass along to their children
- Items used once a year, such as holiday decorations
Like many financial decisions, whether to purchase self-storage, expand your home, or simply get rid of more items is a personal choice. Understanding the financial aspects and purchasing only as much storage space as you need can help you save money in the long run.
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