I got some coated heavy duty screw in hooks from hardware store and screwed into board that is supported by ceiling joists then I just lift the bike up and hook bottom of seat and the bars overhead. I like mine this way above and out of the way instead of taking up space inside garage. Below is link to similar hook I used. 

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Below is a link to a cool alternative this guy did with some hanging straps and iron pipe.

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John M wrote on 12/17/14 at 6:14pm:



Dead link is dead

Just updated link with the Sears version.

I have a 2 car garage and utilize the generic hooks from Home Depot/Lowes and a 2 bike upright stand which fits underneath the hanging bikes.  I have found that you need to differentiate the height of the hooks a little depending on the type of bikes/bars you are hanging.  In my 2 car garage we are able to fit 2 cars. +
a spare washing machine (long story)
full size rolling tool box
bike repair stand
lawn mower/trimmer and blower
roll out garbage and recycling bins 
My 1 up hitch rack and our bikes which include
1 DH bike (sits in bike repair stand most of the time)
1 AM bike sits on the floor in the upright stand below the bikes on hooks
1 mtb wife never uses bike on hook
1 seldomly used road bike on hook
1 seldomly used ss bike on hook
2 striders on hooks
Additionally I have one of those radio flyer red wagons hanging on a hook.

It's not the "coolest" set up, but it is very functional.

If anyone is wanting one just like this, goes for $55, but will sell for $10. just got to come and pick it up from me in Cornelius, NC.  Just IM me and I will response.

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yeap plus i wouldn't like supporting my bikes from the carbon wheels in that manner either......just my .02c

As said - 2x4s and hooks, as simple as that (money saved can go towards the bike/beer fund )

I have a few bikes hanging on hooks that grasp the frame, similar to this but the kind that screws direction to the wall: (You need to Login or Register to view media files and links)

Works okay but I found it marred the paint of my BMX frame, which is powder coated 4130 steel.  It also isn't the best utilization of space so if you have many bikes one of the setups where the bikes hang from the wheels like others have shown would likely be better.