@howardlee I have several hundred vinyl albums in my collection and searched high & low for a cost-effective storage solution. My advice on this would be to speak with a local carpenter about building either 6' or 7' bookcases that could easily be anchored to the wall and house however many vinyl albums you'd desire. Building these out of high-grade pine or poplar or whatever kind of wood your heart and budget might desire would be cost-effective, providing you find an honest carpenter. Pine and poplar can easily be stained & shellacked or polyurethaned in any beautiful finish you might desire.
As for the CD storage issue, I have several hundred of those, as well, and use something like this:
The Space Saving Rotating CD/DVD Tower - Hammacher Schlemmer
Good Luck!