You can use this library: https://github.com/pamelafox/lscache. It handles this for you automatically, including instances where the storage size exceeds the limit. If that happens, it begins pruning items that are the closest to their specified expiration.
From the readme:
lscache.set Stores the value in localStorage. Expires after specified number of minutes. Arguments key (string) value (Object|string) time (number: optional) This is the only real difference between the regular storage methods. Get, remove, etc work the same.
If you don't need that much functionality, you can simply store a time stamp with the value (via JSON) and check it for expiry.
Noteworthy, there's a good reason why local storage is left up to the user. But, things like lscache do come in handy when you need to store extremely temporary data.