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The table below offers a collection of data aimed at giving potential franchisees a glimpse into their market landscape. Click Read More to delve deeper, uncovering additional information to assist you in making a well-informed decision. These insights are tailored to highlight the opportunities in your city as you consider a franchise purchase.
| Key Data Points for Albany, New York | ||
| Data | Albany, NY | Nationwide |
|---|---|---|
| Population | 99.61 thousand | 333.2 million |
| Proj. 5 Year Population Growth | 2.719% | 0.5% |
| Median Household Income | $95,809 | $74,580 |
| Median Age | 29.7 | 38.9 |
| Residents per Business | 1 to 21 | 10 to 1 |
| Annual Household Expenditures | $2.8 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
Based on the data for Albany, NY, several franchise industries stand out as potentially successful ventures.
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The food franchise industry in Albany is a promising sector. With an estimated average household income of $95,809 in 2023 and a projected increase to $108,216 by 2028, Albany residents have spending power. This financial comfort is reflected in the total annual consumer expenditure on food and beverages, which stands at $412.11 million. Considering Albany's population density of 4,544 persons per square mile and a high percentage of rented households (52.3%), quick-service or fast-casual dining options could cater to the convenience sought by renters and the significant workforce in the area.
The home services franchise industry also presents a notable opportunity. The city's housing data shows that a majority of homes were built before 1939 (37.6%), indicating a potential demand for renovation, remodeling, and maintenance services. With a robust annual consumer expenditure on shelter ($597.29 million) and household operations ($109.79 million), franchises that offer home improvement and maintenance services can tap into an established market of homeowners invested in their property’s upkeep.
The automotive franchise industry appears viable in Albany given the vehicle ownership statistics, with 86.8% of households owning at least one vehicle and the average number of vehicles per household at 1.3. This is supported by a total of 52,520 vehicles available within owner-occupied households. The consumer transportation expenditure is significant, at $501.87 million annually, pointing to the necessity of vehicles in residents' daily lives. Automotive services could range from repair and maintenance to car washes, catering to the needs of vehicle owners in the city.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Albany, New York Franchise Opportunities (and Businesses for Sale)
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