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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 Ann Arbor, Michigan | ||
| Data | Ann Arbor, MI | Nationwide |
|---|---|---|
| Population | 123.37 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -0.5561% | 0.5% |
| Median Household Income | $135,466 | $74,580 |
| Median Age | 27.31 | 38.9 |
| Residents per Business | 1 to 23 | 10 to 1 |
| Annual Household Expenditures | $4.31 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
With an estimated average household income of $135,466 in 2023 and a projected increase to $144,992 by 2028, Ann Arbor presents an attractive market for high-end retail franchises. The city's significant disposable income, evidenced by a total annual consumer expenditure of $4.31 billion, of which $2.01 billion is retail expenditure, indicates a healthy consumer market with spending power. Apparel, with a total expenditure of $155.47 million, and furnishings and equipment at $154.01 million, are two sectors within retail that could be lucrative for new franchisees.
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The home services industry has potential in Ann Arbor, considering the high ownership rate with 56.5% of housing units being owner-occupied. The average household net worth stands at an impressive $674,056, indicating that homeowners might have the means for home improvements and maintenance services. With a median home value of $389,897 and a significant portion of homes built from 1970 to 1979 (16.1%), there is likely a demand for renovation, landscaping, and home maintenance services.
Finally, the food and beverage industry should not be overlooked, with Ann Arbor residents spending $622.43 million annually in this category. Franchises that offer a mix of quality, convenience, and a unique dining proposition could do well. This might include gourmet fast-casual restaurants, specialty coffee shops, or ethnic cuisine that caters to a diverse and sophisticated palate, reflecting the city's cosmopolitan demographic profile.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Ann Arbor, Michigan Franchise Opportunities (and Businesses for Sale)
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