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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 Baltimore, Maryland | ||
| Data | Baltimore, MD | Nationwide |
|---|---|---|
| Population | 572.97 thousand | 333.2 million |
| Proj. 5 Year Population Growth | 4.6961% | 0.5% |
| Median Household Income | $98,730 | $74,580 |
| Median Age | 36.05 | 38.9 |
| Residents per Business | 1 to 24 | 10 to 1 |
| Annual Household Expenditures | $17.09 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
The city of Baltimore, MD presents a myriad of businesses for sale. The average household income within 5 miles of the city's center is estimated at $93,659 as of 2023, with a median household income of $68,063. Furthermore, the per capita income stands at an encouraging figure of $40,260. The economic profile is on a positive trajectory, with the average household income projected to reach $110,336 by 2028, depicting a stable and growing economy. Moreover, the estimated average household net worth in 2023 is $455,826, indicating a financially capable consumer base.
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The daytime demographics reflect a bustling business environment with a total of 21,795 businesses and 267,975 employees. Remarkably, the employee to business ratio stands at 12.3 to 1, while the residential population per business is at 23.3 to 1. This indicates a vibrant commercial scene with a balanced residential to business ratio, providing a promising market for business opportunities.
The type of employment also shows a white-collar predominance, with 64.8% engaged in management, business, financial operations, professional, or related occupations. This could imply a market inclined towards premium or specialized services, and presents an opportunity for business services franchises, professional service franchises, or tech and IT service franchises which could find a receptive market in this environment.
Furthermore, the consumer expenditure data unveils Baltimore's spending habits, which is vital for franchises to understand the market demand. The total retail expenditure is estimated at $6.74 billion, with significant spending on food and beverages, transportation, shelter, and health care. The monthly household consumer expenditure on food and beverages is notable at $814, followed by transportation at $985, and shelter at $1,186. This spending behavior suggests a potentially favorable market for food, automotive, or health-related franchises.
In summary, Baltimore's economic, business, and consumer expenditure landscape, when combined, provides a compelling case for potential franchisees looking to explore opportunities in this city. The relatively young population, the thriving business scene indicated by the employee to business and resident to business ratios, and the substantial consumer spending particularly in food and beverages, transportation, and shelter sectors, create a promising environment for franchise businesses to flourish and grow.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Baltimore, Maryland Franchise Opportunities (and Businesses for Sale)
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