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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 Bloomfield, New Jersey | ||
| Data | Bloomfield, NJ | Nationwide |
|---|---|---|
| Population | 7.61 thousand | 333.2 million |
| Proj. 5 Year Population Growth | 7.3902% | 0.5% |
| Median Household Income | $403,693 | $74,580 |
| Median Age | 40.73 | 38.9 |
| Residents per Business | 1 to 42 | 10 to 1 |
| Annual Household Expenditures | $542.34 million | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
Analyzing the data for Bloomfield, NJ, within a 5-mile radius, several industries stand out as promising opportunities for new franchisees.
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In the home services industry, the data indicates a substantial market opportunity. Given that 93% of the housing units are occupied and the majority are renter-occupied (56.5%), franchises that offer home improvement, cleaning services, or moving services could thrive. Furthermore, the homeowner-occupied median home value is $450,685, which suggests that there is a market for higher-end home services and renovation businesses.
Considering the significant annual consumer expenditure on food and beverages in Bloomfield, which stands at $3.27 billion, the food industry cannot be overlooked. The high percentage of renter-occupied units could suggest a demand for various dining options, including fast food, casual dining, and specialty food franchises.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Bloomfield, New Jersey Franchise Opportunities (and Businesses for Sale)
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