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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 Hampton, Virginia | ||
| Data | Hampton, VA | Nationwide |
|---|---|---|
| Population | 138.78 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -2.4709% | 0.5% |
| Median Household Income | $96,111 | $74,580 |
| Median Age | 35.9 | 38.9 |
| Residents per Business | 1 to 28 | 10 to 1 |
| Annual Household Expenditures | $3.96 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
Examining the data for Hampton, VA, we can extract valuable insights to determine suitable franchise industries. The estimated average household income for 2023 is $96,111, with a projected increase to $103,186 by 2028. This suggests a relatively affluent population with disposable income, which is conducive to the food industry, specifically higher-end or fast-casual dining options that can cater to households with higher spending capacity. The food and beverages sector already commands a significant portion of the annual consumer expenditure at $584.45 million, indicating a robust market for new franchise entrants.
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The housing data reflects a stable residential environment, with 92% of the total 63,381 housing units occupied in 2023 and a median home value of $222,215. This stability, coupled with the fact that 53.3% of housing units are owner-occupied, suggests that there is a potential market for home services franchises. These could include landscaping, home renovations, or maintenance services which cater to homeowners investing in their properties.
Lastly, the transportation data shows that 78.9% of the workforce drives to work alone, and there are an average of 1.7 vehicles per household. With the high percentage of single-occupant commuters and the need for vehicle maintenance, automotive franchises offering services such as oil changes, repairs, or car washes could see significant demand.
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Hampton, Virginia Franchise Opportunities (and Businesses for Sale)
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