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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 Knoxville, Tennessee | ||
| Data | Knoxville, TN | Nationwide |
|---|---|---|
| Population | 198.16 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -6.2717% | 0.5% |
| Median Household Income | $82,655 | $74,580 |
| Median Age | 32.56 | 38.9 |
| Residents per Business | 1 to 14 | 10 to 1 |
| Annual Household Expenditures | $5.22 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
The Knoxville, TN, demographic data points to several promising franchise industries. Firstly, the real estate sector appears promising with a median home value of $237,252 and a high percentage of owner-occupied units (58.9%). The historical annual growth of housing units between 2020 and 2023 was 1,556 units, and the owner-occupied units stood at 50,566. With these figures, a franchise in home services could thrive. Services could include landscaping, renovation, or home inspection services, catering to the needs of the substantial homeowner population looking to maintain or increase their property value.
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Secondly, the automotive industry holds potential for new franchisees. With 85,810 households and a total of 145,927 vehicles available, averaging 1.7 vehicles per household, there's a clear demand for automotive services. A franchise specializing in vehicle maintenance, repair, or even car wash services could serve this market.
Another area with potential is the health and fitness industry. Knoxville has an estimated average household income of $82,655 and a significant portion of expenditures goes towards health care ($441.76M). With a strong spending power and a focus on health, franchises in the fitness sector such as gyms, specialized fitness centers, or even health food stores could capitalize on the community's investment in health and wellness.
Lastly, given the consumer expenditure data, the food and beverage industry also presents an opportunity. Knoxville residents spend a considerable $769.49M annually on food and beverages. This, paired with an average monthly household expenditure of $747 on food and beverages, suggests a vibrant market for food-related franchises. This could include fast-casual dining, specialty food stores, or even health-oriented eateries.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Knoxville, Tennessee Franchise Opportunities (and Businesses for Sale)
At Franchise Ventures, we prioritize transparency and objectivity to empower your franchise decisions. Unlike brokers or franchisors, our motivations are unclouded by financial incentives tied to your choices. We don't earn based on the franchise you opt for, instead, our mission is to present you with impartial insights. Navigate through a realm of franchising opportunities with information you can trust.