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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 Lafayette, Louisiana | ||
| Data | Lafayette, LA | Nationwide |
|---|---|---|
| Population | 125.09 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -2.6014% | 0.5% |
| Median Household Income | $95,473 | $74,580 |
| Median Age | 37.49 | 38.9 |
| Residents per Business | 1 to 13 | 10 to 1 |
| Annual Household Expenditures | $3.65 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
Given the data for Lafayette, LA, several franchise industries stand out as particularly promising based on the economic and demographic trends.
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With an estimated median household income of $64,214 in 2023 and a total annual consumer expenditure on health care amounting to $302.26 million, there's substantial spending power directed towards health and wellness. Lafayette’s population is expected to grow, with an estimated population of 128,390 by 2028. This demographic trend, coupled with a considerable expenditure on health care, suggests that there's a market ready to engage with health and fitness franchises. Such franchises could range from traditional gyms to specialized fitness classes that cater to the diverse needs of Lafayette’s residents.
There’s a notable opportunity in the automotive sector in Lafayette, given that there are 87,365 total vehicles available in the city, with an average of 1.6 vehicles per household. Considering the fact that a significant percentage of workers (82.3%) drive to work alone, franchises that offer automotive services such as repairs, maintenance, or car washes could meet an essential demand.
The housing data in Lafayette indicates that there are 54,208 total households, with a homeownership rate of 63.2%. With a substantial portion of homes built before the year 2000 (over 30,000 homes), there's potential for home services franchises that specialize in renovations, repairs, and upgrades. Additionally, a significant portion of consumer expenditure goes into shelter ($771.74 million) and household operations ($145.34 million), indicating that homeowners are investing in their properties, which is promising for home service-related franchises.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Lafayette, Louisiana Franchise Opportunities (and Businesses for Sale)
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