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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 Lubbock, Texas | ||
| Data | Lubbock, TX | Nationwide |
|---|---|---|
| Population | 266.05 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -5.9974% | 0.5% |
| Median Household Income | $94,994 | $74,580 |
| Median Age | 29.64 | 38.9 |
| Residents per Business | 1 to 21 | 10 to 1 |
| Annual Household Expenditures | $6.92 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
The automotive industry shows potential in Lubbock, Texas, as there are 178,790 total vehicles among households, and an average of 1.7 vehicles per household. This suggests a strong car culture, with 39.6% of households having 2 vehicles available, and 17.6% having 3 or more. This indicates a solid market for automotive services such as maintenance, repair, and car washes, which are essential to vehicle owners.
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Another promising sector in Lubbock is food, bolstered by the annual food and beverage expenditure of $1.02 billion. Given the projected population growth of 1.2% annually from 2023 to 2028, there is an increasing number of consumers for food franchises to cater to.
Lastly, the real estate industry should be considered for franchising opportunities. The owner-occupied median home value stands at $177,029, and 15.2% of homes were built from 2010 to 2013, indicating a relatively recent growth in the housing market. With a population growth rate of 1.2% and a projected increase in households by 1.4% from 2023 to 2028, there is an expanding market for real estate services. Franchises that offer real estate brokerage, property management, or home inspection services could tap into this growing housing market.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Lubbock, Texas Franchise Opportunities (and Businesses for Sale)
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