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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 Memphis, Tennessee | ||
| Data | Memphis, TN | Nationwide |
|---|---|---|
| Population | 632.4 thousand | 333.2 million |
| Proj. 5 Year Population Growth | 2.0286% | 0.5% |
| Median Household Income | $87,086 | $74,580 |
| Median Age | 34.09 | 38.9 |
| Residents per Business | 1 to 19 | 10 to 1 |
| Annual Household Expenditures | $16.14 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
Memphis, TN, presents a promising landscape for the home services industry. With a median home value of $214,780 and a median rent of $754, the local housing market indicates a strong presence of homeowners. Additionally, there are 75,515 housing units within a 5 mile radius of the city’s center, with 85.5% of them occupied. This data underscores the potential customer base for home services franchises.
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Many households in Memphis have multiple vehicles (average of 1.4 vehicles per household), presenting an opportunity in the automotive industry. Automotive-related franchises like car maintenance or repair shops could thrive in this market. The 72.7% of workers commuting by driving to work alone also indicates a reliance on personal vehicles, making automotive services essential.
Memphis also boasts a substantial retail expenditure of $1.72 billion in 2023, indicative of a thriving consumer market. This data suggests a favorable environment for various retail franchise options, including convenience stores, specialty shops, or clothing boutiques, to succeed in this market.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Memphis, 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.