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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 Newark, New Jersey | ||
| Data | Newark, NJ | Nationwide |
|---|---|---|
| Population | 298.29 thousand | 333.2 million |
| Proj. 5 Year Population Growth | 1.5167% | 0.5% |
| Median Household Income | $72,224 | $74,580 |
| Median Age | 33.38 | 38.9 |
| Residents per Business | 1 to 29 | 10 to 1 |
| Annual Household Expenditures | $6.14 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
With a population estimated at 298,286 in 2023, Newark's franchising landscape presents opportunities influenced by current household income levels and demographics. The estimated average household income in 2023 is $72,224 with a projected increase to $79,349 by 2028. Given the data, the food franchise industry appears promising. Newark residents' annual expenditure on food and beverages is significant, at $913.53 million, indicating a strong market for food-related franchises. Moreover, with a considerable portion of households (33.5%) not having access to a vehicle, food franchises that offer delivery services could fill a niche, leveraging the 15.6% of workers who work at home and might seek convenient dining options.
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The health and fitness industry is another sector worth considering for franchising in Newark. The current climate indicates a consumer interest in health, with annual health care expenditures in Newark totaling $512.48 million. This expenditure, coupled with a median household income of $50,410 and a projected increase in average household income, suggests that residents may have the means and interest to invest in their health and wellness, providing a potential customer base for health and fitness franchises.
The data suggests that 64.4% of housing units are renter-occupied in Newark, and the median rent is $1,088, indicating a substantial rental market. With a homeowner-occupied median home value of $397,829, there is an implication of home investment and maintenance needs. Thus, home services franchises, particularly those offering renovation, repair, and maintenance services, could find a receptive market in Newark. The presence of older homes, with 22% built before 1939, also underscores potential demand for services that modernize and maintain these properties.
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Newark, New Jersey Franchise Opportunities (and Businesses for Sale)
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