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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 Norfolk, Virginia | ||
| Data | Norfolk, VA | Nationwide |
|---|---|---|
| Population | 234.16 thousand | 333.2 million |
| Proj. 5 Year Population Growth | 2.7048% | 0.5% |
| Median Household Income | $98,605 | $74,580 |
| Median Age | 32.15 | 38.9 |
| Residents per Business | 1 to 25 | 10 to 1 |
| Annual Household Expenditures | $6.45 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
The health and fitness industry could be a potential area for new franchisees to explore in Norfolk. With an average household income of $98,605 and an estimated per capita income of $41,157 in 2023, there is likely discretionary spending available for health and fitness services. Moreover, the consumer expenditure on health care is substantial at $539.35 million, indicating that health and wellness is a priority for the residents.
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Home services is another industry to consider. With a sizable portion of the population working at home (14.0%), there is an opportunity for businesses that provide home improvement, maintenance, and repair services. The median home value of $261,181 suggests a substantial investment in housing that homeowners would be interested in maintaining or enhancing. Additionally, the existence of older homes (12.7% built before 1939) could create demand for renovation and modernization services.
Lastly, automotive services might be a lucrative franchise option. There are 146,374 vehicles available in Norfolk with an average of 1.6 vehicles per household, and a significant number of these households have multiple vehicles (15.3% with three or more). Considering the annual transportation expenditure is $1.17 billion, which indicates significant spending in vehicle maintenance and services, there is a clear market for automotive franchises providing repairs, maintenance, or even car wash services.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Norfolk, Virginia Franchise Opportunities (and Businesses for Sale)
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