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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 Palm Bay, Florida | ||
| Data | Palm Bay, FL | Nationwide |
|---|---|---|
| Population | 130.15 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -16.9526% | 0.5% |
| Median Household Income | $82,776 | $74,580 |
| Median Age | 40.93 | 38.9 |
| Residents per Business | 1 to 30 | 10 to 1 |
| Annual Household Expenditures | $3.02 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
With an estimated population of 130,154 in 2023, projected to grow to 154,262 by 2028, Palm Bay, FL, exhibits a steady population growth rate of 3.7% annually. This growing population creates a solid customer base, particularly for franchises that cater to daily needs. The food and beverage industry stands out, with an annual consumer expenditure of $446.03 million. Given the substantial spending in this sector, opening a franchise in fast-casual dining, specialty food stores, or a grocery chain could capitalize on this existing market demand.
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The average vehicles per household in Palm Bay is 1.7, and the majority of the workforce driving alone to work (76.6%) underscores the opportunity for automotive service franchises, such as auto repair shops, car washes, and quick-lube oil change services.
The median age of homes at 33.7 years suggests a mature housing market in Palm Bay. This could indicate a demand for home renovation and repair services. Home service franchises that specialize in renovations, HVAC services, or home and garden supplies could tap into the homeowners' need to maintain and update their properties. With 92.1% of housing units occupied, there is a clear opportunity for home-related service franchises to thrive in Palm Bay.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Palm Bay, Florida Franchise Opportunities (and Businesses for Sale)
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