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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 Providence, Rhode Island | ||
Data | Providence, RI | Nationwide |
---|---|---|
Population | 185.83 thousand | 333.2 million |
Proj. 5 Year Population Growth | 1.7463% | 0.5% |
Median Household Income | $101,579 | $74,580 |
Median Age | 31.38 | 38.9 |
Residents per Business | 1 to 19 | 10 to 1 |
Annual Household Expenditures | $4.96 billion | $23.9 trillion |
City Data retrieved from https://sitesusa.com/Data |
Providence's housing data shows a significant portion of housing units are occupied (93%), with a notable segment of 1-person households (35.3%) and a substantial renter-occupied market (54.1%). This demographic might be particularly receptive to home services franchises that offer convenience and cater to smaller living spaces, such as cleaning services, on-demand repairs, and interior design. Additionally, with a median home value of $338,396 in 2023, there is potential for real estate and property management franchises to thrive by assisting homeowners in managing, selling, or renting their properties in a growing market.
Read MoreA notable 28.8% of the workforce works from home in Providence, suggesting a trend towards remote work that could be leveraged by business services franchises. These could include co-working spaces, business consulting, and remote office support services, catering to the needs of professionals who are working from home but may still require business-related services and a professional community.
The food and beverage sector in Providence also presents a promising opportunity, given the total annual consumer expenditure on food and beverages of $726.62 million. With an estimated population density of 9,026 people per square mile, there is a concentrated market for dining and grocery options. Franchises that offer unique dining experiences, local cuisine, and fast-casual formats could cater to both the single-person households and the larger demographic with disposable income looking for quality food experiences.
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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.
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