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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 Roanoke, Virginia | ||
| Data | Roanoke, VA | Nationwide |
|---|---|---|
| Population | 98.38 thousand | 333.2 million |
| Proj. 5 Year Population Growth | 1.2438% | 0.5% |
| Median Household Income | $85,144 | $74,580 |
| Median Age | 38.39 | 38.9 |
| Residents per Business | 1 to 19 | 10 to 1 |
| Annual Household Expenditures | $2.71 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
Analyzing the data for Roanoke, VA, the estimated average household income in 2023 is $85,144 with a projected increase to $93,233 by 2028. This financial backdrop is conducive for the food franchise industry. With a total annual food and beverage consumer expenditure at $401.12 million and a notable portion of the population being single-person households (38.7%), there is a clear opportunity for fast-casual dining franchises that cater to individuals looking for convenience without sacrificing quality.
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The data shows that 87.5% of housing units are occupied, with a roughly equal split between owner-occupied and renter-occupied properties. Franchises offering cleaning, maintenance, and renovation services could meet the needs of busy professionals and families seeking to maintain and improve their homes without the time or inclination for DIY.
With a substantial median home value of $168,346 and 59.2% of housing units being detached, there's room for growth in the real estate franchise sector. Real estate franchises that provide property management services or brokerage services could capitalize on the steady growth in household numbers and the overall health of the housing market. Notably, a significant portion of homes were built before 1939 (20.7%), which may require specialized real estate services for maintenance, upgrades, or sales.
Lastly, Roanoke's annual healthcare expenditure is considerable at $230.3 million, suggesting a demand for health and fitness franchises. Franchises that offer fitness centers, wellness programs, or home health care services could find a receptive market.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Roanoke, Virginia Franchise Opportunities (and Businesses for Sale)
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