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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 Tacoma, Washington | ||
| Data | Tacoma, WA | Nationwide |
|---|---|---|
| Population | 220.32 thousand | 333.2 million |
| Proj. 5 Year Population Growth | 1.5681% | 0.5% |
| Median Household Income | $117,682 | $74,580 |
| Median Age | 36.05 | 38.9 |
| Residents per Business | 1 to 22 | 10 to 1 |
| Annual Household Expenditures | $6.98 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
The data indicates a majority of the housing units in Tacoma are owner-occupied (60.6%), with a median home value of $460,239. This substantial investment in housing suggests that homeowners may seek to maintain or improve their properties. Given this, franchises offering home improvement, landscaping, cleaning, or repair services could find a steady market in Tacoma. The historical annual change in average household income (6.4% from 2000-2023) further suggests that homeowners may have increasing equity, providing them with financial flexibility for home services.
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With an estimated $1.02 billion spent on food and beverages in 2023, there's a clear demand for dining options in Tacoma. The city's consumer expenditure on food and beverages accounts for a significant portion (14.6%) of the total monthly household expenditure. Franchises that provide unique dining experiences, whether it's fast casual or sit-down restaurants, especially those that can leverage local tastes and the city's coastal location, could tap into this considerable market.
Tacoma's household vehicle availability data shows that 35.7% of households have 2 vehicles available, and 22.1% have 3 or more vehicles available. This suggests that a large portion of the population relies on personal vehicles, which aligns with the fact that 66% of the worker base drives to work alone. Franchises that offer automotive services such as maintenance, repair, and car washes could be in demand, supported by the city's relatively high average vehicle per household figure (1.8).
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Tacoma, Washington Franchise Opportunities (and Businesses for Sale)
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