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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 Virginia Beach, Virginia | ||
| Data | Virginia Beach, VA | Nationwide |
|---|---|---|
| Population | 458.09 thousand | 333.2 million |
| Proj. 5 Year Population Growth | 2.668% | 0.5% |
| Median Household Income | $131,734 | $74,580 |
| Median Age | 37.05 | 38.9 |
| Residents per Business | 1 to 22 | 10 to 1 |
| Annual Household Expenditures | $15.58 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
Within a 5 mile radius of Virginia Beach, the annual transportation expenditure is $596.67 million. Considering the projected annual change of 2.7% in per capita income, Virginia Beach residents may have a growing discretionary income for automotive services. With households owning an average of 1.8 vehicles and only 5.5% of households without a vehicle, there is scope for a range of automotive franchises – from repair shops and quick lube stations to dealerships offering new car sales, and even car rental services for the segment without cars.
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The real estate franchise opportunities in Virginia Beach can leverage the projected median household income growth to $107,839 by 2028, indicating a potential increase in real estate investments and services. The historical annual growth in average household income by 5.2% from 2000-2023 points to growing affluence, which could translate into a thriving market for real estate agencies, property management companies, and home renovation services, catering to the homeowner demographic seeking to maintain or enhance property values.
With a significant annual entertainment expenditure of $192.44 million, entertainment franchises have the potential to thrive in Virginia Beach. Considering 21% of the workforce works from home, there is an opportunity for entertainment services that provide a leisurely escape for remote workers. Additionally, franchises that offer activities aligning with Virginia Beach's coastal lifestyle, such as water sports or outdoor adventure parks, could attract both locals and tourists, capitalizing on the city’s natural attractions.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Virginia Beach, Virginia Franchise Opportunities (and Businesses for Sale)
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