Detroit, Michigan Franchise Market Analysis
To gain comprehensive insights into Detroit, Michigan, consider these figures in the table below, which include demographic segments, household dynamics, and financial averages, all pivotal in assessing the viability and promise of your franchise endeavor.
Detroit, Michigan Demographic Insights | ||
Households (2023) | 256,359 | |
Households (2028) | 248,559 | |
Population (2023) | 637,871 | |
Population (2028) | 608,631 | |
Per capita Income (2023) | $24,399 | |
Total Household Expenditures | $12,550,934,156 | |
Total Retail Expenditures | $5,897,659,284 | |
Average Household Income (2023) | $60,100 | |
Average Household Income (2028) | $66,952 | |
City Data retrieved from https://sitesusa.com/Data |
Local Insights
Detroit's automotive industry benefits from an average household income growth of 2.1% annually. With 46.8% of households having 1 vehicle available, there's a clear demand for automotive services in the city. Franchises that cater to car maintenance, repairs, or specialize in aftermarket parts could find significant market opportunities in Detroit.
Read MoreThe food and beverage sector stands out with an annual expenditure of $1.87 billion in Detroit. The presence of a gap in the full-service restaurant market (potential sales exceeding actual sales by 11%) underscores a demand for quality dining experiences. The rise in the average household income to $60,100 in 2023 further supports the notion that residents might be inclined to dine out more frequently or explore different dining experiences.
The home services industry can capitalize on the increasing disposable income in Detroit for home improvements, evidenced by an average household income increase and 83.1% of housing units occupied. With a median home value of $111,345, there is potential for franchises offering renovation, landscaping, and maintenance services, especially considering the substantial market gap in furniture and home furnishing stores, with potential sales of $127.61 million far outpacing actual sales.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Detroit, Michigan Franchise Opportunities (and Businesses for Sale)
First on the scene and best in its class, Sky Zone created the world’s first wall-to-wall trampoline park in 2004, bringing healthy, high-flying fun to people across the globe. Now you can be part of this international…
500k Minimum Cash Required
Exclusive territory. #1 Industry leader since 2001. 100% financing for U.S. citizens who qualify* plus software package with complete training. $100K 1st year profit potential. National alliances...
80k Minimum Cash Required
VOTED TOP PART TIME - WORK AT HOME BUSINESS! Are You Looking to Make an Additional $100,000 in the Next 12 Months - No Employees to Hire - No Equipment to Rent/Buy - No Office/Warehouse to Rent/Lease - Start Making money in…
30k Minimum Cash Required
Did you know you could partner with a company to build out your entire e-commerce store, from product research to inventory acquisition to marketing? Yep! You can easily make 6-7 figures in passive income when we build your…
30k Minimum Cash Required
Sniffing around for a great new opportunity? Zoomin Groomin is expanding our Mobile Pet Grooming business nationwide. Set your own schedule, be your own boss and work with pets all day. We’ll be right by your side, every…
100k Minimum Cash Required
American Business Systems has been America's Leader in Medical Billing with Unparalleled Training, and Support for over 25 years. $100k Potential working from anywhere, full-time or part-time. Learn more about this…
30k Minimum Cash Required
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As of May 9, 2024: