Jersey City, New Jersey Franchise Market Analysis
To gain comprehensive insights into Jersey City, New Jersey, 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.
Jersey City, New Jersey Demographic Insights | ||
Households (2023) | 125,442 | |
Households (2028) | 133,065 | |
Population (2023) | 303,742 | |
Population (2028) | 327,129 | |
Per capita Income (2023) | $57,753 | |
Total Household Expenditures | $11,288,106,604 | |
Total Retail Expenditures | $5,222,608,323 | |
Average Household Income (2023) | $139,612 | |
Average Household Income (2028) | $143,306 | |
City Data retrieved from https://sitesusa.com/Data |
Local Insights
With an impressive total annual consumer expenditure of $1.63 billion on food and beverages and the actual sales for full-service restaurants at $363.62 million against a potential of $405.48 million, there's evident room for growth in the dining sector in Jersey City. The city's high average household income of $139,612 and the median income of $100,488 imply that residents have the means for regular restaurant visits or premium dining experiences. Quick-service and fast-casual dining franchises are likely to find a receptive audience, particularly when considering the potential sales for limited service restaurants are at $188.37 million against actual sales of $112.08 million.
Read MoreThe data points to an 89% housing unit occupancy rate in Jersey City, with a notable 27.1% owner-occupied rate. With an owner-occupied median home value of $495,838, there is likely a market for home improvement and maintenance franchises. Additionally, the $767.27 million spent annually on utilities by consumers suggests a substantial market for energy efficiency services and home automation, areas ripe for innovation and growth.
Jersey City’s total retail consumer expenditure is $5.22 billion annually, with specific sectors like apparel ($414.53 million) and entertainment ($652.73 million) indicating consumer interest in these areas. With the workforce predominantly in white-collar jobs (72.9%), there's likely a demand for retail franchises that cater to professionals, such as clothing stores, electronics, and specialty retail services.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Jersey City, New Jersey Franchise Opportunities (and Businesses for Sale)
Lawn Pride is a rapidly growing lawn care franchise, but you don't have to get your hands dirty to be an owner. Operating within a growing and recession-resilient industry that provides in-demand services, franchise…
50k Minimum Cash Required
Today's busy lifestyles demand the services PostalAnnex+ offers. Capitalize on this demand and open your own business!! After retiring from the printing business PostalAnnex+ founder Jack Lentz began working out of his…
70k Minimum Cash Required
My Business Venture gives you the ability to start an online business from your home. We provide you access up to 1 million products & you chose up to 2,000 you want to feature on your website! MBV’s 10% Price Guarantee on…
3,995 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
Mr. Handyman is an award-winning handyman services franchise, but you don't need experience in the trades to be an owner. Operating within a growing and recession-resilient industry that provides in-demand services,…
50k Minimum Cash Required
ATAX Tax Service is your premier destination for comprehensive and reliable tax assistance.
40k Minimum Cash Required
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As of May 16, 2024: