Analyze Southfield Michigan with the same criteria
Analysis of Southfield, Michigan
Southfield, Michigan, presents a relatively favorable economic landscape for potential investors, including those looking to enter the bar business.
Population and Demographics As of 2023, Southfield has a population of approximately 76,607 residents, with a median age of 42.1 years (Data USA). While the population has shown a slight decline of 289 individuals between 2021 and 2023, this loss is marginal compared to many other cities (Neilsberg). With about 27% of the population holding a bachelor’s degree or higher, Southfield boasts an educated demographic, which could be advantageous for businesses targeting a more knowledgeable clientele (City of Southfield Fact Sheet).
Economic Indicators The median household income in Southfield is reported at $65,848, and the average per capita income is around $50,228 (World Population Review). These figures suggest a healthy economic environment compared to the national averages, and they indicate that residents likely have disposable income that could be leveraged in the service industry, such as bar and restaurant enterprises.
The poverty rate in Southfield stands at 11.23%, which, while higher than the city’s median income suggests, is still relatively manageable compared to other urban areas. These factors contribute to a balanced economic environment where businesses have the potential to thrive (Data USA).
Overall Growth Trends Despite the slight population decrease, Southfield is recognized as one of the more affluent suburbs in the Detroit metropolitan area. It ranks as the 20th city in Michigan for median household income, reinforcing its status as a place for middle to higher-income residents (Neilsberg). The city also prides itself on its quality of life, with suburban amenities and a vibrant community atmosphere, making it an attractive location for new businesses.
Conclusion In conclusion, Southfield, Michigan, exhibits several appealing characteristics for prospective business owners looking to open a bar. A stable population, solid median household income, and relatively low poverty rates combine to create a favorable business climate. Nevertheless, the slight population decline should be considered in strategic planning for long-term success.
For more in-depth information, you might also consult the following resources:
- U.S. Census Bureau QuickFacts - Southfield
- Data USA - Southfield Overview
- City of Southfield Fact Sheet
- World Population Review - Southfield Information
Sources
Related Questions
Work fast from anywhere
Stay up to date and move work forward with BrutusAI on macOS/iOS/web & android. Download the app today.