Pawn Shop Density Per Capita Statistics Compiled by Samuel Reading

Acquiring data about the industry you specialize in is extremely useful and can help you pinpoint growth and business strategies. Lucky for you, Samuel Reading of Sam’s Locker Pawn & More in Boise, Idaho, did the hard work for you and pulled the numbers together of pawn shop density per capita in the United States.

Read his original blog post and findings here.

When Samuel Reading realized there wasn’t any current industry study that measured pawn shop density per capita, he pooled his resources and connections together to develop a method to extract this particular data. In particular, he partnered with Pandoros Inc. where they leverage technology and data as an asset in making businesses run smoothly, of which is also fundamental in Samuel Reading’s own business philosophy.

This study had one purpose: Determine Pawn Shops per Capita (state level).

TOP 10 STATES, WITH THE HIGHEST PAWN SHOP DENSITY PER CAPITA AS OF 2014/2016 DATA

1.       Alabama has: 1 Pawn shop for every 5,921 People. With a 25% Interest Cap
2.       Arkansas has: 1 Pawn shop for every 6,477 People. With a 18% Usury Limit
3.       Georgia has: 1 Pawn shop for every 7,397 People. With a 25% Interest Cap
4.       Mississippi has: 1 Pawn shop for every 7,817 People. With a 25% Interest Cap
5.       Montana has: 1 Pawn shop for every 7,935 People. With a 25% Interest Cap
6.       West Virginia has: 1 Pawn shop for every 10,008 People. With a No State Cap, some cities no cap
7.       Tennessee has: 1 Pawn shop for every 10,412 People. With a 2% Interest Cap + 1/5th loan amount
8.       Wyoming has: 1 Pawn shop for every 10,621 People. With a Not very restrictive?
9.       Oklahoma has: 1 Pawn shop for every 10,654 People. With a 3%-20% Interest Cap, flex on loan amount
10.       Idaho has: 1 Pawn shop for every 11,044 People. No State Cap, (county laws), 20% standard
 

 

TOP 10 STATES, WITH LOWEST PAWN SHOP DENSITY PER CAPITA

1.       DC has: 1 Pawn shop for every 94,128 People. With a 2-3% Cap (Bill 18-715)
2.       New Jersey has: 1 Pawn shop for every 53,203 People. With a 4.5% (recently raised)
3.       Vermont has: 1 Pawn shop for every 52,214 People. With a 3%-5%% Interest Cap
4.       Wisconsin has: 1 Pawn shop for every 46,061 People. With a Interest Rate Not Restrictive?
5.       Pennsylvania has: 1 Pawn shop for every 37,390 People. With a 3% Interest Cap
6.       Massachusetts has: 1 Pawn shop for every 34,415 People. With a Interest Rate Not Restrictive?
7.       Delaware has: 1 Pawn shop for every 31,187 People. With a 30% Interest Cap?
8.       Oregon has: 1 Pawn shop for every 30,777 People. With a 3% Interest, 3%storage,+10% setup ($100 max each)
9.       California has: 1 Pawn shop for every 30,650 People. With a 2.5% Interest Cap
10.   Ohio has: 1 Pawn shop for every 30,115 People. With a 5% Interest Cap

Want the full list? You can download the full list here: Pawn Shop 2015 Dec Pawn Shop Count By State

Sam’s pawn shop is in Idaho, so he was particularly surprised to find his state at number 10 on the list. Did you also notice how the pawn density per state is highly influenced by the regulations and laws? Will this deter you or inspire you to open up a pawn shop in a neighboring state?

Also, note that Wisconsin, Massachusetts, and Delaware all have a low pawn shop per Capita Rate. Are these ideal states to start looking for opening your next Pawn Shop or does this illustrate the low demand in those areas to be cautionary of?

This data was obtained from Yellow Pages listings in late January 2016, so it’s still very relevant and new information. The study took the public listing data for every pawn shop in the USA to calculate the count per state, then aggregated the results with Census Data in order to determine the pawn shop per capita rate.

If you’d like more detailed information or would just like to thank Sam for his diligence in putting this together, you can contact him at  samslockerboise@gmail.com or go like the Sam’s Locker Facebook Page.

Check out the full list below:

State Name State Pawn Shop Per Capita Pawnshop Count Yellow pages CENSUS2010POP
District of Columbia DC 94,128 7 601,723
New Jersey NJ 53,203 168 8,791,894
Vermont VT 52,214 12 625,741
Wisconsin WI 46,061 125 5,686,986
Pennsylvania PA 37,390 342 12,702,379
Massachusetts MA 34,415 196 6,547,629
Delaware DE 31,187 30 897,934
Oregon OR 30,777 129 3,831,074
California CA 30,650 1266 37,253,956
Ohio OH 30,115 385 11,536,504
Minnesota MN 29,659 184 5,303,925
Nebraska NE 29,398 64 1,826,341
Maryland MD 29,296 204 5,773,552
New York NY 28,659 689 19,378,102
Michigan MI 27,759 357 9,883,640
Virginia VA 26,946 309 8,001,024
Iowa IA 26,110 119 3,046,355
Indiana IN 26,075 253 6,483,802
Illinois IL 25,207 511 12,830,632
Washington WA 22,561 313 6,724,540
Connecticut CT 22,066 163 3,574,097
North Dakota ND 20,541 36 672,591
New Hampshire NH 19,229 69 1,316,470
Texas TX 18,553 1453 25,145,561
Kansas KS 18,497 157 2,853,118
Utah UT 18,055 163 2,763,885
Hawaii HI 17,525 81 1,360,301
Nevada NV 17,001 167 2,700,551
Louisiana LA 16,725 278 4,533,372
Rhode Island RI 16,487 64 1,052,567
North Carolina NC 16,382 607 9,535,483
Arizona AZ 16,339 412 6,392,017
Maine ME 16,025 83 1,328,361
Colorado CO 15,346 349 5,029,196
New Mexico NM 15,004 139 2,059,179
Missouri MO 14,267 425 5,988,927
South Dakota SD 13,542 63 814,180
Alaska AK 13,395 55 710,231
South Carolina SC 13,386 361 4,625,364
Florida FL 12,994 1531 18,801,310
Kentucky KY 11,145 396 4,339,367
Idaho ID 11,044 148 1,567,582
Oklahoma OK 10,654 364 3,751,351
Wyoming WY 10,621 55 563,626
Tennessee TN 10,412 629 6,346,105
West Virginia WV 10,002 185 1,852,994
Montana MT 7,935 129 989,415
Mississippi MS 7,817 383 2,967,297
Georgia GA 7,397 1365 9,687,653
Arkansas AR 6,477 458 2,915,918
Alabama AL 5,921 819 4,779,736

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