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.
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 firstname.lastname@example.org 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|