Airbnb Rental Business Startup Cost Comparison
Newport News, VA vs Chicago, IL
Newport News, VA
$9,000 - $50,000
COL Index: 95.2
VS
Chicago, IL
$14,000 - $59,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Newport News, VA | Chicago, IL | Difference |
|---|---|---|---|
|
Business Registration & Permits
|
$800 - $4,500 | $5,600 - $10,900 | -68% |
|
Furnishing & Decor
|
$3,000 - $20,000 | $3,000 - $20,000 | Same |
|
Smart Locks & Technology
|
$500 - $3,000 | $500 - $3,000 | Same |
|
Professional Photography
|
$200 - $1,000 | $200 - $1,000 | Same |
|
Guest Supplies & Welcome Kit
|
$300 - $1,500 | $300 - $1,500 | Same |
|
Short-Term Rental Insurance (Annual)
|
$1,000 - $3,000 | $1,000 - $3,000 | Same |
|
Listing Setup & Marketing
|
$500 - $3,000 | $500 - $3,000 | Same |
|
Working Capital (3 Months)
|
$2,900 - $14,300 | $3,200 - $16,200 | -11% |
| Total Estimated Cost | $9,000 - $50,000 | $14,000 - $59,000 | -19% |
Local Market Factors
| Factor | Newport News | Chicago |
|---|---|---|
| Cost of Living Index | 95.2 | 107.8 |
| Commercial Rent ($/sqft/yr) | $12 - $28 | $25 - $65 |
| Labor Rate Index | 0.88 | 1.15 |
| Sales Tax | 6% | 10.25% |
| Minimum Wage | $12.41/hr | $15.80/hr |
| LLC Filing Fee | $100 | $150 |
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