Coworking Space Startup Cost Comparison
Detroit, MI vs New York, NY
Detroit, MI
$63,000 - $303,000
COL Index: 89.5
VS
New York, NY
$183,000 - $882,000
COL Index: 187.2
Detailed Cost Comparison
| Expense | Detroit, MI | New York, NY | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$200 - $3,000 | $200 - $3,000 | Same |
|
Space & Equipment
|
$33,000 - $165,200 | $139,100 - $695,700 | -76% |
|
Initial Supplies & Inventory
|
$15,000 - $75,000 | $15,000 - $75,000 | Same |
|
Business Insurance (Annual)
|
$500 - $10,000 | $500 - $10,000 | Same |
|
Marketing & Launch
|
$500 - $5,000 | $500 - $5,000 | Same |
|
Working Capital (3 Months)
|
$13,400 - $44,800 | $28,100 - $93,600 | -52% |
| Total Estimated Cost | $63,000 - $303,000 | $183,000 - $882,000 | -66% |
Local Market Factors
| Factor | Detroit | New York |
|---|---|---|
| Cost of Living Index | 89.5 | 187.2 |
| Commercial Rent ($/sqft/yr) | $10 - $28 | $40 - $120 |
| Labor Rate Index | 0.85 | 1.45 |
| Sales Tax | 6% | 8.875% |
| Minimum Wage | $10.33/hr | $16.00/hr |
| LLC Filing Fee | $50 | $200 |
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