Home Health Care Agency Startup Cost Comparison
Chicago, IL vs New York, NY
Chicago, IL
$53,000 - $360,000
COL Index: 107.8
VS
New York, NY
$74,000 - $519,000
COL Index: 187.2
Detailed Cost Comparison
| Expense | Chicago, IL | New York, NY | Difference |
|---|---|---|---|
|
Licensing & Certification
|
$5,600 - $50,000 | $5,300 - $50,000 | +1% |
|
Office Space Setup
|
$5,900 - $39,100 | $10,400 - $69,600 | -44% |
|
Software & Technology
|
$3,000 - $15,000 | $3,000 - $15,000 | Same |
|
Insurance & Bonding
|
$5,000 - $25,000 | $5,000 - $25,000 | Same |
|
Initial Caregiver Recruitment
|
$5,800 - $34,500 | $7,300 - $43,500 | -21% |
|
Compliance & Accreditation
|
$3,000 - $20,000 | $3,000 - $20,000 | Same |
|
Marketing & Referral Network
|
$3,000 - $15,000 | $3,000 - $15,000 | Same |
|
Working Capital (3-6 Months)
|
$21,600 - $161,700 | $37,400 - $280,800 | -42% |
| Total Estimated Cost | $53,000 - $360,000 | $74,000 - $519,000 | -30% |
Local Market Factors
| Factor | Chicago | New York |
|---|---|---|
| Cost of Living Index | 107.8 | 187.2 |
| Commercial Rent ($/sqft/yr) | $25 - $65 | $40 - $120 |
| Labor Rate Index | 1.15 | 1.45 |
| Sales Tax | 10.25% | 8.875% |
| Minimum Wage | $15.80/hr | $16.00/hr |
| LLC Filing Fee | $150 | $200 |
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