Home Health Care Agency Startup Cost Comparison
Newark, NJ vs New York, NY
Newark, NJ
$57,000 - $357,000
COL Index: 115.2
VS
New York, NY
$74,000 - $519,000
COL Index: 187.2
Detailed Cost Comparison
| Expense | Newark, NJ | New York, NY | Difference |
|---|---|---|---|
|
Licensing & Certification
|
$10,600 - $51,700 | $5,300 - $50,000 | +13% |
|
Office Space Setup
|
$3,500 - $23,500 | $10,400 - $69,600 | -66% |
|
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
|
$5,700 - $34,200 | $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)
|
$23,000 - $172,800 | $37,400 - $280,800 | -38% |
| Total Estimated Cost | $57,000 - $357,000 | $74,000 - $519,000 | -30% |
Local Market Factors
| Factor | Newark | New York |
|---|---|---|
| Cost of Living Index | 115.2 | 187.2 |
| Commercial Rent ($/sqft/yr) | $16 - $38 | $40 - $120 |
| Labor Rate Index | 1.14 | 1.45 |
| Sales Tax | 6.625% | 8.875% |
| Minimum Wage | $15.49/hr | $16.00/hr |
| LLC Filing Fee | $125 | $200 |
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