Home Health Care Agency Startup Cost Comparison
Sioux Falls, SD vs New York, NY
Sioux Falls, SD
$44,000 - $307,000
COL Index: 92.5
VS
New York, NY
$74,000 - $519,000
COL Index: 187.2
Detailed Cost Comparison
| Expense | Sioux Falls, SD | New York, NY | Difference |
|---|---|---|---|
|
Licensing & Certification
|
$5,000 - $50,000 | $5,300 - $50,000 | -1% |
|
Office Space Setup
|
$2,300 - $15,700 | $10,400 - $69,600 | -78% |
|
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
|
$4,500 - $27,000 | $7,300 - $43,500 | -38% |
|
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)
|
$18,500 - $138,800 | $37,400 - $280,800 | -51% |
| Total Estimated Cost | $44,000 - $307,000 | $74,000 - $519,000 | -41% |
Local Market Factors
| Factor | Sioux Falls | New York |
|---|---|---|
| Cost of Living Index | 92.5 | 187.2 |
| Commercial Rent ($/sqft/yr) | $12 - $24 | $40 - $120 |
| Labor Rate Index | 0.9 | 1.45 |
| Sales Tax | 6.5% | 8.875% |
| Minimum Wage | $11.20/hr | $16.00/hr |
| LLC Filing Fee | $150 | $200 |
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