Hostel Startup Cost Comparison
Gary, IN vs Chicago, IL
Gary, IN
$26,000 - $149,000
COL Index: 81.5
VS
Chicago, IL
$56,000 - $326,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Gary, IN | Chicago, IL | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$200 - $3,000 | $200 - $3,000 | Same |
|
Space & Equipment
|
$10,900 - $65,200 | $39,100 - $234,800 | -72% |
|
Initial Supplies & Inventory
|
$7,500 - $45,000 | $7,500 - $45,000 | Same |
|
Business Insurance (Annual)
|
$500 - $6,000 | $500 - $6,000 | Same |
|
Marketing & Launch
|
$500 - $5,000 | $500 - $5,000 | Same |
|
Working Capital (3 Months)
|
$6,100 - $24,500 | $8,100 - $32,300 | -24% |
| Total Estimated Cost | $26,000 - $149,000 | $56,000 - $326,000 | -54% |
Local Market Factors
| Factor | Gary | Chicago |
|---|---|---|
| Cost of Living Index | 81.5 | 107.8 |
| Commercial Rent ($/sqft/yr) | $7 - $18 | $25 - $65 |
| Labor Rate Index | 0.75 | 1.15 |
| Sales Tax | 7% | 10.25% |
| Minimum Wage | $7.25/hr | $15.80/hr |
| LLC Filing Fee | $95 | $150 |
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