Hostel Startup Cost Comparison
Syracuse, NY vs New York, NY
Syracuse, NY
$27,000 - $153,000
COL Index: 86.2
VS
New York, NY
$92,000 - $533,000
COL Index: 187.2
Detailed Cost Comparison
| Expense | Syracuse, NY | New York, NY | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$200 - $3,000 | $200 - $3,000 | Same |
|
Space & Equipment
|
$11,300 - $67,800 | $69,600 - $417,400 | -84% |
|
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)
|
$6,500 - $25,900 | $14,000 - $56,200 | -54% |
| Total Estimated Cost | $27,000 - $153,000 | $92,000 - $533,000 | -71% |
Local Market Factors
| Factor | Syracuse | New York |
|---|---|---|
| Cost of Living Index | 86.2 | 187.2 |
| Commercial Rent ($/sqft/yr) | $8 - $18 | $40 - $120 |
| Labor Rate Index | 0.88 | 1.45 |
| Sales Tax | 8% | 8.875% |
| Minimum Wage | $15.00/hr | $16.00/hr |
| LLC Filing Fee | $200 | $200 |
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