Pawn Shop Startup Cost Comparison
Detroit, MI vs Houston, TX
Detroit, MI
$32,000 - $126,000
COL Index: 89.5
VS
Houston, TX
$43,000 - $171,000
COL Index: 96.5
Detailed Cost Comparison
| Expense | Detroit, MI | Houston, TX | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$200 - $3,000 | $200 - $3,000 | Same |
|
Space & Equipment
|
$16,500 - $66,100 | $27,400 - $109,600 | -40% |
|
Initial Supplies & Inventory
|
$7,500 - $30,000 | $7,500 - $30,000 | Same |
|
Business Insurance (Annual)
|
$500 - $4,000 | $500 - $4,000 | Same |
|
Marketing & Launch
|
$500 - $5,000 | $500 - $5,000 | Same |
|
Working Capital (3 Months)
|
$6,700 - $17,900 | $7,200 - $19,300 | -7% |
| Total Estimated Cost | $32,000 - $126,000 | $43,000 - $171,000 | -26% |
Local Market Factors
| Factor | Detroit | Houston |
|---|---|---|
| Cost of Living Index | 89.5 | 96.5 |
| Commercial Rent ($/sqft/yr) | $10 - $28 | $18 - $45 |
| Labor Rate Index | 0.85 | 0.92 |
| Sales Tax | 6% | 8.25% |
| Minimum Wage | $10.33/hr | $7.25/hr |
| LLC Filing Fee | $50 | $300 |
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