Pawn Shop Startup Cost Comparison
New York, NY vs Chicago, IL
New York, NY
$92,000 - $358,000
COL Index: 187.2
VS
Chicago, IL
$56,000 - $220,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | New York, NY | Chicago, IL | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$200 - $3,000 | $200 - $3,000 | Same |
|
Space & Equipment
|
$69,600 - $278,300 | $39,100 - $156,500 | +78% |
|
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)
|
$14,000 - $37,400 | $8,100 - $21,600 | +73% |
| Total Estimated Cost | $92,000 - $358,000 | $56,000 - $220,000 | +63% |
Local Market Factors
| Factor | New York | Chicago |
|---|---|---|
| Cost of Living Index | 187.2 | 107.8 |
| Commercial Rent ($/sqft/yr) | $40 - $120 | $25 - $65 |
| Labor Rate Index | 1.45 | 1.15 |
| Sales Tax | 8.875% | 10.25% |
| Minimum Wage | $16.00/hr | $15.80/hr |
| LLC Filing Fee | $200 | $150 |
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