Pharmacy Startup Cost Comparison
Chicago, IL vs New York, NY
Chicago, IL
$323,000 - $1,710,000
COL Index: 107.8
VS
New York, NY
$445,000 - $2,349,000
COL Index: 187.2
Detailed Cost Comparison
| Expense | Chicago, IL | New York, NY | Difference |
|---|---|---|---|
|
Licensing & DEA Registration
|
$5,600 - $20,000 | $5,300 - $20,000 | +1% |
|
Retail Space & Build-Out
|
$97,800 - $587,000 | $173,900 - $1,043,500 | -44% |
|
Initial Inventory
|
$100,000 - $600,000 | $100,000 - $600,000 | Same |
|
Pharmacy Equipment & Technology
|
$30,000 - $150,000 | $30,000 - $150,000 | Same |
|
Insurance & Bonding
|
$8,000 - $25,000 | $8,000 - $25,000 | Same |
|
Initial Staffing & Training
|
$23,000 - $92,000 | $29,000 - $116,000 | -21% |
|
Marketing & Launch
|
$5,000 - $20,000 | $5,000 - $20,000 | Same |
|
Working Capital (3 Months)
|
$53,900 - $215,600 | $93,600 - $374,400 | -42% |
| Total Estimated Cost | $323,000 - $1,710,000 | $445,000 - $2,349,000 | -27% |
Local Market Factors
| Factor | Chicago | New York |
|---|---|---|
| Cost of Living Index | 107.8 | 187.2 |
| Commercial Rent ($/sqft/yr) | $25 - $65 | $40 - $120 |
| Labor Rate Index | 1.15 | 1.45 |
| Sales Tax | 10.25% | 8.875% |
| Minimum Wage | $15.80/hr | $16.00/hr |
| LLC Filing Fee | $150 | $200 |
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