Pharmacy Startup Cost Comparison
Detroit, MI vs Miami, FL
Detroit, MI
$251,000 - $1,310,000
COL Index: 89.5
VS
Miami, FL
$332,000 - $1,745,000
COL Index: 128.3
Detailed Cost Comparison
| Expense | Detroit, MI | Miami, FL | Difference |
|---|---|---|---|
|
Licensing & DEA Registration
|
$5,000 - $20,000 | $5,000 - $20,000 | Same |
|
Retail Space & Build-Out
|
$41,300 - $247,800 | $97,800 - $587,000 | -58% |
|
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
|
$17,000 - $68,000 | $21,600 - $86,400 | -21% |
|
Marketing & Launch
|
$5,000 - $20,000 | $5,000 - $20,000 | Same |
|
Working Capital (3 Months)
|
$44,800 - $179,000 | $64,200 - $256,600 | -30% |
| Total Estimated Cost | $251,000 - $1,310,000 | $332,000 - $1,745,000 | -25% |
Local Market Factors
| Factor | Detroit | Miami |
|---|---|---|
| Cost of Living Index | 89.5 | 128.3 |
| Commercial Rent ($/sqft/yr) | $10 - $28 | $25 - $65 |
| Labor Rate Index | 0.85 | 1.08 |
| Sales Tax | 6% | 7% |
| Minimum Wage | $10.33/hr | $13.00/hr |
| LLC Filing Fee | $50 | $125 |
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