Real Estate Agency Startup Cost Comparison
Lorain, OH vs Chicago, IL
Lorain, OH
$23,000 - $95,000
COL Index: 84.5
VS
Chicago, IL
$37,000 - $146,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Lorain, OH | Chicago, IL | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$700 - $3,000 | $5,600 - $10,900 | -78% |
|
Broker License & Education
|
$2,000 - $6,000 | $2,000 - $6,000 | Same |
|
Office Lease (First + Last + Security)
|
$2,700 - $13,700 | $8,800 - $44,000 | -69% |
|
Office Build-Out & Furnishing
|
$2,300 - $11,700 | $3,500 - $17,300 | -33% |
|
Technology & MLS Access
|
$3,000 - $12,000 | $3,000 - $12,000 | Same |
|
Insurance (Annual)
|
$2,000 - $8,000 | $2,000 - $8,000 | Same |
|
Marketing & Brand Building
|
$3,000 - $15,000 | $3,000 - $15,000 | Same |
|
Working Capital (3-6 Months)
|
$6,800 - $25,400 | $8,600 - $32,300 | -21% |
| Total Estimated Cost | $23,000 - $95,000 | $37,000 - $146,000 | -36% |
Local Market Factors
| Factor | Lorain | Chicago |
|---|---|---|
| Cost of Living Index | 84.5 | 107.8 |
| Commercial Rent ($/sqft/yr) | $8 - $20 | $25 - $65 |
| Labor Rate Index | 0.78 | 1.15 |
| Sales Tax | 7.75% | 10.25% |
| Minimum Wage | $10.45/hr | $15.80/hr |
| LLC Filing Fee | $99 | $150 |
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