Real Estate Investment Business Startup Cost Comparison
Cleveland, OH vs Chicago, IL
Cleveland, OH
$24,000 - $422,000
COL Index: 93.8
VS
Chicago, IL
$35,000 - $753,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Cleveland, OH | Chicago, IL | Difference |
|---|---|---|---|
|
Business Formation
|
$500 - $3,000 | $500 - $3,000 | Same |
|
First Property Down Payment
|
$9,100 - $273,900 | $19,600 - $587,000 | -53% |
|
Renovation & Repairs
|
$4,700 - $93,800 | $5,400 - $107,800 | -13% |
|
Landlord Insurance
|
$1,000 - $5,000 | $1,000 - $5,000 | Same |
|
Analysis & Management Tools
|
$500 - $3,000 | $500 - $3,000 | Same |
|
Closing & Financing Costs
|
$3,000 - $15,000 | $3,000 - $15,000 | Same |
|
Cash Reserves
|
$4,700 - $28,100 | $5,400 - $32,300 | -13% |
| Total Estimated Cost | $24,000 - $422,000 | $35,000 - $753,000 | -43% |
Local Market Factors
| Factor | Cleveland | Chicago |
|---|---|---|
| Cost of Living Index | 93.8 | 107.8 |
| Commercial Rent ($/sqft/yr) | $12 - $30 | $25 - $65 |
| Labor Rate Index | 0.9 | 1.15 |
| Sales Tax | 8% | 10.25% |
| Minimum Wage | $10.45/hr | $15.80/hr |
| LLC Filing Fee | $99 | $150 |
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