Real Estate Investment Business Startup Cost Comparison
Duluth, MN vs Chicago, IL
Duluth, MN
$21,000 - $356,000
COL Index: 93
VS
Chicago, IL
$35,000 - $753,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Duluth, MN | Chicago, IL | Difference |
|---|---|---|---|
|
Business Formation
|
$500 - $3,000 | $500 - $3,000 | Same |
|
First Property Down Payment
|
$7,000 - $208,700 | $19,600 - $587,000 | -64% |
|
Renovation & Repairs
|
$4,700 - $93,000 | $5,400 - $107,800 | -14% |
|
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 - $27,900 | $5,400 - $32,300 | -14% |
| Total Estimated Cost | $21,000 - $356,000 | $35,000 - $753,000 | -52% |
Local Market Factors
| Factor | Duluth | Chicago |
|---|---|---|
| Cost of Living Index | 93 | 107.8 |
| Commercial Rent ($/sqft/yr) | $10 - $22 | $25 - $65 |
| Labor Rate Index | 0.9 | 1.15 |
| Sales Tax | 8.875% | 10.25% |
| Minimum Wage | $10.85/hr | $15.80/hr |
| LLC Filing Fee | $155 | $150 |
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