Real Estate Investment Business Startup Cost Comparison
Duluth, MN vs New York, NY
Duluth, MN
$21,000 - $356,000
COL Index: 93
VS
New York, NY
$59,000 - $1,313,000
COL Index: 187.2
Detailed Cost Comparison
| Expense | Duluth, MN | New York, NY | Difference |
|---|---|---|---|
|
Business Formation
|
$500 - $3,000 | $500 - $3,000 | Same |
|
First Property Down Payment
|
$7,000 - $208,700 | $34,800 - $1,043,500 | -80% |
|
Renovation & Repairs
|
$4,700 - $93,000 | $9,400 - $187,200 | -50% |
|
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 | $9,400 - $56,200 | -50% |
| Total Estimated Cost | $21,000 - $356,000 | $59,000 - $1,313,000 | -73% |
Local Market Factors
| Factor | Duluth | New York |
|---|---|---|
| Cost of Living Index | 93 | 187.2 |
| Commercial Rent ($/sqft/yr) | $10 - $22 | $40 - $120 |
| Labor Rate Index | 0.9 | 1.45 |
| Sales Tax | 8.875% | 8.875% |
| Minimum Wage | $10.85/hr | $16.00/hr |
| LLC Filing Fee | $155 | $200 |
View Full Details
Ready to Start Your Real Estate Investment Business?
Start your Real Estate Investment Business LLC in — free registered agent for 1 year.
Form Your LLC for $0 + State Fee →Trusted by 500,000+ businesses · Excellent rating on Trustpilot