Real Estate Investment Business Startup Cost Comparison
Philadelphia, PA vs Chicago, IL
Philadelphia, PA
$33,000 - $664,000
COL Index: 114.5
VS
Chicago, IL
$35,000 - $753,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Philadelphia, PA | Chicago, IL | Difference |
|---|---|---|---|
|
Business Formation
|
$500 - $3,000 | $500 - $3,000 | Same |
|
First Property Down Payment
|
$16,300 - $489,100 | $19,600 - $587,000 | -17% |
|
Renovation & Repairs
|
$5,700 - $114,500 | $5,400 - $107,800 | +6% |
|
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
|
$5,700 - $34,400 | $5,400 - $32,300 | +6% |
| Total Estimated Cost | $33,000 - $664,000 | $35,000 - $753,000 | -12% |
Local Market Factors
| Factor | Philadelphia | Chicago |
|---|---|---|
| Cost of Living Index | 114.5 | 107.8 |
| Commercial Rent ($/sqft/yr) | $20 - $55 | $25 - $65 |
| Labor Rate Index | 1.12 | 1.15 |
| Sales Tax | 8% | 10.25% |
| Minimum Wage | $7.25/hr | $15.80/hr |
| LLC Filing Fee | $125 | $150 |
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