Self-Storage Facility Startup Cost Comparison
Hampton, VA vs Chicago, IL
Hampton, VA
$295,000 - $3,384,000
COL Index: 93.5
VS
Chicago, IL
$557,000 - $7,093,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Hampton, VA | Chicago, IL | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$500 - $3,000 | $500 - $3,000 | Same |
|
Land & Building
|
$160,900 - $2,413,000 | $391,300 - $5,869,600 | -59% |
|
Storage Units & Access
|
$87,000 - $696,000 | $115,000 - $920,000 | -24% |
|
Management Software & Security
|
$10,000 - $50,000 | $10,000 - $50,000 | Same |
|
Business Insurance (Annual)
|
$5,000 - $20,000 | $5,000 - $20,000 | Same |
|
Marketing & Visibility
|
$3,000 - $15,000 | $3,000 - $15,000 | Same |
|
Working Capital (6 Months)
|
$28,100 - $187,000 | $32,300 - $215,600 | -13% |
| Total Estimated Cost | $295,000 - $3,384,000 | $557,000 - $7,093,000 | -52% |
Local Market Factors
| Factor | Hampton | Chicago |
|---|---|---|
| Cost of Living Index | 93.5 | 107.8 |
| Commercial Rent ($/sqft/yr) | $11 - $26 | $25 - $65 |
| Labor Rate Index | 0.87 | 1.15 |
| Sales Tax | 6% | 10.25% |
| Minimum Wage | $12.41/hr | $15.80/hr |
| LLC Filing Fee | $100 | $150 |
View Full Details
Ready to Start Your Self-Storage Facility?
Start your Self-Storage Facility LLC in — free registered agent for 1 year.
Form Your LLC for $0 + State Fee →Trusted by 500,000+ businesses · Excellent rating on Trustpilot