Self-Storage Facility Startup Cost Comparison
West Palm Beach, FL vs New York, NY
West Palm Beach, FL
$426,000 - $5,192,000
COL Index: 110.2
VS
New York, NY
$915,000 - $12,057,000
COL Index: 187.2
Detailed Cost Comparison
| Expense | West Palm Beach, FL | New York, NY | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$500 - $3,000 | $500 - $3,000 | Same |
|
Land & Building
|
$269,600 - $4,043,500 | $695,700 - $10,434,800 | -61% |
|
Storage Units & Access
|
$105,000 - $840,000 | $145,000 - $1,160,000 | -28% |
|
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)
|
$33,100 - $220,400 | $56,200 - $374,400 | -41% |
| Total Estimated Cost | $426,000 - $5,192,000 | $915,000 - $12,057,000 | -57% |
Local Market Factors
| Factor | West Palm Beach | New York |
|---|---|---|
| Cost of Living Index | 110.2 | 187.2 |
| Commercial Rent ($/sqft/yr) | $20 - $42 | $40 - $120 |
| Labor Rate Index | 1.05 | 1.45 |
| Sales Tax | 7% | 8.875% |
| Minimum Wage | $13.00/hr | $16.00/hr |
| LLC Filing Fee | $125 | $200 |
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