Senior Care Facility Startup Cost Comparison
Newark, NJ vs Chicago, IL
Newark, NJ
$121,000 - $1,163,000
COL Index: 115.2
VS
Chicago, IL
$137,000 - $1,518,000
COL Index: 107.8
Detailed Cost Comparison
| Expense | Newark, NJ | Chicago, IL | Difference |
|---|---|---|---|
|
Licensing & Certification
|
$10,600 - $51,700 | $5,600 - $30,000 | +75% |
|
Facility Acquisition or Lease
|
$35,200 - $587,000 | $58,700 - $978,300 | -40% |
|
Furnishing & Equipment
|
$15,000 - $150,000 | $15,000 - $150,000 | Same |
|
Insurance (Annual)
|
$8,000 - $40,000 | $8,000 - $40,000 | Same |
|
Initial Staffing & Training
|
$11,400 - $68,400 | $11,500 - $69,000 | -1% |
|
Compliance & Accreditation
|
$3,000 - $20,000 | $3,000 - $20,000 | Same |
|
Marketing & Referral Network
|
$3,000 - $15,000 | $3,000 - $15,000 | Same |
|
Working Capital (3-6 Months)
|
$34,600 - $230,400 | $32,300 - $215,600 | +7% |
| Total Estimated Cost | $121,000 - $1,163,000 | $137,000 - $1,518,000 | -22% |
Local Market Factors
| Factor | Newark | Chicago |
|---|---|---|
| Cost of Living Index | 115.2 | 107.8 |
| Commercial Rent ($/sqft/yr) | $16 - $38 | $25 - $65 |
| Labor Rate Index | 1.14 | 1.15 |
| Sales Tax | 6.625% | 10.25% |
| Minimum Wage | $15.49/hr | $15.80/hr |
| LLC Filing Fee | $125 | $150 |
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