New Mexico Makes The List Of Top 10 Expensive States To Open A Restaurant In The US

If you've ever dreamt of opening a restaurant, you might want to reconsider the location. A recent study by Restaurant Furniture has unveiled the most expensive states to open a restaurant.

While Texas didn’t make the top ten list (which isn’t a bad thing at all) New Mexico did make the list.

That’s right, New Mexico isn't just famous for its green chiles and beautiful mountains; it's also apparently an expensive state to open a restaurant in. According to this study, New Mexico has unique challenges that contribute to a whopping Total Score of 46.66 which puts the state at number 8 on the list!

However, New Mexico doesn't come close to the state that takes the number one spot on the list: California

The study focused on many factors when it came to creating this list which included high living costs to fierce competition.

Take a look at the top 5 list below:

1. California:

•    - Annual Food Service Permit Cost: $809
•    - Annual Liquor License Cost: N/A
•    - State Sales Tax Rate: 3%
•    - State Corporate Tax Rate: 9%
•    - Minimum Wage: $15.50
•    - Rent per Sq. Foot per Year: $45.74
•    - Total Score/100: 28.04

2: New York:

•    - Annual Food Service Permit Cost: $280
•    - Annual Liquor License Cost: $4,352
•    - State Sales Tax Rate: 5%
•    - State Corporate Tax Rate: 7%
•    - Minimum Wage: $14.20
•    - Rent per Sq. Foot per Year: $69.60
•    - Total Score/100: 28.39

3. Colorado:

•    - Annual Food Service Permit Cost: $385
•    - Annual Liquor License Cost: $500
•    - State Sales Tax Rate: 8%
•    - State Corporate Tax Rate: 5%
•    - Minimum Wage: $13.65
•    - Rent per Sq. Foot per Year: $25.95
•    - Total Score/100: 40.02

4. Illinois:

•    - Annual Food Service Permit Cost: $450
•    - Annual Liquor License Cost: $750
•    - State Sales Tax Rate: 5%
•    - State Corporate Tax Rate: 10%
•    - Minimum Wage: $13
•    - Rent per Sq. Foot per Year: $28.42
•    - Total Score/100: 40.15

5. Arizona:

•    - Annual Food Service Permit Cost: $585
•    - Annual Liquor License Cost: $2,000
•    - State Sales Tax Rate: 6%
•    - State Corporate Tax Rate: 7%
•    - Minimum Wage: $13.85
•    - Rent per Sq. Foot per Year: $24.70
•    - Total Score/100: 40.44