How Much Does a Taxi Medallion Cost?

In New York there are two types of taxi medallions - Corporate and Individual.  Corporate medallions can be leased without restriction, whereas Individual medallions must be driven a minimum number of shifts by the owner before being leased to others.  As of March, 2010, average prices for New York Corporate taxi medallions were $781,000 and average prices for New York Individual medallions were $589,000.  In Chicago a taxi medallion will cost about $185,000 and in Boston about $385,000.  There are currently some 13,237 taxi medallions outstanding in New York (cumulative for both types).  Taxi medallions can often be financed by debt, with the medallion put up as collateral.  A great resource to learn more about taxi medallions and their prices in New York, Chicago and Boston (or in general) is a website called FareInvestor.