Boston has been ranked as the fifth most expensive city to start a business in, with a new company needing just shy of $390,000 to launch, according to a new study by HowMuch.net.

The study gathered data from SmartAsset, a personal financial advice website, which studied 80 cities and calculated the average costs for starting a new company including filing fees, office space, utilities, legal and accounting fees and payroll.

To make a fair comparison between cities, SmartAsset assumed a company would need a 1,000-square-foot office space and have five full-time employees. The study calculated each of these metrics as a percentage of the overall startup cost and turned them into slices on a pie chart.

According to the study, payroll would account for over 87 percent of that roughly $390,000 and office space would make up over 10 percent of total startup funding. San Jose, California was ranked the number one most expensive city to start a business in, with San Francisco, Washington, D.C. and New York ahead of Boston.

Some of the cheapest cities in the U.S. to start a business in include Chattanooga, Tennessee; Knoxville, Tennessee; Greensboro, North Carolina; Wichita Kansas and Little Rock, Arkansas.