*Looking for the most recent stats on how much it costs to own a 1 bedroom in NYC? Click here for updated numbers!*

Welcome back to “How Much Does It Cost to Own”!

Each month, we’ll be looking at different sized apartments to get a sense of what the “median” apartment in either Manhattan or Brooklyn currently costs. This series should give you an idea of whether or not you’re in the “ballpark” for the kind of apartment you might want! 

Keep in mind that these figures represent the median for all building types. So coops, condos, walkups, elevators, doorman and non-doorman, amenities, low amenities – they’re all looped in together. 

So let’s loop back to 1 bedrooms! 

Now let’s get a visual on how median price and total monthly costs have shifted over time. 

What’s Going on with the Numbers

The cost of ownership is – surprisingly – down in both boroughs, despite increased interest rates. This is due to active listings having lower monthly carrying costs compared to earlier in the year. But this just goes to show the different levers that can be pulled to impact pricing! 

Owning is quite a bit more expensive than renting in Manhattan, since the average 1 bedroom cost $4,651 in May 2024. But keep in mind the impact of low carrying costs. If you can find a building with low expenses, then the gap between owning and renting narrows considerably. And remember that there’s plenty of non-financial reasons for a person to want to own rather than rent.  

Brooklyn is a different story, however. The buy signals are strong since the average 1 bedroom cost $3,934 in the borough – about $250 more than owning. And owning is likely to become even more appealing for would-be 1 bedroom buyers, as rents are continuing to go up in Brooklyn. In fact, prices for the borough finally crossed the $4000 month threshold for the first time. So if you have a down payment plus a healthy amount beyond that and you plan on staying for several years, then you really, really ought to consider buying! Yes, even with these high interest rates! Because if you’re able to refinance, then you’ll just save yourself even more over the long run and build equity. 

Speaking of buying…

If you want to see some specific listings in an area or talk about your possible home search, get in touch! You can contact me here!