*Looking for the most recent stats on how much it costs to own a 2 bedroom in NYC? Click here for updated numbers!*

Welcome back to my series “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 would cost. 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, new development – they’re all looped in together. 

So let’s turn our attention this month to 2 bedrooms! 

Two bedrooms are essentially the “bread and butter” of the sales market in NYC and are the most in demand properties. But they also have some of the widest variations in pricing due to differences in bathroom counts and square footage. 

So for that reason, this edition has four rather than two infographics. But keep in mind that 2 bed/2 bath stats can be heavily skewed by luxury new developments. So don’t be too discouraged by the pricing for those! You can always contact me for more details on specific areas and property types. 

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

What’s Behind the Numbers? 

Prices for both categories of 2 bedroom apartments held steady in Manhattan. This was thanks to lower interest rates offsetting price gains and higher monthly carrying costs. In fact, despite the movement of interest rates, the cost of owning a 2 bedroom apartment in Manhattan hasn’t shifted significantly over the course of a year.

Brooklyn, on the other hand, has seen quite a bit more movement. 

The most eye catching number this go round is the drop in overall cost for a 2 bedroom/2 bathroom apartment in Brooklyn. What’s the reason for the drop? Fewer luxury listings and more lower priced offerings in less expensive neighborhoods. 

When it comes to the rent versus buy comparison, ownership is looking even better for those opting for 2 bedroom/1 bathroom apartments in both boroughs. The median rent for 2 bedroom apartments for June 2024 was $6,912 in Manhattan and $5,229 in Brooklyn. So renters might be able to save themselves money via ownership if they can find an apartment around the median price with average carrying costs. 

But for 2 bedroom/2 bathroom apartments, renting is still the more economical option, especially in Manhattan. However, if you’re in Brooklyn and you can find a home with low carrying costs, ownership may be the smarter long term move. And this may especially be the case with lower interest rates looming on the horizon. 

If you want to see some specific listings in each area or get specific market stats, get in touch! You can contact me here.