*Looking for the most recent stats on how much it costs to own a 3 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, no amenities, new development – they’re all looped in together. 

So let’s turn our attention this month to 3 bedrooms!

Next to 2 bedrooms, 3 bedroom properties are some of the most in demand properties in the city (and sometimes even in more demand, depending on the area). But they also have wide variations in pricing due to differences in square footage and bathroom counts. 

So for that reason, this edition has four rather than two infographics. But keep in mind that 3 bed/2 bath stats are being heavily skewed by luxury new developments. So don’t be too discouraged by the pricing for those! 

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

What’s Behind the Numbers

We can once again see the impact of lower interest rates on prices this go round. Even though median asking prices (and in some instances monthly charges) increased compared to the last report, lower interest rates resulted in lower overall costs across all categories except 3 bed/1 bathroom homes in Manhattan. 

And thanks to lower interest rates (which are expected to go even lower), the rent versus buy equation tilts a bit more strongly in favor of ownership. This is especially true for those willing to consider a 3 bedroom/1 bathroom apartment in either Manhattan or Brooklyn. In Brooklyn, ownership is slightly more expensive than renting a 3 bedroom. But when you consider building equity versus not, ownership wins out. 

Renting is still the clear winner when it comes to 3 bedroom/2 bathroom apartments in Manhattan, however. The gap is a sizeable $3000 per month. However, that gap has been closing. And if you’re truly thinking long term (more than 5 to 7 years), it could still be worth it to make the leap to home ownership. 

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Want to see some specific listings in each area? Get in touch and I’ll send you a round up!