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 look loops back to studios!

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

Despite rising median prices, the cost of owning a studio in Manhattan declined compared to the previous quarter thanks to lower interest rates. Meanwhile in Brooklyn, prices practically tanked compared to the previous quarter. The reason? More listings in less expensive parts of Brooklyn. But there was also a big uptick in affordable listings priced under $400,000 throughout the borough.  

Rent vs Buy

In Manhattan, renting still beats out owning to the tune of about $700 per month (median rent in August was $3,403 for studios). But if you can find a building with monthly charges under $1000, that gap narrows considerably. And there is something to be said for not having to worry about rent increases.

Meanwhile in Brooklyn, the buy signals are flashing so bright you might need sunglasses. Owning easily beats out renting by nearly $800 per month. So if you have a down payment saved up, plus a good emergency fund and you’re likely to stay in place for several years, you seriously need to consider making the switch. 

Thinking about seeing what’s out there for sale? 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!