*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 allbuilding 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 overall cost of ownership in Manhattan decreased by more than $700 per month – a pretty significant drop! This was thanks to a much lower median asking price, which was in turn caused by an influx of lower priced listings. Additionally, more buildings with lower monthly carrying costs helped to bring down the average monthlies by $131 compared to the previous period. 

Unlike its East River counterpart, the cost of owning in Brooklyn increased thanks to a higher overall median asking price. Lower priced listings in south Brooklyn were offset by more expensive offerings in north and central Brooklyn. But the increase in cost was modest – just under $100 – thanks to average monthlies staying the same and slightly lower interest rates.

In Manhattan, renting still beats out buying, since the average rental price of a 1 bedroom was $4,688 for the month of September 2024. However, if you can find a building with carrying costs at or below $1000 per month, then owning is the clear winner. And when looking for a smaller apartment such as a 1 bedroom, that’s not such a tough call, especially in walk ups and small elevator buildings. 

By contrast, owning is the clear winner in Brooklyn. The median rent for a one bedroom in the borough was $4,038 in September – $260 more than the monthly cost of owning. And thanks to an overall boost in inventory, potential buyers now have more options in a variety of neighborhoods across the borough than they did previously. 

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!